Pager, a New York-based digital care coordination and navigation platform, announced $ 70 million in newly raised equity and debt financing on Tuesday.
The Series C cycle was led by Susquehanna Private Equity Investments while Silicon Valley Bank provided debt financing.
The startup did not disclose the breakdown of equity versus debt. He has raised around $ 133 million to date.
Pager said the new funds come on the heels of substantial growth – nearly an 800% average annual increase in consumer encounters over the past two years.
It will primarily use the new funds to increase capacity, fuel platform development and expand into new markets in the United States, Latin America and elsewhere, according to the announcement.
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“The COVID-19 pandemic has been a catalyst for the accelerated growth of virtual care solutions and has spurred increasing demand for health plans and health systems to deliver proven next-generation digital health platforms like Pager,” said Walter Jin, CEO and Chairman. from Pager, in a press release. “Our latest fundraiser further validates the significant value virtual care offers and how we improve access to care and health outcomes while reducing costs.”
Pager offers payers, providers and employers a turnkey digital platform that can support any combination of automated triage, care team coordination, appointment scheduling, support in telemedicine, prescription and chat customer services.
For patients, the platform can act as a guide throughout their care journey, from an initial app-based request to a live conversation with a provider to automated follow-up reminders.
The company’s tools integrate with provider electronic health records, payer systems and other provider services to enable the exchange of data between different entities. It can be deployed either as a stand-alone co-branded mobile app or as an unbranded service integrated with an organization’s existing digital services.
The company said its tools were generating average savings of over $ 190 per clinical encounter and usage rates of over 30%. He said he is currently partnering with healthcare clients representing more than 15 million people in the United States and Latin America.
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âOver the past year, it has become clear that the healthcare industry needs to embrace virtual care, and Pager is at the forefront of delivering streamlined services and helping healthcare plan members to. more easily access the care they need, regardless of the obstacles they encounter. encountered in the past, âsaid Dean Carlson, head of digital asset investments at Susquehanna Private Equity Investments, in a statement. âWe are excited about the company’s direction for expansion and are proud to support Pager’s efforts to reduce healthcare costs and improve navigation within the healthcare system.
The final round showcased a collection of new and existing investors, with Pager highlighting a subsidiary of Horizon Healthcare Services alongside Susquehanna as a notable attendee. He had previously received backing from Health Catalyst Capital, Goodwater Capital, Lux Capital and New Enterprise Associates.
Pager’s $ 33 million Series B arrived in March 2020 and also included a combination of equity and debt.
Global venture capital and corporate investment in digital health and health technology companies soared in 2020, then accelerated again in 2021. A first half funding report from Mercom Capital Group found Reported a 138% increase in fundraising activity through June, largely fueled by support for telehealth companies and mobile health applications.