eConsult solution company AristaMD secures $18 million in Series B funding
MemorialCare Innovation Fund and Cigna Ventures Lead Financing for Best-in-Class AristaMD eConsult Platform
SAN DIEGO – March 31, 2020 – AristaMD, a digital health company that provides a proprietary eConsult solution to connect primary care providers (PCPs) with timely, documented specialist insights, has raised $18 million in Series B funding. The round was led by Cigna Ventures and MemorialCare Innovation Fund (MCIF), with participation from Avalon Ventures, CU Healthcare Innovation Fund, and Stanford Health Care. Proceeds from the raise will be used to accelerate expansion of its proprietary eConsult platform across the country.
AristaMD is focused on accelerating access to specialty care and reducing unnecessary healthcare expense. Designed by practicing physicians, its eConsult solution empowers primary care providers (PCPs) to expand their scope of practice and collaborate on patient care with a highly respected panel of on-demand, board-certified specialists. AristaMD has over five years of data demonstrating that its eConsult solution reduces the need for routine clinical specialist referrals by over 70% and has a significant positive impact on patient care.
“Every year there are approximately 20 million routine specialist referrals that could be addressed by eConsults–those unnecessary referrals have significant consequences including billions of wasted dollars,” said Brooke LeVasseur, CEO of AristaMD. “We are honored to receive such strong validation from major health plans and payors and are eager to leverage the capital and deep market experience of our new investors to springboard into a new growth phase for the company. We are committed to continue working toward our goal of transforming primary care to improve population health outcomes by improving and better-allocating healthcare resources.”
“Specialist referral wait times currently plague the U.S. healthcare system,” said Brant Heise, Managing Director of MCIF. “AristaMD’s eConsult solution provides a mechanism to better match the acuity level and clinical needs of the patient with the right provider and setting.”
By utilizing eConsults, primary care providers retain more low-acuity common condition cases that are frequently referred to specialists, clogging waitlists and limiting specialists’ ability to address higher acuity cases in a timely fashion. Empowering PCPs to operate at the top of their license allows patients to have their needs addressed faster, reducing avoidable ED visits and hospitalizations that can occur when patients have to wait too long to be seen by a specialist. This ultimately improves outcomes and overall patient satisfaction.
“Cigna is squarely focused on improving access to affordable, predictable and simple care – quickly and efficiently connecting customers to the most effective health care providers, how, when and where they need it,” said Tom Richards, global lead, strategy, and business development at Cigna. “Our partnership with AristaMD, and its virtual-first solution, will accelerate how we deliver on that promise, working together to drive greater connectivity between primary care providers and extensive networks of specialists to improve outcomes and lower costs for the people we serve.”
AristaMD is focused on improving patient outcomes through more timely access to specialty care. Its eConsult platform provides a telehealth solution that empowers primary care providers with clinical workup checklists and the ability to conduct electronic consults (also known as eConsults or virtual consults) to significantly improve the patient referral process and allow greater access to timely, high-quality care. Designed to seamlessly integrate into physician referral workflows, the platform allows payers and providers to quickly and cost-effectively launch specialist eConsults using their own specialists or those provided by AristaMD’s board-certified panel of experts. AristaMD’s platform has proven to deliver cost-effective, timely access to specialty care through eConsults, significantly reducing the need for face-to-face visits while increasing patient satisfaction. AristaMD partners with healthcare stakeholders to ensure their success in the transition to value-based care. For additional information, visit aristamd.com, or follow AristaMD on LinkedIn and Twitter.
About MemorialCare Innovation Fund
MemorialCare Innovation Fund (MCIF) brings strategic investment funding to accelerate the development of companies in the healthcare information technology, healthcare services, and medical device sectors that can advance high-quality, effective healthcare. MCIF is focused on companies offering innovative products, services, and technologies which help healthcare systems significantly improve performance and outcomes and achieve their community missions. To learn more about the MemorialCare Innovation Fund, please visit: www.MemorialCareInnovationFund.com
About Cigna Ventures
Cigna Ventures is a venture capital fund that works closely with health care entrepreneurs to accelerate growth and innovation through the strategic use of capital and deep partnerships. Cigna Ventures is a wholly-owned indirect subsidiary of Cigna Corporation (NYSE: CI). To learn more about Cigna Ventures visit: www.cignaventures.com.