New investment is led by Sands Capital, with participation from Comcast Ventures, and follows enterprise health system expansions
HealthSnap, a Miami-based Remote Patient Monitoring (RPM) and Chronic Care Management (CCM) solution for healthcare providers, has received Series B financing totaling $25 million. The round was led by Sands Capital, with new investments from Comcast Ventures, Acronym Venture Capital, and Florida Opportunity Fund. Existing shareholders, Asclepius Growth Capital, Florida Funders, MacDonald Ventures, and TGH Ventures also participated in the round. Scott Frederick, a Managing Partner at Sands Capital, will join HealthSnap’s board of directors.
“Over the last 18 months, HealthSnap has grown as quickly and efficiently as any company we’ve seen in years, and this is coupled with their ability to demonstrate significant improvements in patient outcomes. Innovative, interoperable, and patient-centric solutions like HealthSnap are essential as the number of individuals living with chronic conditions, unfortunately, continues to rise,” said Scott Frederick, Managing Partner at Sands Capital. “HealthSnap’s suite of solutions is a win-win for healthcare providers, who continue to show their conviction in providing the programs for their patients. We are proud to lead this round of funding.”
This latest financing brings HealthSnap’s total funding to $48.5 million to date. In the last 18 months, HealthSnap has grown exponentially, bolstered by the successful expansion of its market-leading Remote Patient Monitoring (RPM) platform with the addition of a comprehensive Chronic Care Management (CCM) solution. This new financing enables HealthSnap to continue assembling its national clinical team, accelerate its product roadmap to meet increasing market demand for care in the home, and begin building its AI-powered population health and analytics solution.
“HealthSnap is leveraging emerging technologies to deliver accessible and personalized health solutions to better meet the needs of an expanding global aging population,” said Ryan Lee, Principal at Comcast Ventures. “We are excited to see how their team continues to utilize connectivity in order to increase access to personalized care in the home.”
During 2023, HealthSnap announced health system partnership expansions with UnityPoint Health and Prisma Health, supported by significantly improved clinical outcomes data across various chronic conditions such as hypertension, heart failure, obesity, and Type 2 diabetes. Last fall, HealthSnap’s clinical outcomes data were recognized at the American Heart Association’s Scientific Sessions, where the company presented its published Hypertension Patient Outcomes in partnership with Prisma Health and Virginia Cardiovascular Specialists. Positive patient and provider experiences have driven over 300% growth in patient programs in the last year.
“We continue to be encouraged by the clinical outcomes of HealthSnap’s RPM and CCM programs in areas notoriously below the national standards of healthcare outcomes and look forward to expanding our reach to high-risk, high-cost chronic populations across South Carolina,” said Angela Orsky, Senior Vice President, Value-Based Care & Clinical Integration at Prisma Health.
HealthSnap’s RPM and CCM programs shift the patient chronic care delivery paradigm from one that is reactive, episodic, and delivered in the clinic to a model that is proactive, ongoing, and delivered in the home. As a result, tens of thousands of patients are experiencing more personalized and proactive care, leading to accelerated adoption and long-term sustainability by health systems and physician groups across the country.
“Nearly half of the United States population is living with a chronic condition that requires ongoing monitoring and care beyond the walls of the physician’s clinic. We created HealthSnap to bridge that gap in care and we are pleased that our patient outcomes data demonstrate meaningful improvements,” said Samson Magid, Co-Founder & CEO of HealthSnap. “Our team is focused on a common goal to shift the paradigm of chronic condition management and improve the lives of patients every day, and this new financing enables greater program accessibility for patients across the country.”
HealthSnap is actively hiring for care navigator nurse positions, customer success managers, and patient enrollment specialists. For a complete list of open positions, please visit www.healthsnap.io/careers.