DENVER, March 31, 2021 /PRNewswire/ -- CirrusMD, the fastest-growing provider of on-demand virtual care services, today announced that it has raised $20 million in a Series C round of funding led by Blue Venture Fund, with participation from 7wireVentures, Drive Capital and the Colorado Impact Fund, bringing total funding to $46 million. This round of funding will carry the company through its next phase of growth, as it continues to expand solution capabilities, enhance user and provider experiences, increase scalability, and drive innovation to support employer and health plan customers.
Series C Funding "The last year has highlighted the importance of enabling fast, efficient communication between patients and providers, and CirrusMD has proven its ability to provide a solution that connects eligible members with a licensed doctor 24/7," said Kelsey Maguire, Managing Director of the Blue Venture Fund. "Health plans, like Blue Cross and Blue Shield companies, play an important role in shaping the next generation of patient care. We're excited to partner with CirrusMD as they modernize the consumer experience and advance care delivery."
"CirrusMD's text-first virtual care platform finally provides consumers with the ability to connect with a provider on their own terms – receiving healthcare when and where they want it," said David Schonthal, Operating Partner at 7wireVentures. "We have been impressed with CirrusMD's unwavering commitment to improving the consumer experience, their superior ongoing engagement rates, and the extensive relationships they have built with leading health plans and employers across the country. We know that CirrusMD will play a critical role in the transformational story of virtual care."
Unique Experiences for Physicians, Patients and Customers With the burgeoning demand for telemedicine, CirrusMD demonstrated unique scalability, keeping the average time to connect a patient with a board-certified physician to less than a minute. While other virtual care solutions replicate the traditional office visit and introduce familiar barriers, such as appointment scheduling and standing-by in a virtual waiting room, CirrusMD care is always available on-demand.
"Unlike any other telemedicine solution, CirrusMD's physician-directed, multi-specialty care model has proven scalable and effective in meeting the needs of this rapidly changing environment," said Andrew Altorfer, CEO, CirrusMD. "Our goal is to meet the patient where they are, in the way they want to communicate. We've enhanced our technology and focused on exceptional user and physician experiences, while doubling the size of our physician network. Today we're providing collaborative virtual care for patients in all 50 states, across a wide range of conditions including behavioral health, an area of increasing need during COVID-19."
A Care Model for the Modern World The CirrusMD integrated care model guides patients on a journey that covers a full range of medical issues, whether primary or urgent care, chronic condition management, women's health, pediatrics and behavioral health. If needed, CirrusMD physicians can direct patients seamlessly to other in-network resources offered by the employer or health plan, helping increase utilization of invested benefits.
The CirrusMD platform and Provider Network currently:
Support plan members and employees throughout the U.S., including those in rural areas without easy access to in-person care or high-speed internet
Deliver virtual care to uninsured employee populations (e.g., part-time workers or those not yet eligible for benefits)
Support employers working to create better health and wellness programs
Result in 83 percent on-platform resolution rates, with an average per-encounter savings of $398 (based on claims data)
Reduce ER visits, with 94 percent of in-person follow-up care directed to lower-cost points of care
"Based on the millions of encounters that we have managed, we have built an entirely unique data set due to our text-first workflow. Nearly every encounter is fully transcribed," added Altorfer. "This provides us with a very interesting data opportunity to move telemedicine from being a reactive solution into one that is proactive. We can create cohorts that will allow us to better engage patients across disease states and help them manage their medical needs through analytics and proactive interactions."
Building on Success The Series C round of funding will continue the momentum the company experienced during 2020, the company's most significant year of growth. Notable statistics include:
150 percent increase in active members with access to the CirrusMD platform
Doubled the size of the CirrusMD Provider Network
Added and expanded care across multiple clinical specialty areas, including behavioral health
About CirrusMD CirrusMD is a different kind of telemedicine company. In less than a minute, patients reach a live, licensed physician via text-based (or web) app, then conduct a care encounter at their pace and convenience. Available 24/7/365, CirrusMD's integrated care is delivered via multi-specialty, board-certified doctors who can treat a broad range of conditions, from acute to chronic, and from primary care to specialty areas, including behavioral health. CirrusMD is available to nearly 10 million users across all 50 states, and exclusively offered through employers and health plans.
Learn how CirrusMD is transforming virtual care: cirrusmd.com
About the Blue Venture Fund The Blue Venture Fund is a unique collaboration between BCBS companies, BCBSA, and Sandbox to which thirty-five BCBS companies have committed over $890 million across four funds. The Blue Venture Fund invests in promising emerging companies of strategic relevance to Blue Cross and/or Blue Shield companies and provides the portfolio with access to BCBS companies to deploy innovation at scale. Sandbox is an independent company that provides healthcare-related investment management exclusively for the Blue Venture Fund. For more information, visit www.blueventurefund.com.
About 7wireVentures 7wireVentures is a preeminent venture capital firm that invests in early-stage digital health companies supporting an Informed Connected Health Consumer – the epicenter of a consumer-first, tech-enabled convergence of the health and wellness markets. Fund successes, such as founding Livongo, are due in large part because the team are both seasoned operators and investors with extensive industry experience. Being highly selective with investments, the fund works side-by-side with founders to build companies that change the status quo and empower consumers to be better stewards of their health. As company builders, the 7wire team has assumed highly involved roles, in some cases, even pursuing a Hatch strategy to start promising new ventures.