- CirrusMD announced recently that it has raised a $20 million Series C round of funding. These are the details.
CirrusMD — a rapidly growing provider of on-demand virtual care services — announced recently that it has raised a $20 million Series C round of funding led by Blue Venture Fund with participation from 7wireVentures, Drive Capital and the Colorado Impact Fund, bringing total funding to $46 million. And this round of funding will carry the company through its next phase of growth as it continues to expand solution capabilities, enhance user and provider experiences, increase scalability, and drive innovation to support employer and health plan customers.
With a burgeoning demand for telemedicine, CirrusMD demonstrated unique scalability, keeping the average time to connect a patient with a board-certified physician to less than a minute. And while other virtual care solutions replicate the traditional office visit and introduce familiar barriers, such as appointment scheduling and standing-by in a virtual waiting room, CirrusMD care is always available on-demand.
The CirrusMD integrated care model guides patients on a journey that covers a wide range of medical issues, whether it is primary or urgent care, chronic condition management, women’s health, pediatrics and behavioral health. And if needed, CirrusMD physicians can direct patients seamlessly to other in-network resources offered by the employer or health plan, helping increase utilization of invested benefits.
The CirrusMD platform and Provider Network currently:
— Support plan members and employees throughout the U.S., including those in rural areas without easy access to in-person care or high-speed internet
— Deliver virtual care to uninsured employee populations (e.g., part-time workers or those not yet eligible for benefits)
— Support employers working to create better health and wellness programs
— Result in 83 percent on-platform resolution rates, with an average per-encounter savings of $398 (based on claims data)
— Reduce ER visits, with 94 percent of in-person follow-up care directed to lower-cost points of care
The Series C round of funding will continue the momentum the company experienced during 2020. Some of the notable stats include:
— 150% increase in active members with access to the CirrusMD platform
— Doubled the size of the CirrusMD Provider Network
— Added and expanded care across multiple clinical specialty areas, including behavioral health
KEY QUOTES:
“Unlike any other telemedicine solution, CirrusMD’s physician-directed, multi-specialty care model has proven scalable and effective in meeting the needs of this rapidly changing environment. Our goal is to meet the patient where they are, in the way they want to communicate. We’ve enhanced our technology and focused on exceptional user and physician experiences, while doubling the size of our physician network. Today we’re providing collaborative virtual care for patients in all 50 states, across a wide range of conditions including behavioral health, an area of increasing need during COVID-19.”
“Based on the millions of encounters that we have managed, we have built an entirely unique data set due to our text-first workflow. Nearly every encounter is fully transcribed. This provides us with a very interesting data opportunity to move telemedicine from being a reactive solution into one that is proactive. We can create cohorts that will allow us to better engage patients across disease states and help them manage their medical needs through analytics and proactive interactions.”
— Andrew Altorfer, CEO, CirrusMD
“The last year has highlighted the importance of enabling fast, efficient communication between patients and providers, and CirrusMD has proven its ability to provide a solution that connects eligible members with a licensed doctor 24/7. Health plans, like Blue Cross and Blue Shield companies, play an important role in shaping the next generation of patient care. We’re excited to partner with CirrusMD as they modernize the consumer experience and advance care delivery.”
— Kelsey Maguire, Managing Director of the Blue Venture Fund
“CirrusMD’s text-first virtual care platform finally provides consumers with the ability to connect with a provider on their own terms – receiving healthcare when and where they want it. We have been impressed with CirrusMD’s unwavering commitment to improving the consumer experience, their superior ongoing engagement rates, and the extensive relationships they have built with leading health plans and employers across the country. We know that CirrusMD will play a critical role in the transformational story of virtual care.”
— David Schonthal, Operating Partner at 7wireVentures
