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Press release content from Business Wire. The AP news staff was not involved in its creation.
PRESS RELEASE: Paid content from Business Wire
Press release content from Business Wire. The AP news staff was not involved in its creation.

HealthSnap Secures $5 Million Investment Led by OPKO Health, to Help Rapidly Scale Remote Patient Monitoring Platform and Empower Better Chronic Condition Management

November 11, 2021 GMT

MIAMI--(BUSINESS WIRE)--Nov 11, 2021--

HealthSnap, a Miami-based Remote Patient Monitoring (RPM) platform for virtual chronic disease management today announces a new round of financing totaling $5M. The round was led by Miami-based healthcare company OPKO Health, Inc. and included new investments from W-5 Group and 6nine26 with follow-on investments from existing investors Florida Funders, MacDonald Ventures, and Hard Facts.

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This latest round of financing brings HealthSnap’s total funding to $12.2M to date and will be used by HealthSnap to accelerate growth, expand clinical services nationally, and invest in R&D for expanded clinical use cases. Amid continued adoption of virtual care solutions by healthcare providers this year, HealthSnap has continued to prove itself a market leader growing revenues an impressive 700% annually, tripling its active patient base, and continuing to grow its enterprise partnerships with expanded rollouts at Montefiore Health System, The Mayo Clinic, and most recently Virginia Cardiovascular Specialists.

HealthSnap helps healthcare providers manage chronic conditions such as hypertension, diabetes, and heart failure virtually by combining the power of an integrated RPM solution, pre-configured and cellular-enabled health devices, and patient care management services all in one end-to-end solution. By providing full-service RPM tools and services, HealthSnap has flipped the care delivery paradigm from reactive, episodic, and delivered in the clinic to a model that is proactive, ongoing, and delivered in the home - where chronic conditions take place. As a result, HealthSnap has been able to demonstrate improved patient outcomes, decreased utilization, and marked improvements in the overall patient experience.

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“OPKO Health and HealthSnap have a shared and complementary vision of offering a preventive and patient-centric experience by delivering healthcare services in the home when they are needed most,” said Phillip Frost, M.D., Chairman and Chief Executive Officer of OPKO. “Their innovative approach to chronic disease management is aligned with our focus of establishing industry-leading positions in large, rapidly growing markets. OPKO’s BioReference, leveraging Scarlet Health - an in-home, fully integrated digital platform providing access to on-demand laboratory diagnostic services - and HealthSnap have begun strategic discussion on how they might approach the growing home health market.”

“In light of COVID-19, chronic condition management has fundamentally changed forever,” said HealthSnap’s Co-Founder and CEO, Samson Magid. “Over the last 18 months, patients have experienced the Netflix effect of healthcare by receiving care in their homes when they want it and we don’t see the adoption trends of virtual care slowing down any time soon. We look forward to continuing to execute our mission of delivering proactive and ongoing care in the home and shifting chronic condition management into a patient-centered, prevention-focused, and evidence-based model of the future today.”

HealthSnap is currently hiring for sales, customer success, and nurse positions. For more information, please visit www.healthsnap.io/careers.

About HealthSnap
HealthSnap is an integrated Virtual Care Platform that helps healthcare organizations improve patient outcomes, reduce utilization, and diversify revenue streams. From chronic disease-agnostic Remote Patient Monitoring (RPM) to AI-guided care coordination, virtual care delivery, automated RPM billing, population analytics - and so much more, HealthSnap is the simplest way to manage chronic conditions remotely. Visit www.healthsnap.io or follow us on LinkedIn for more information.

About OPKO Health
OPKO is a multinational biopharmaceutical and diagnostics company that seeks to establish industry-leading positions in large, rapidly growing markets by leveraging its discovery, development, and commercialization expertise and novel and proprietary technologies. For more information, visit www.opko.com.

6NINE26:
6nine26 is a London-based angel syndicate network connecting its members to disruptive tech-focused ventures across the US and Europe.

W5 Group:
W5 Group is a Miami headquartered single-family office with core activities in US residential real estate. The firm also has a VC arm investing in early-stage tech companies across the US and looking to grow its local footprint in the growing Miami tech ecosystem.

View source version on businesswire.com:https://www.businesswire.com/news/home/20211111005415/en/

CONTACT: PRESS CONTACTS:HealthSnap

Sunny Ghia

sunny@healthsnap.io

(610) 442-4463OPKO Health

Hillary Titus

htitus@bioreference.com

(201) 406-9968

KEYWORD: UNITED STATES NORTH AMERICA FLORIDA

INDUSTRY KEYWORD: TECHNOLOGY BIOTECHNOLOGY MOBILE/WIRELESS AUDIO/VIDEO HEALTH OTHER HEALTH PHARMACEUTICAL PRACTICE MANAGEMENT SOFTWARE MANAGED CARE NETWORKS GENERAL HEALTH HOSPITALS DATA MANAGEMENT

SOURCE: HealthSnap

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PUB: 11/11/2021 09:05 AM/DISC: 11/11/2021 09:05 AM

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