Guidehealth, a burgeoning HealthTech company, has announced a successful seed funding round, raising $14m.
The funding was spearheaded by the non-profit Memorial Hermann Health System in southeast Texas, with significant contributions from entrepreneur Sidd Pagadipati and other prominent healthcare investors and industry leaders, according to InsurTech Insights.
The $14m seed funding round, supported by Memorial Hermann Health System, aims to enhance the care coordination capabilities of Guidehealth.
This investment highlights the continued interest and belief in the company’s innovative approach to healthcare. The founders of Guidehealth also personally invested in this seed round, showcasing their commitment to the company’s mission.
The firm employs advanced technology to aid health systems and clinical networks in expanding value-based care beyond traditional inpatient settings.
Utilising artificial intelligence, the company streamlines care coordination tasks such as prior authorisation and referrals, and assigns virtual clinical team members, known as Healthguides, to collaborate with partner systems.
The newly raised funds will be channelled towards technological enhancements and improvements to Arcadia’s managed services organisation (MSO), which Guidehealth acquired last December.
This investment will bolster the company’s capabilities and support its rapid growth trajectory. Since its establishment last year, Guidehealth has expanded its operations to Illinois, Pennsylvania, Georgia, and Texas, with expectations to double its revenue by the end of next year.
In the fundraising round, Guidehealth CEO and founder Sanjay Doddamani, M.D. pitched to Memorial Hermann Health System, recognising its history of investing in digital health platforms and its potential for strategic collaboration. Memorial Hermann emerged as a principal investor and strategic partner, solidifying its role in advancing Guidehealth’s mission.
Mark Selna, Chief Operating Officer and President of Guidehealth, stated, “Memorial Hermann is removing the economic barriers to getting access. And we are providing the outreach and the care coordination and care planning to make sure that those patients are seen but more importantly, have all of their high-risk needs addressed.”
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