- Health Recovery Solutions announced it closed $10 million in growth financing led by Edison Partners
Health Recovery Solutions (HRS) — a technology company that provides remote patient monitoring for leading health systems — has announced it closed $10 million in growth financing led by Edison Partners.
HRS has received national attention for its clinical success in reducing hospital readmissions and commitment to improving outcomes for both patients and health systems. And the platform comprises tablet-based patient monitoring software and a web portal for clinicians to effectively view and manage patient data. Plus the company also provides patient support and logistics management.
“Hospital readmissions cost the U.S. $41 billion annually as chronic disease management continues to challenge the healthcare system. Our platform is a fundamental tool for reducing the cost of care and readmissions,” said Health Recovery Solutions CEO and co-founder Jarrett Bauer. “Edison Partners brings a wealth of expertise in healthcare technology and we look forward to their leadership as we accelerate the development of new products and services. Our long-term ambition is to positively impact and reduce readmission rates for millions of patients, and with the help of Edison Partners, we are now one step closer to this goal.”
Since being founded in 2012, HRS now has more than 140 Health Systems as clients and it has helped nearly 100,000 high-risk patients with multiple chronic diseases. And HRS has leveraged its results to help its customers forge relationships and reimbursement programs with over 20 payers. Bauer had co=founded the company with Rohan Udeshi and Daniel Priece as a graduate student at Johns Hopkins after his grandmother was readmitted to the hospital with heart failure.
“Health Systems are looking for ways to improve patient outcomes as healthcare shifts to value-based economics. HRS offers a proven technology that reduces readmissions by helping patients be proactive in their own disease self-management,” added Gregg Michaelson, a partner at Edison Partners — who led the investment and will join the HRS board. “CEO Jarrett Bauer and the management team have made HRS synonymous with innovation at the nation’s most recognized medical centers and are well-prepared to scale their platform to meet the self-managed patient care needs of the wider healthcare system.”
In the past year, HRS saw 75% year-over-year growth and expanded its product line to provide patients, clinicians, and caregivers with a three-tiered approach to patient care.
