- Digital health company AristaMD announced it has raised $18 million in Series B funding led by Cigna Ventures and MemorialCare Innovation Fund
AristaMD, a digital health company that provides a proprietary eConsult solution to connect primary care providers (PCPs) with documented specialist insights, announced it has raised $18 million in Series B funding. This funding round was led by Cigna Ventures and MemorialCare Innovation Fund (MCIF) with participation from Avalon Ventures, CU Healthcare Innovation Fund, and Stanford Health Care.
The proceeds from the funding will be used to accelerate expansion of its proprietary eConsult platform across the country. And AristaMD is focused on accelerating access to specialty care and reducing unnecessary healthcare expense. The platform was designed by practicing physicians and its eConsult solution empowers primary care providers (PCPs) to expand their scope of practice and collaborate on patient care with a highly respected panel of on-demand and board-certified specialists.
AristaMD has more than five years of data demonstrating that its eConsult solution reduces the need for routine clinical specialist referrals by over 70% and has a significant positive impact on patient care.
By leveraging eConsults, primary care providers retain more low-acuity common condition cases that are frequently referred to specialists, clogging waitlists, and limiting specialists’ ability to address higher acuity cases in a timely fashion. And empowering PCPs to operate at the top of their license allows patients to have their needs addressed faster, reducing avoidable ED visits, and hospitalizations that can occur when patients have to wait too long to be seen by a specialist. This improves outcomes and overall patient satisfaction.
“Every year there are approximately 20 million routine specialist referrals that could be addressed by eConsults – those unnecessary referrals have significant consequences including billions of wasted dollars. We are honored to receive such strong validation from major health plans and payors and are eager to leverage the capital and deep market experience of our new investors to springboard into a new growth phase for the company. We are committed to continue working toward our goal of transforming primary care to improve population health outcomes by improving and better allocating healthcare resources.”
-AristaMD CEO Brooke LeVasseur
“Specialist referral wait times currently plague the U.S. healthcare system. AristaMD’s eConsult solution provides a mechanism to better match the acuity level and clinical needs of the patient with the right provider and setting.”
-Brant Heise, Managing Director of MCIF
“Cigna is squarely focused on improving access to affordable, predictable and simple care – quickly and efficiently connecting customers to the most effective health care providers, how, when and where they need it. Our partnership with AristaMD, and its virtual-first solution, will accelerate how we deliver on that promise, working together to drive greater connectivity between primary care providers and extensive networks of specialists to improve outcomes and lower costs for the people we serve.”
-Tom Richards, global lead, strategy and business development at Cigna