PocketHealth – a leader in patient-centric medical image exchange – announced it has raised $33 million in a Series B funding round. Round13 Capital led the all-equity round with participation from Deloitte Ventures, Samsung Next, and existing investors Questa Capital and Radical Ventures.
This funding round will enable PocketHealth to continue evolving how medical images are shared, utilizing AI to personalize the patient’s care journey and growing its presence across the US and Canada. To support these goals, the company plans to double its workforce over the next two years.
PocketHealth was launched in 2016 by brothers Harsh and Rishi Nayyar to give patients access to, control over, and a better understanding of their health records while streamlining the way healthcare providers share medical imaging.
Through PocketHealth, providers gain a secure and next-generation platform for easily exchanging diagnostic images with both patients and external providers. And PocketHealth customers have the option to instantly share images with anyone, across any network — or set up a local network of PocketHealth Community Gateways for automated image exchange. And this ensures that records get where they need to, instead of depending on a CD-ROM, return visits to the hospital, or a broken portal experience, which disrupts the patient’s care journey.
The platform utilizes AI to provide patients with personalized insights and an improved understanding of their health. And PocketHealth connected sites have seen improved patient experience, operational efficiencies, and cost savings. For example:
1.) Colorado-based Valley View Hospital reduced non-labor costs associated with burning CDs by 95% and enabled patient and staff image sharing with out-of-network providers.
2.) Toronto-based Unity Health gained over $120,000 in annual savings and closed its imaging library.
Over its eight-year journey, PocketHealth secured contracts with major health systems and outpatient imaging groups across North America including University Health Network, Southern Illinois Healthcare, UofL Health, Universal Health Services, Radiology Partners, and other. Including this funding round, the company has raised over $55.5 million in equity to date. And Miranda Ferris, Principal at Round13 Capital, will join the PocketHealth Board.
KEY QUOTES:
“Medical imaging is the spark to nearly every patient journey, yet manual and legacy image sharing systems deemphasize patient access to their own data, generating unnecessary costs, and delaying patient care. We’ve proven that when patients gain access to diagnostic-quality imaging and our industry-leading AI helps them understand their records, they are empowered to advocate for their care. The end result is increased patient satisfaction, a faster image sharing process for providers, and greater patient retention. Now, our goal is to make PocketHealth accessible to every patient at every provider across North America.”
“For 20 years, medical image exchange has meant moving files across a closed network, from point A to point B. We’re now seeing some of the largest health systems in North America expecting more from their image exchange and adopting PocketHealth to drive patient retention, satisfaction, and finally solve their image exchange needs.”
– Rishi Nayyar, Co-Founder and CEO, PocketHealth
“PocketHealth is tackling a massive problem that requires the ability to build a thoughtful, resilient product experience for patients, physicians, and the most complex healthcare providers. We are impressed with how effectively the PocketHealth team has been able to rise to this challenge and create a solution that ensures data gets where it needs to go, instantly, empowering patients along the way. We are thrilled to join PocketHealth on this journey, and look forward to this exciting next stage of growth.”
– Brahm Klar, Managing Partner, Round13 Capital
