Cadence, a provider of remote patient monitoring and virtual care services, has come out of stealth mode with $41 million in funding from rounds led by General Catalyst and Thrive Capital. The New York City-based company has also forged a partnership with Brentwood, Tennessee-based LifePoint Health.
More than half (52%) of U.S. adults have at least one chronic condition, like arthritis or diabetes, according to data from the Centers for Disease Prevention and Control.
“Managing these patients according to best guidelines is very difficult for health systems to do at scale,” said Chris Altchek, CEO and founder of Cadence, in an email. “Improving outcomes for chronic conditions requires good data, personalized approach and [a] responsive clinical team.”
Cadence offers a remote care management platform that enables clinicians to monitor patient vitals remotely, provide personalized feedback via text message after each reading and conduct one-on-one telehealth visits when needed. The platform uses machine learning to continuously improve.
For example, Cadence’s platform and clinical team can help increase adherence to guideline-directed medical therapy treatment for heart failure patients by enrolling, engaging and monitoring patients and adjusting medications as needed, Altchek said. The company provides the necessary equipment to collect patient vitals data.
“Today, the management of chronic conditions is difficult for individuals to do alone and difficult for physicians to manage across thousands of patients,” Altchek said. “Nobody is set up for success, and our outcomes in the U.S. are terrible. We want to help large health systems fix this.”
Cadence was founded late last year. It has completed a seed financing round led by Thrive Capital and a Series A round led by General Catalyst. Hemant Taneja, managing partner at General Catalyst and a co-founder of Livongo, and Kareem Zaki, general partner at Thrive and a co-founder of Cedar, have joined Cadence’s board of directors.
The company will use its newly raised funds to build its team and support its partnership with LifePoint Health, Altchek said.
Per the partnership, Cadence’s solution will be deployed to over 100,000 patients within the system.
Initially, the organizations will focus on guideline-directed medical therapy treatment for heart failure. They are aiming to build the largest remote care platform for heart failure patients in the country, Altchek said.
The market for remote patient monitoring is large and growing quickly, with a recent report estimating that market value will reach $15 billion by 2027, up from around $4 billion in 2018. There are several players in the field gaining funding, including BioIntelliSense, which recently raised $45 million for its remote patient monitoring device.
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