Third Way Health – an end-to-end front office solution that reduces the administrative burden of medical practices and enhances the patient experience – announced it has raised $1.55 million in pre-seed funding. The funding round was led by Apollo Medical Holdings (ApolloMed), a leading physician-centric, a technology-powered healthcare company focused on enabling providers in the successful delivery of value-based care, with participation from angel investors.
This funding round will enable Third Way Health to establish its operations in the US and Colombia and launch its solution with two pilot practices serving over 31,000 patients a year in California and New York.
Medical practices have spent over $17 billion per year on front office expenses, but often without the desired outcomes: practice owners, managers, and clinicians remain overwhelmed by the day-to-day management of disparate technology systems stitched together by highly manual processes. And patient satisfaction is at an all-time low, evidenced by an average net promoter score of -1.2, and physicians continue to complain about the increasing administrative burden on them and their practices.
Third Way Health was launched to solve this problem, offering practices a new way to manage their front office via its proprietary technology platform, which includes a virtual practice management team, an in-and-outbound multilingual contact center, and marketing and branding services in one comprehensive solution. And this enables all medical practice personnel, including nurses, medical assistants, and office managers, to focus on care delivery while significantly improving access and experience for patients, resulting in greater patient acquisition, enhanced patient retention, and improved quality scores.
KEY QUOTES:
“After spending over 7 years helping medical practices transform and interviewing hundreds of practice staff and owners, it became apparent that existing solutions are not sufficient. I heard and personally experienced practices’ well-founded frustrations with disparate technology systems, low-quality service vendors, and lack of management bandwidth – all of which result in broken front-office processes that impact not only the efficiency and efficacy of practice staff but also detract from the patient’s experience and quality of care received.”
- Frederik Mueller, Third Way Health’s Co-Founder and CEO
“Fortune 100 companies have developed a playbook of transforming front and back-office operations and technology systems through centralization that’s been highly effective in many industries. After gaining a better understanding of the current state of medical practice front offices, I was surprised that most medical practices have never had the chance to tap into any of these opportunities. I’m incredibly excited about the chance to transform the healthcare experience for millions of patients.”
- Timm Schneider, Third Way Health’s Co-Founder and COO
“We have been empowering physicians to participate and succeed in value-based care arrangements for 25 years. Augmenting our value-based care infrastructure in medical, care, and risk management with the end-to-end, modern, front-office experience that Third Way Health is building is expected to be an immense value-add to us and our partnered clinics and entrepreneurial healthcare providers. We are thrilled to partner with Third Way Health, and look forward to working with them as they build a product that we anticipate will transform medical practice front offices across the country.”
- Brandon Sim, ApolloMed’s Co-CEO
