SEATTLE--(BUSINESS WIRE)--DexCare, Inc., a data-driven intelligence company focused on healthcare access, is showcasing its industry impact to-date to commemorate its one-year anniversary on the market following its spinout from Providence in March 2021.
In one year, DexCare has:
- Raised two oversubscribed funding rounds totaling $71M from leading digital health investors including new investor Transformation Capital, and all existing investors, Kaiser Permanente, Providence Ventures, Mass General Brigham, Define Ventures, Frist Cressey Ventures, and SpringRock Ventures.
- Nearly tripled its customer base of premier U.S. health systems, including a variety of new partners from leading brands like Mass General Brigham, to academic centers like the University of Rochester Medical Center and to the largest IDNs, like Kaiser Permanente, which more specifically, has chosen DexCare to power a virtual care network and intelligently load balance for Kaiser locations across the country.
- Grew total number of patients served by 400%. Over 53 million patients now have access to DexCare-powered experiences.
- Expanded its platform to power access across a variety of health system types (large, national, mid-sized regionals, and academic centers), care modalities (video, phone, in-person, on-demand, scheduled), and service lines (same-day care, urgent care, primary care, specialty care.
- Garnered industry accolades including GeekWire’s selection of DexCare as a Startup Of The Year finalist and Black Book Survey recognizing DexCare as a company that’s methodically challenging the health care technology status quo.
- Grew the DexCare employee base by 4x, which includes key appointments to the leadership team such as Julia Millard, Chief Customer Experience Officer and Chief People Officer, Brett Thompson, who has a proven track record building highly successful teams at multiple unicorns.
- Tactfully built a Board of Directors and Advisors that arms DexCare with some of the most experienced, influential and forward-thinking people in healthcare, including Dr. Toby Cosgrove, Executive Advisor of Cleveland Clinic, Todd Cozzens, Co-Founder & Managing Partner at Transformation Capital, Lynne Chou O’Keefe, Founder & Managing Partner at Define Ventures, Liz Rockett, Managing Director of Kaiser Permanente Ventures and Gaye Bok, Partner, Artificial Intelligence & Digital Innovation Fund (AIDIF) at Mass General Brigham.
“We envision a world where all consumers have exceptional access to the best expertise and services to treat, cure and prevent illness,” said Derek Streat, CEO of DexCare. “Our goal is to create that reality by enabling health systems to better meet the demands of today - delivering highly effective and efficient hybrid care. Our platform has delivered real-world results to the digital care market in a short time – serving hundreds of thousands of highly satisfied consumers thus far – and we’ve only just scratched the surface.”
“We’re so excited for the success that the DexCare team has seen in its first year both from an organizational and market perspective," said Sara Vaezy, Chief Digital Officer of Providence and DexCare Board Member. "DexCare is a perfect example of a technology innovation that might not have been ideated or invested in outside of a health system, but is proving to be a game-changer. Derek, Sean and team have done an incredible job in taking it to the next level.”
The Larger Trend: DexCare’s rapid success occurred against the backdrop of three key shifts in health care, spurred in large part by the pandemic – generating an industry-wide necessity for DexCare’s technology:
- Digital health has become a permanent preference and option for care access among consumers. DexCare believes that 20% - 30% of care will shift from analog to digital going forward, with some disease management programs becoming 100% virtualized.
- There’s a highly critical infrastructure shift toward strategic health system platforms and away from digital health point-solutions that drive consumer confusion, frustrate and overwhelm providers, and make it unnecessarily difficult for health systems to function efficiently.
- The combination of focused digital health applications and interoperability will unlock great opportunities to deliver targeted, cost-effective, personalized care, at scale, through data-driven intelligence.
Evolving from a direct one-to-one patient-provider relationship to a team approach where many providers and caregivers have access to the data and tools necessary to effectively treat patients, while also sharing their real-time availability so that matching engines can most efficiently and effectively allocate resources, is key to scaling access for everyone. DexCare is the platform to make it happen.
Looking ahead, DexCare will expand its reach to more specialty service lines, empowering health systems to provide more access to more patient populations.
DexCare is a Platform-as-a-Service (PaaS) for health systems that intelligently orchestrates digital demand and health system capacity across all lines of care. In a complex and vast sea of virtual point solutions, DexCare is the operating system that makes it all work. DexCare's data-driven intelligence engine allocates, flexes and optimizes resources to best meet both consumer demand and health system business goals—expanding the reach of health system service lines into a new, digital and on-demand consumer arena. The platform attracts and caters to high-value consumers by providing a fully-digitized, unified experience that routes consumers to the best care options while leveraging existing EMR, caregiver and brand investments. Incubated at Providence, one of the nation's largest and most innovative health systems, DexCare has enabled service lines to attract 30% more new patients, capture 5x downstream revenue, generate 22% per patient encounter in costs savings, and deliver a net promoter satisfaction score greater than 90. DexCare customers include leading health systems across the U.S. For more information, visit dexcarehealth.com or follow us on LinkedIn.