MedZed start-up raises $3.2m to develop house-call platform
October 6, 2015
Atlanta, Georgia-based start-up MedZed has raised $3.2m from strategic, accredited investors to develop its technology-enabled house call platform. MedZed uses a combination of in-home caregivers and technology to connect high-risk patients to their medical team.
The company began conducting home-based care in Atlanta in 2014 and expanded to New York this past summer. During the fourth quarter of 2015, the company is launching a programme with a large healthcare delivery system in southern California.
"This round of funding puts us in a strong cash position to enhance our technology, communications platform, and grow our management and clinical teams," said Scott Schnell, MedZed co-founder and chief executive officer. "Our prior experiences of building large scale service companies and demonstrated success using caregivers and technology in the Atlanta market enabled us to raise the capital necessary to expand. We believe our services offers an improved patient experience while reducing costs for risk-bearing organisations."
The company continues to strengthen the team by naming co-founder Neil Solomon as chief strategist and medical officer. Solomon said: "Today's healthcare system demands high standards of quality outcomes, patient satisfaction and affordability. We developed a new model of telemedicine to bring the delivery system to patients and avoid costly acute care. We are providing a service to the very patients that our healthcare system is failing. These are also the patients who cost the most to programmes like Medicare and Medicaid."
As hospital systems, insurers and accountable care organisations embrace value-based payment models, MedZed says it is well positioned to serve frail, high-risk and post discharge patients in their homes.
MedZed partners with providers and insurers to "re-imagine the house call", as it puts it. The company connects high-risk patients with their medical team in the comfort of the patient's home. Using telemedicine communications, proprietary technology and remote medical devices, the caregiver can assist physicians with real-time examinations and treatments. This combination of service and technology aims to keep patients healthier, improve the patient experience, and lower healthcare costs by reducing expensive and unnecessary hospital use.