BOSTON--(BUSINESS WIRE)--Current Health announced today the results of their record 2020 growth including a 400% expansion of its customer base and 3,000% increase in annual recurring revenue. The company’s explosive growth comes amid a focus on improving the efficiency of healthcare delivery and an expansion of reimbursement models that enable home-based healthcare. This has resulted in heightened investment in better health monitoring within the home by both healthcare and pharmaceutical organizations to help identify at-risk patients earlier and deliver preventive treatment.
According to a 2019 report, 88% of hospitals and health systems had invested or planned to invest in remote patient monitoring (RPM) and virtual care technologies in 2020 to help shift care towards the home. By monitoring the health of acute and chronically-ill patients within their home, organizations can implement novel care models that minimize hospitalization events, reduce cost of healthcare delivery and—most importantly—enable patients to live healthier, longer lives. The COVID-19 pandemic further accelerated RPM adoption as stress on hospital capacity caused providers to seek solutions that could enable the delivery of hospital-level care in a patient’s home.
With organizations looking to quickly deploy new healthcare and clinical trial models at the onset of the pandemic, Current Health’s end-to-end platform—including everything from 24/7 RN monitoring to logistics management—allowed for rapid implementations. Mid-year the company released the next generation of its wearable device, significantly reducing its size to that of a silver dollar while maintaining the ability to capture a patient’s continuous vital signs with ICU-level accuracy. This work enabled the company’s significant growth, which included:
- 3,000% year over year revenue growth, with 90% of revenue originating from the U.S.
- 400% year over year growth in customers, including expansion of hospital customers such as Mount Sinai Health System, Baptist Health and Massachusetts General Hospital
- 100%+ growth in employees, including growth in the C-Suite and Board of Directors, bringing on healthcare industry veterans such as Chief Growth Officer and CFO John McLean, Chief Medical Officer Adam Wolfberg and Board Member Todd Rothenhaus
Additionally, the company continues to set itself apart in the virtual care space by combining state-of-the-art health monitoring, validated data and AI-powered analytics that can prompt healthcare providers to take meaningful action. In 2020, Current Health expanded its research and analytics teams focused on clinical research using its database of human health data—the largest of its kind—to identify and predict the onset of disease. The company also announced notable partnerships with both Mayo Clinic and Biomedical Advanced Research and Development Authority (BARDA)—part of the Assistant Secretary for Preparedness and Response within the U.S. Department of Health and Human Services. These partnerships are focused on identifying those who will develop severe COVID-19 disease, to enable early intervention.
“For centuries, healthcare delivery has been built around institutions rather than people, making it inherently reactive. However, recent technology advances combined with shifting financial models and patient behaviors are changing the healthcare landscape as we know it,” said Christopher McCann, co-founder and CEO of Current Health. “Going forward, patients will expect healthcare on their terms, which for many means more proactive and preventive care delivered within the home. While payers will continue to focus on outcomes, they’ll begin to see more value in taking a holistic, longitudinal and patient-centric approach. We look forward to expanding on our work with healthcare providers, payers and the pharmaceutical community in the coming years to achieve these lofty aims.”
For more information about Current Health, visit www.currenthealth.com.
About Current Health
Current Health is the leading enterprise remote healthcare platform, focused on identifying and predicting disease onset in order to facilitate early, preventive treatment delivery. Current Health provides a single platform to monitor patient health at home using state-of-the-art monitoring, tailored to meet the needs of all patient populations. Our AI-powered algorithms allow us to identify health deterioration early and enable proactive intervention using our built-in patient engagement and telemedicine tools. Through fully-managed services, such as 24/7 nursing support, Current Health empowers healthcare and pharmaceutical organizations to operationalize novel models that move healthcare out of the hospital. For more information, visit https://www.currenthealth.com/ and follow us on Twitter and LinkedIn.