- DexCare – a Platform-as-a-Service (PaaS) company for health systems that intelligently orchestrates digital demand and health system – announced it raised $20 million in funding
DexCare — Platform-as-a-Service (PaaS) for health systems that intelligently orchestrates digital demand and health system capacity across all lines of care — announced recently that it raised $20 million in funding.
The company was developed by Providence, one of the largest and most digitally advanced health systems and it was initially developed as the platform for Providence’s ambulatory care business. And DexCare has been driving patient acquisition, navigation, and capacity optimization for the organization since 2016.
DexCare essentially enables health systems to evolve their traditional, one-to-one, patient-to-provider relationships and transform into a highly scalable digital experience for their patients— increasing revenue from new, digital-first patients while minimizing new patient acquisition costs. And DexCare has delivered to Providence a new stream of digitally-enabled patients, of which 30% are new to the system and 73% are commercially insured.
DexCare is going to be run by health technology veterans Derek Streat and Sean O’Connor, who have been working inside Providence as entrepreneurs-in-residence for close to a year. And Lynne Chou O’Keefe, Founder and Managing Partner of Define Ventures and Aaron Martin, Executive Vice President and Chief Digital Officer of Providence will join Streat on DexCare’s Board of Directors.
Dexcare is the third technology incubated by the Providence Digital Innovation Group. And the first was Xealth which enables clinicians to prescribe and monitor digital health content, apps and services as easily as they do medications or orders today. Xealth was spun out of Providence in 2017. The second was Circle, a women’s health technology company, that was sold to Wildflower Health in 2018.
KEY QUOTE:
“DexCare was instrumental as we transformed our ambulatory care model to better meet the needs of patients over the past few years. In 2020, scalability of the DexCare platform was instrumental in our response to COVID. We’re proud that this internally developed and incubated technology is now ready to be made available to other health systems—furthering the Providence vision of health for a better world.”
— Rod Hochman, M.D., president and CEO, Providence
“We’re thrilled to see the incredible support for DexCare—from consumers, health systems and investors. Never before have consumers been faced with so many options for digitally-enabled care as health systems have invested in their digital capabilities in the wake of COVID-19. At the same time, the rise in the number of point solutions has led to significant increase in complexity among the myriad offerings, as well as confusion for consumers. The need could not be greater for a rich platform that unifies consumer demand, health system resources and applications to make digital care truly work for all consumers and health systems.”
— Derek Streat, co-founder and CEO of DexCare
Virtual care has always been a major strategy to ensure we are delivering the best care to our patients. Like many hospital systems, COVID triggered an increased demand for virtual care offerings, but not every health system can offer the service and coordination and orchestration of primary and specialty care the way that we do. So, for us, our virtual infrastructure had to facilitate that richness. DexCare offers us a “wrapper” that pulls patients and consumers into our environment with ease.”
— Dr. Sarah Pletcher, Vice President and Executive Medical Director of Virtual Care at Houston Methodist
“At Define we intentionally seek out companies leading the consumerization of healthcare because we believe in its transformative impact. DexCare’s unique solution to make digitally-enabled care more discoverable and actionable for consumers, while at the same time making it effective for health systems, is the kind of solution that will lead to a better healthcare system for everyone.”
— Lynne Chou O’Keefe, founder and managing partner of Define Ventures
“We’re very proud to see our third incubation effort enter the market under the leadership of two tremendously talented executives, Derek and Sean, and with the backing of such strong investment partners. DexCare has been a great example of how Providence’s Digital Innovation Group has been ‘disrupting from the inside’, and we’re excited to be able to share what we’ve developed with the industry.”
— Aaron Martin, EVP and chief digital officer at Providence
