- Total patient engagement platform Luma Health announced it raised $16 million in Series B equity funding
Luma Health — a total patient engagement platform — announced that it raised $16 million in Series B equity funding thus bringing total equity funding to $25.7 million. This funding round was led by PeakSpan Capital. And strategic investors Cisco Investments and the Texas Medical Center also joined. Plus existing U.S. Venture Partners participated as well. With this round of funding, Luma Health plans to scale and meet the demands of its high-velocity growth.
“This latest round of funding will help us expand and get more patients to the care they need while also helping healthcare clinics and systems modernize their patient communication,” said Luma Health’s co-founder and CEO Adnan Iqbal. “We are proud to have an all-star squad here at Luma Health, and we’re thrilled to continue building upon our work over the past four years.”
Clinics and health systems around the country are increasingly demanding comprehensive solutions that drive patient access, facilitate patient communication, and help grow their business. And fueled by that demand, Luma Health has achieved solid results by partnering with over 300 healthcare organizations across the US, reaching more than 7.5 million patients — a 150% growth in the past year.
“Luma Health has transformed the healthcare industry by seamlessly connecting patients with providers with a smart, simple, and flexible patient engagement solution,” added PeakSpan Capital partner and co-founder Brian Mulvey. “Providers are feeling the pressure to find better ways to connect with their patients, and Luma Health’s intelligent suite of solutions, real-time electronic health record integration, and commitment to being a trusted partner with their customers make them the clear winner.”
Luma Health is known for helping healthcare providers extract greater value from their EHRs by unlocking key insights to improve access and communication across the entire patient journey from scheduling to maximizing patient outcomes.
“Luma Health addresses the entire patient journey, not just a specific segment of it. Luma Health unlocks value for its customers through unprecedented patient-centric insights, and the TMC Venture Fund eagerly anticipates the continued development of this innovative solution,” stated William McKeon, the President and Chief Executive Officer at Texas Medical Center.
Earlier this year, Luma Health formalized its partnership with Epic and announced additional EHR integration partnerships with athenahealth’s Marketplace and Nextech Systems to deliver increasingly seamless experiences. Plus it has additional collaborations with Uber Health and Cisco Webex Teams to help patients get the care they need when transportation or mobility barriers may be in the way.
“Cisco invested in Luma Health because we understand how innovation and technology can maximize the value and impact of telehealth for patients. Luma Health’s approach to patient engagement through technology offers providers immediate access to address patient needs, even if they aren’t able to make it to the doctor’s office,” commented Rob Salvagno, the Head of Corporate Development and Cisco Investments.
This round of funding will help Luma Health continue to invest in patient access and communications by offering providers the solutions they need to acquire, engage, and retain increasingly sophisticated patients. And Luma Health is also planning to hire additional talent to expand the platform providers and patients both appreciate, increasing its footprint among healthcare organizations ranging from small clinics to large health systems.
“As the only health center serving thousands of patients in a 20-mile radius, we implemented Luma Health’s patient engagement technology to integrate with our EHR system for more patient data insight and to help improve our patients’ access to care. Now, nearly all of our patients have opted to mobile texting which has taken pressure off of our nurses and led to a 1,500 monthly drop-in calls, as well as lowered our no-show rate from 14% to 8%. The capacity increase has been critical as we continue to grow our facilities to treat more patients and expand to specialty care services,” noted Samantha Guthman, the Chief Operations Officer (COO) at Alexander Valley Healthcare.
