Loyal Health, an AI-powered digital healthcare practice management platform, announced its $12.5 million Series A investment round led by Concord Health Partners, a healthcare-focused investment firm.
According to Loyal, its platform provides health systems with a complete set of digital, front-door applications that (integrate with a health system’s website, EHR, CRM, and other digital technologies) allow patients to search, chat, schedule, and guide themselves to the answers they seek – all while delivering a cohesive brand experience. Further, the platform guides, understand consumer intents, and leverages natural language processing and artificial intelligence to perform complex, natural language queries and receive direct answers.
Today, more than 30 hospitals and health systems, including Northwestern Medicine, and UCLA Health, use digital healthcare practice management to improve their patient engagement, according to the company.
The company plans to use the new funds to enhance and expand its existing, proprietary consumer experience platform and allow it to secure the talent and resources to make its vision of a truly personalized patient experience touching all aspects of care a reality.
“Concord invests in innovative companies with technologies and services that create a more modern and efficient healthcare experience for patients and providers. We are excited to support Loyal with its broad platform of solutions that enable health systems to engage and communicate with patients in a consumer-centric way,” said James Olsen, Founder and Managing Partner of Concord Health Partners. “The Loyal team empowers healthcare leaders to favorably position their organizations in the wake of COVID-19 to meet the healthcare needs of patients and communities they serve.”
Healthcare Practice Management Software companies raised $553 million in the first nine months of 2020, according to the latest Mercom funding report. Olive, an AI-enabled workflow automation software for hospitals, secured $106 million in funding, bringing its total raised to over $220 million to date.
Image Credit: Loyal Health