The California HealthCare Foundation is signaling its continued interest in mHealth technologies with a $500,000 investment in CareInSync, the developer of the Carebook real-time mobile care collaboration platform.
The Los Altos, Calif.-based company is receiving $1.6 million in Series A funding from HealthTech Capital, a group of angel investors, venture capital, nonprofit foundation and industry members that mentor and fund early-stage health technology companies. The CHCF is among the investing members.
The investment will support the market launch of CareInSync's real-time mobile care collaboration software in the emerging care transition market, officials said. The company’s real time multidisciplinary tools are designed to help inpatient and aftercare providers collaborate on safe transition plans while engaging patients and caregivers, assisting providers to deliver better patient-centered care to reduce readmissions, coordinate earlier discharges and improve patient flow.
"CareInSync addresses a pain point that is hurting every hospital. Improving patient discharge and comprehensive care coordination are strategic priorities for hospitals and ACOs," said Anne DeGheest, founder and managing director of HealthTech Capital, in a June 6 press release. "CareInSync's solution will have a direct impact on hospital bottom lines and is well positioned. We are delighted to support such innovation with both investment dollars and hands-on mentoring."
"CareInSync is building a communications platform to manage the transition of care for patients – this is a significant need," added Charles Tuchinda, chief innovation officer for healthcare for Hearst Business Media, another HealthTech Capital member. "The combination of structured communication between the healthcare team and patient specific clinical decision support guidance should improve the quality, effectiveness and efficiency of healthcare delivery."
The CHCF funding comes from its Health Innovation Fund, launched in 2010 with plans to invest $10 million within three years. The fund is led by the foundation’s Innovations for the Underserved program, which “seeks to accelerate development of innovations that change the way healthcare is organized and delivered – with the goal of lowering healthcare system costs and improving access for the underserved.”
"The foundation is looking to promote sustainable, scalable innovation that can dramatically lower cost and improve access to care for underserved populations," said Margaret Laws, director of the Innovations for the Underserved program, in a press release issued this week. "Through our investment fund we seek to support technologies, products, and services that will provide access to care to 100,000 Californians or deliver $25 million in annual cost savings, or both. The fund complements our grant-making program by allowing us to partner with mission-focused entrepreneurs and companies using debt and equity investments."
Counting CareInSync, The CHCF has so far invested more than $2.5 million in six companies:Pipeline Healthcare, a Chicago- and San Francisco-based company whose clinical telepharmacy solutions are designed to reduce an acute care hospital's operating costs and improve clinical quality via remote medication order processing and real-time pharmacist verification services. Direct Dermatology, a Los Angeles-based telemedicine company that uses digital photography to enable same-day and next-day consultations by board-certified dermatologists. Asthmapolis, a Madison, Wis.-based technology company that uses medication sensors, mobile applications, advanced analytics and feedback to help physicians identify those patients who need more help controlling their asthma. SIRUM (Supporting Initiative to Redistribute Unused Medicine), a Silicon Valley-based nonprofit that uses an online community portal to connect safety-net clinics with donated drugs from manufacturers, wholesalers, and nursing homes. Lifewave, a Los Altos, Calif.-based eHealth device company that is developing a non-invasive, monitoring technology for both prenatal and neonatal application in clinical and remote settings.