100Plus, a remote patient monitoring platform, announced series seed investments totaling $25 million, led by Henry Kravis, George Roberts, and other super angel investors.
The company reported annual recurring revenue of $5 million since its launch in January 2020.
100Plus offers artificial intelligence (AI)-powered end-to-end remote patient monitoring platform. The platform helps physicians remotely monitor patients and provides data that informs clinical decisions throughout their care.
According to the company, the platform also sends personalized messages to drive patient involvement in managing their health, including monitoring reminders, follow-up on care instructions, and feedback on their remote monitoring numbers.
Using the platform, patients can interact and ask questions and receive tailored responses from their care providers based on their treatment plan. If needed, the platform will triage messages that require immediate physician interaction, the company said.
100Plus plans to use the new funds to build out its remote patient monitoring platform. “Remote patient monitoring has more potential than any other initiative to dramatically decrease the healthcare costs associated with chronic conditions as well as help patients avoid episodic care,” said Ryan Howard, CEO of 100Plus.
Today, 80% of U.S. seniors over the age of 65 have at least one chronic disease, which accounts for 95% of Medicare spending, the company said. Ryan Howard added: “With Medicare committed to reimbursing remote patient monitoring long-term, physicians now have both the incentives and with 100Plus a seamless end-to-end tool to improve care and potentially save the lives of millions of patients.”
“Partnering with 100Plus has provided our practitioners with the ability to choose a remote patient monitoring solution that monitors and manages their sickest senior patients remotely and in perpetuity,” said Paul Chalmers, Vice President of AdvancedMD. “This has been particularly critical during the pandemic, when most senior patients are unable or afraid to visit their doctor’s office for risk of infection.”
Remote patient monitoring companies raised $766 million in 2020, according to Mercom’s latest funding report. Recently, Optimize.health, a remote patient monitoring platform, raised $15.6 million in the latest funding round.