Prosper Medical has raised $16 million to expand its AI-powered concierge primary care platform and physician network. The financing was led by FUSE, with participation from Aurum Partners, Better.vc, Cal Innovation Fund, Fluent, Latitude Capital, Knoll Ventures and WTI.
Prosper Medical was founded by CEO Ryan McQuaid and Chief Medical Officer Dr. James Wantuck. The two executives previously co-founded telehealth company PlushCare, which was acquired by Accolade for $450 million.
The founders created Prosper to address what they view as a limitation of traditional telemedicine. While virtual appointments can make medical care more convenient, they do not necessarily provide patients with a continuous relationship with a physician who understands their broader health history.
Prosper combines physicians with an AI-based care layer and a concierge support team.
The platform is designed to preserve information across patient interactions, organize medical data, coordinate follow-up care and identify health signals that could otherwise be missed between appointments.
Prosper’s AI is intended to support doctors rather than replace them. The system helps physicians arrive at appointments with relevant context and gives the care team tools to coordinate test results, specialist referrals and communications.
The company said its technology can bring together information that is often divided among medical records, laboratories, specialists and patient messages.
Its Care Concierge Team supports patients with administrative and coordination tasks outside scheduled physician visits.
Prosper is designed to make concierge-style primary care available beyond wealthy patients who can afford expensive membership-based services.
The company participates in many major insurance networks and offers care to patients in all 50 states.
Prosper has grown to serve thousands of members during its first several months of operation. The company believes demand is increasing for primary care that is more personalized, proactive and continuous than a traditional appointment-based model.
The financing will be used to recruit more physicians, expand into additional markets and continue developing the AI platform supporting Prosper’s care model.
The company will need to manage the privacy, security and regulatory requirements associated with using AI and aggregating sensitive healthcare information.
Prosper must also ensure that clinical decisions remain under the supervision of licensed medical professionals and that its technology does not introduce errors into patient care.
McQuaid and Wantuck believe AI can allow physicians to provide a more personalized experience to a larger number of patients without eliminating the human relationship at the center of primary care.
KEY QUOTES:
“When we built PlushCare, we learned that making appointments easier wasn’t enough.”
“The real challenge is everything that happens after a patient leaves the visit. Following up on test results, finding the right specialist, collecting comprehensive health data, and preventing major problems before they arise.”
“AI finally gives us a way to deliver that level of care and personalization at a scale that wasn’t possible before.”
Ryan McQuaid, Co-Founder and CEO of Prosper Medical
“Medicine has always been at its best when a physician truly knows their patient, and actually listens to and cares deeply about them.”
“That relationship used to require either extraordinary luck or extraordinary wealth. AI removes those constraints. Now it just takes having a doctor on Prosper.”
Dr. James Wantuck, Co-Founder and Chief Medical Officer of Prosper Medical
“After building and selling PlushCare, Ryan and James could have worked on almost anything.”
“Instead, they came back to one of healthcare’s most important unsolved problems: giving every patient access to a physician who truly knows them.”
Brendan Wales, General Partner at FUSE
