OpenLoop Health announces $15M fundraising round, new payer coverage service
Business Record Staff Mar 16, 2023 | 11:37 am
1 min read time259 wordsAll Latest News, Health & Wellness, Uncategorized
OpenLoop Health, a Des Moines-based provider of telehealth support services, announced Wednesday it has raised $15 million in Series A funding. The fundraising round was led by Nava Ventures, with participation from new investors UnityPoint Health Ventures and PrimeTime Ventures, and existing investors SpringTide Ventures and ManchesterStory.
“OpenLoop has seen amazing growth within our company in the last year,” Jon Lensing, CEO and co-founder of OpenLoop, said in a prepared statement. “Our commitment to providing virtual care services that focus on supporting superior and meaningful patient care at every touchpoint is what’s driven that success. We look forward to the opportunities this next round of funding will bring to the company and our clients.”
In the past year, the OpenLoop clinician network has reached 10,000 providers and the company has signed more than 80 new clients.
The global telehealth market size, currently estimated at $101.51 billion, is predicted to grow to $455.3 billion by 2030, according to Research and Markets Reports. Telehealth services also hold 45.7% of the total market share due to increased adoption to manage chronic conditions and monitor health outcomes.
The company also announced a new nationwide insurance payer network that allows clients to offer reimbursable services to patients instead of cash pay only options as well as its new Payer Coverage and Revenue Cycle Management service.
A news release said the new service combined with OpenLoop’s 50-state payer coverage clinician network is meant to streamline the reimbursement and payment process.
It allows OpenLoop clients to expand their patient pool by offering access to more affordable specialty and primary care options, according to the release.