OpenLoop Raises $15 Million to Streamline Telehealth From First Visit to Final Payment
We are excited to announce that our portfolio company OpenLoop, a leading white-label telehealth support company has raised a $15M Series A funding. We would like to congratulate and recognize additional investors, Nava Ventures, who led the round, UnityPoint Health Ventures, PrimeTime Ventures and ManchesterStory. In addition, the company announced a new payer network that allows reimbursable payments to clients nationwide, rather than cash pay-only options.
Built to streamline the reimbursement and payment process, OpenLoop’s new Payer Coverage & RCM service allows its customers to expand their patient pool by offering access to more affordable specialty and primary care options. With 98% accuracy, the new service works to decrease reimbursement denials and increase patient access to quality care.
“We are excited to partner with OpenLoop because of our confidence in the team and their ability to build a truly differentiated telehealth platform that streamlines virtual care while making it simple,” said Freddie Martignetti, founder of Nava Ventures.
Currently estimated at $101.51 billion, the global telehealth industry is forecast to grow to 24.0% over the next seven years. Telehealth services show 45.7% of the total market share due to the widespread adoption of managing and monitoring health outcomes.
Openloop’s API-driven platform offers intuitive technology aligned to meet individual brand needs. Its built-in HIPAA compliance allows clinicians to manage appointments, notes, prescriptions, bookings, and payments all in one place.
“OpenLoop has seen amazing growth within our company in the last year. 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,” said Jon Lensing, CEO and Co-founder of OpenLoop.
Read the full press release here.