PALO ALTO, Calif. & BOSTON--(BUSINESS WIRE)--Babylon (NYSE: BBLN) today announced completion of its acquisition of DayToDay Health (“DayToDay”) to provide Babylon members with DayToDay’s digital-first, highly engaging programs and clinical services prior to and following scheduled surgeries, major health events like childbirth, and following diagnosis of chronic conditions.
Although almost all care and recovery journeys extend beyond hospital and clinic walls, there is little support available for most people during their crucial recovery period. DayToDay solves this need by providing patients targeted education, communication and clinical support from a personal care team before or after clinical visits, hospitalizations, or surgeries. Having served thousands of acute care patients who had significant medical issues, DayToDay’s health management has shown significant benefits*. For example, the company has been able to keep rehospitalization rates below 4%, while the industry average is close to 15%, and cut down the expected wound infection rates by 93%. Babylon will integrate DayToDay’s scalable capabilities into its existing digital-first healthcare offering to support members as they prepare for and recover from medical interactions, no matter where they may be located.
“We’re excited to welcome the DayToDay team into Babylon, as both companies work toward the same goal of leveraging technology to enhance the patient experience,” said Ali Parsa, Founder & CEO of Babylon. “As we continue to evolve our value-based care services and empower our members to take control of their health, the addition of pre- and post-surgical care will help our members at a significant period of needs, improving overall accessibility, quality and affordability outcomes.”
Babylon’s team of clinicians, doctors, and nurses will oversee the implementation of DayToDay’s pre- and post-operative care management, ensuring end-to-end care coordination and the right treatment at the right time. This will allow clinicians to care and support patients within hospital settings more efficiently and send them home knowing they’ll receive guidance through the imperative recovery process, a time when people often need care assistance most.
“Joining Babylon will empower DayToDay to scale its robust platform to clinical areas by deploying its proven platform to the Babylon customer base,” said Prem Sharma, CEO of DayToDay Health. “Working together, we can tap into Babylon's AI capabilities and improve the virtual care experience for both patients and providers alike.”
Headquartered in Boston, DayToDay was founded in 2018 by a team of engineers, scientists and clinicians during their time at MIT with the goal of managing virtual patient care – specifically acute, post-surgical, and out-of-hospital care. DayToDay’s team will join the Babylon team to lend their technical expertise, and to help merge DayToDay’s guiding mission to create the ultimate patient care experience for anybody, anywhere in the world, with Babylon’s mission to provide accessible and affordable healthcare care to every person on Earth.
* based on 3,254 acute care patients who had significant medical issues in their most recent year.
Babylon is one of the world’s fastest growing digital healthcare companies whose mission is to make high-quality healthcare accessible and affordable for every person on Earth.
Babylon is re-engineering how people engage with their care at every step of the healthcare continuum. By flipping the model from reactive sick care to proactive healthcare through the devices people already own, it offers 24 million people globally ongoing, always-on care. Babylon has already shown that in environments as diverse as the developed UK or developing Rwanda, urban New York or rural Missouri, for people of all ages, it is possible to achieve its mission by leveraging its highly scalable, digital-first platform combined with high quality, virtual clinical operations to provide integrated, personalized healthcare.
Founded in 2013, Babylon’s technology and clinical services is supporting a global patient network across 15 countries, with 15 languages available. And through a combination of its value-based care model, Babylon 360, and its work in primary care through NHS GP at Hand, Babylon will manage over 350k lives globally by 2022. In the first half of 2021 alone, Babylon helped a patient every 5 seconds, with approximately 1.7 million AI interactions and 1.3 million consultations. Importantly, this was achieved with more than a 95% user retention rate and 5 star rating from circa 90% of our users.
Babylon is already working with governments, health providers, employers and insurers across the globe in order to provide them with a new infrastructure that any partner can use to deliver high-quality healthcare with lower costs and better outcomes. For more information, please visit www.babylonhealth.com.
DayToDay was started as a research project at MIT in 2018. The company was founded by Prem Sharma, a serial entrepreneur, and Dr. Khalid Aljabri, a cardiologist at Tufts Medical Center, during their time at MIT through the Delta-V accelerator program.
This press release contains “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally relate to future events or our future financial or operating performance. When used in this press release, the words “estimates,” “projected,” “expects,” “anticipates,” “forecasts,” “plans,” “intends,” “believes,” “seeks,” “may,” “will,” “should,” “future,” “propose” and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements include, without limitation, information concerning Babylon’s possible or assumed future results of operations, business strategies, debt levels, competitive position, industry environment and potential growth opportunities.
These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside of Babylon’s management’s control, that could cause actual results to differ materially from the results discussed in the forward-looking statements. These risks, uncertainties, assumptions and other important factors include, but are not limited to our ability to recognize the anticipated benefits of the DayToDay and other acquisitions, which may be affected by, among other things, our ability to integrate operations, resources and systems, maintain relationships with customers and suppliers and retain management and key employees; our future financial and operating results; the growth of our business and organization; our failure to compete successfully; our dependence on our relationships with physician-owned entities to hold contracts and provide healthcare services; our ability to maintain and expand a network of qualified providers; our ability to attract new customers and expand member enrollment with existing clinical services and Babylon 360 customers; our ability to retain existing customers and existing customers’ willingness to license additional applications and services from us; a significant portion of our revenue comes from a limited number of customers; a portion of our revenue is subject to the achievement of performance metrics and healthcare cost savings and may not be representative of revenue for future periods; the significant risks associated with estimating the amount of revenue that we recognize under our value-based care agreements with health plans; the impact of COVID-19 or any other pandemic, epidemic or outbreak of an infectious disease in the United States or worldwide on our business; and the other risks and uncertainties identified in Babylon’s Registration Statement on Form F-1 filed with the Securities and Exchange Commission (the “SEC”) on November 9, 2021, as amended by any filings on Form F-1/A, and in other documents filed or to be filed by Babylon with the SEC and available at the SEC’s website at www.sec.gov.
Babylon cautions that the foregoing list of factors is not exclusive and cautions readers not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Except as required by law, Babylon does not undertake any obligation to update or revise its forward-looking statements to reflect events or circumstances after the date of this release.