Canvas Medical Raises $17 Million for Care Management Platform

Canvas Medical, a practice management software system for value-based care, announced a $17 million funding round.

The financing was co-led by Inspired Capital and IA Ventures, with participation from IRONGREY and existing investors, Upfront Ventures, and iSeed.

The new funding powers health plan partnerships and growth in value-based arrangements with physician practices, the company said in a press statement.

Canvas Medical, founded in 2015 and headquartered in San Francisco, provides whole-practice technology for whole-person care. According to Canvas Medical, its practice management system’s capabilities include scheduling, charting, telehealth, e-prescriptions, lab orders, population health analytics, and outreach, as well as complete revenue cycle management workflows and more.

“Physicians in every corner of the country have told us they need better technology to succeed in new payment arrangements with their insurance partners. Not just faster software that is easier to use, but smarter software,” said Andrew Hines, founder, and CEO of Canvas Medical. “Leading insurers know their longitudinal data is key to building smarter clinical systems, and they know a reimagined EHR is the ideal context for those insights to empower clinical teams day in and day out.”

“Our collaboration with Canvas brings the power of our digital health platform to independent physicians who are ready to accelerate their value-based work to improve their patients’ health and wellbeing,” said Rajeev Ronanki, SVP and Chief Digital Officer at Anthem. “The machine learning in Anthem’s HealthOS platform will deliver patient-specific insights within intuitive Canvas workflows, equipping providers with the best tools and information to help them deliver higher quality care to their patients.”

Healthcare Practice Management Software companies raised $837 million in 2020, according to Mercom funding report. Olive, an AI-enabled healthcare practice automation software, secured $106 million in funding, bringing its total raised to over $220 million to date. Lumeon, a digital health company specializing in practice management solutions, closed a $30 million Series D funding round.