Three large health systems became strategic investors in DexCare, a digital health spinoff from Renton, Wash.-based Providence's Digital Innovation Group.
DexCare's three new investors are:
- Tampa (Fla.) General Hospital
- Texas Health Resources (Arlington)
- Community Health Network (Indianapolis)
The new investors entered as part of DexCare's series C funding round, which was led by ICONIQ Growth. DexCare plans to use new funds to accelerate market adoption of its care orchestration platform. Each investor used DexCare's platform before investing.
"Improving access to care, while controlling costs is essential for a labor-intensive industry like healthcare,” said Scott Arnold, chief digital and innovation officer at Tampa General, in a news release. "DexCare brings the predictive intelligence to grow service areas, to protect finite resources and to direct patients to the best venues of care."
In addition to Providence, Kaiser Permanente in Oakland, Calif., and Boston-based Mass General Brigham are already investors in the company, which provides a critical infrastructure for organizations to thrive with alternative care models, growing workforce and wage pressures.
DexCare's platform produces data intelligence to manage a portfolio of care with operational controls to predict where to assign staff their shifts.
Community Health Network reported a 300% increase in virtual care capacity after partnering with DexCare as well as a 46% increase in daily and retail visits. Patient loyalty also jumped 50%, but there is more opportunity to push those numbers even higher as patient demand for services grows.
"We’re not moving fast enough, as an estimated 11,000 people age into Medicare every day," said Patrick McGill, MD, chief transformation officer at Community Health Network, in the news release. "Enduring companies like DexCare establish the bedrock infrastructure to reduce waste, to increase access, and to have the digital awareness to allocate an entire ecosystem of care. The result is value creation across the health system, from patients and doctors to marketing and finance."