RubiconMD Secures $4.0 Million in Series A Funding to Expand Primary Care Access to Relevant Specialty Expertise
NEW YORK–(BUSINESS WIRE)–RubiconMD, the leader in specialty eConsults, announced the closing of their $4.0 million Series A financing. As dialogue sharpens around the movement from volume-based to value-based care, there is increasing emphasis on greater access to quality healthcare at a lower cost. RubiconMD believes that the practice of primary care is at the frontline of this shift, and technology-enabled services such as the company’s eConsult platform are helping to usher this change in the healthcare industry.
The company announced today that it has raised a $4.0 million Series A financing, led by Waterline Ventures. Dioko Health Ventures, a North Carolina based fund managed by Nashville-based FCA Venture Partners, joined Alma Mundi Fund in the round as well. Funding will be used to continue expanding access to the company’s proven eConsult platform that empowers primary care providers with same-day insights from an expert panel of specialists. Existing investors from the company’s previous seed round also include health technology giant athenahealth and former Blue Cross and Blue Shield of Florida CEO Bob Lufrano.
“Providers across the country are currently overloaded with high patient volumes and ever-increasing demands on their time, but current support tools are complex and poorly integrated into their workflow,” said RubiconMD Co-founder and CEO Gil Addo. “Our goal is to empower primary care providers with seamless access to specialty expertise. We’re able to do this by organically fitting our eConsult platform into primary care providers’ current workflow. The recent financing enables us to continue to invest in product enhancements, as well as industry-leading data analytics, to support more providers, and make system-wide impact quickly.”
RubiconMD’s eConsult formula builds on a foundation of successful product development, testing and implementation with customers across twenty-six states. Primary care providers using RubiconMD can easily upload relevant information, such as images, labs and studies, and then ask a question in a particular specialty, such as dermatology, orthopedic surgery, or psychiatry. Co-founder and COO Carlos Reines explains, “Once a primary care provider submits a case, our system uses smart routing to identify the appropriate specialist to review it. The provider will then receive an expert answer within a few hours. Through this process, we provide the insights needed to reduce patient wait days, optimize their care plan and avoid unnecessary referrals.”
RubiconMD has been able to validate its model through a study of providers, which found that 97% of eConsults offered meaningful support to clinicians, with 72% directly improving their care plans.
“Our sole focus is partnering with entrepreneurs who are committed to tackling the healthcare industry’s toughest problems, including increasing costs, inconsistent quality, and inadequate access to care,” said Robbie Greenglass, Managing Director of Waterline Ventures. “Value-based primary care providers are a crucial part of addressing these challenges, and we are thrilled to partner with RubiconMD, as they further scale and expand their innovative eConsult offering.”
About the Company
Launched in 2013, RubiconMD, a healthcare technology service, connects primary care providers to top specialists, enabling quick remote opinions that eliminate unnecessary visits, reduce patient wait time and alleviate travel burden. Founded by two Harvard MBAs and a physician on faculty at Harvard Medical School, we drive meaningful results by bringing appropriate clinical expertise into the primary care setting. For more information or to schedule a demo please visit www.rubiconmd.com.
About WATERLINE VENTURES
Waterline Ventures invests in the early stage healthcare technology and services companies that are improving the way care is delivered. Increasing costs, inconsistent quality, and inadequate access to healthcare create the need for innovation. Companies that address these issues stand to create tremendous value while improving people’s lives across the country and around the world. Waterline is based in Cambridge, MA.
About DIOKO HEALTH VENTURES I
Dioko Ventures is an investment fund, headquartered in Winston Salem and Charlotte, NC that is managed by Nashville, TN based FCA Venture Partners. The fund targets early and growth stage investment opportunities with a focus on healthcare and technology that are driving change in healthcare and helping current institutions adapt to a world in which they must be better, faster, and cheaper.
About ALMA MUNDI FUND, FCRE
Alma Mundi is a venture capital firm focused on technology-enabled services, with a primary focus on B2B business models raising their Series A or B rounds. Based in Madrid, London and New York, the fund seeks to invest in differentiated technology solutions with top tier management teams. The fund uses broad industry knowledge and deep relationships to bring value to their entrepreneurs, thereby accelerating their growth.