DexCare – a leading patient demand and care access platform – recently announced the closing of its $75 million Series C funding round led by ICONIQ Growth. This funding round will advance DexCare’s platform, which extends limited health-system capacity to serve patients faster and to precisely manage the supply and demand of digital care access. With this round of funding, the company has raised a total of $146 million, including 2 oversubscribed rounds closed in less than 2 years.
The addition of ICONIQ Growth brings a track record of disruption and positive change. And together, DexCare and its partners have the runway to modernize the legacy data-and-platform infrastructures to realize a healthcare ecosystem that works for everyone. This funding round included participation from existing partners Transformation Capital, Kaiser Permanente Ventures, Define Ventures, Frist Cressey Ventures, and SpringRock Ventures.
Over 100 million American faces some kind of care-access barrier due to rural hospital closures and physician shortages. And health systems are confronted with rising costs that outpace growth, and a digital-care experience that falls short of post-pandemic consumer expectations.
DexCare is known as a care-access platform to manage the logistics of digital-care delivery. And the platform enables healthcare systems to forecast and predict demand and manage how and where care is merchandized to consumers. By simplifying complex and legacy datasets, DexCare resolves workforce constraints and provides the levers to precisely coordinate scheduling, across services and modalities, to optimize capacity and operational costs.
Since being spun out of Providence in 2021, DexCare has remained on a rapid growth trajectory, developing partnerships with leading U.S. health systems, and reaching over 57 million patients across all 50 states. During this challenging time – a period of intense financial pressure and resource strain – DexCare proved to be a driver of growth, which is boosting new-patient bookings by 30%, diverting 350,000 emergency room hours, and increasing downstream revenue eightfold.
KEY QUOTES:
“We’re just emerging from an unpredictable moment in history that cast a spotlight on a strained U.S. healthcare system. The trauma caused on the frontlines, as health systems rushed to care for their communities, stressed an already high level of provider and nurse burnout. The pandemic taught us that consumers want convenience and choice, and that health systems need controls to manage the supply of care – DexCare delivers both.”
“We’re staring at a new era of care delivery,” said Streat, “and this financing validates DexCare’s impact to modernize health commerce, from how care is accessed and orchestrated to delivered. With the backing of our investors, partners and customers, we’re overhauling an antiquated industry to ensure patients are matched to the right provider, at the right time, and in the right setting.”
“Healthcare will forever be a human-and-labor intensive industry. But it’s people who work tirelessly when we need them most, and people who cure the incurable. DexCare is mission-critical infrastructure that protects and best utilizes our most precious resource – the limited physician and nurse work hours.
“DexCare is steadfast to solve today’s pain points, yet looks over the horizon to anticipate what’s next. Today, delivering access to care is as a doctor’s appointment, a telehealth visit, or a same-day procedure – but it’s ultimately about building pathways to wellness. We envision a world where DexCare powers the delivery of good-health outcomes, including access to preventative regiments, treatments, and education. If we remain idle, we lose our edge, and our partners rely on us to stay two-steps ahead.”
— Derek Streat, CEO of DexCare
“Accessing quality care is a two-sided problem, and DexCare has built a solution that addresses both sides of this equation. On the front-end, DexCare’s platform makes finding care as easy as ecommerce. On the back-end, it helps health systems optimize and unlock capacity, which is ultimately better for patient care and more sustainable for health systems.”
— Caroline Xie, general partner at ICONIQ Growth, and newest member of the DexCare board
“Healthcare is being disrupted at its roots as patients are now consumers and have many choices to receive their care, whether it be a Walmart or Amazon clinic, a local hospital or doctor’s office. DexCare’s consumer experience platform attracts new patients seeking high-value care from providers amidst this new era of choice, and increases the competitive advantage for these providers.”
— Todd Cozzens, co-founder and managing partner at Transformation Capital
