CareSync has secured $18 million Series B for its chronic disease management solution. The money was provided by Merck Global Health Innovation Fund (Merck GHI), Greycroft Partners and Harbert Venture Partners, as well as existing investors Tullis Health Investors, Clearwell Group, CDH Solutions and Travis Bond. The funds will help the company expand by hiring an additional 500 employees over the next 18 months, strengthening its position in the emerging patient-centered care coordination market.
CareSync's user base has grown 20-fold in the last four months, fueled in part by the Centers for Medicare & Medicaid Services' (CMS) chronic care management program, which encourages doctors to work with patients between visits. The program has an annual estimated value of $17.25 billion. CareSync's direct-to-consumer business has also increased due to healthcare consumerization driven by patients wanting greater and more convenient access to their doctors and health information.
"Our country spends 86% of its healthcare budget on treating chronic disease, which we could decrease by getting people on the same page about a patient's care," said Travis Bond, founder and CEO at CareSync. "That's why we're leading the mission to simplify the healthcare experience for everyone involved. With this investment, our team is excited to embark on CareSync's next chapter of growth as we continue to arm patients and providers with the personalized data they need for better outcomes and lower costs."
CareSync's application and services collect, organize and share health information for patients, their doctors and caregivers. Central access to this data makes it easier for patients to manage their health, especially those who have chronic diseases and need to regularly see multiple doctors. CareSync also helps providers collaborate with patients and more easily complete the requirements for Medicare's chronic care management program so that they can bill CMS for these services.
Previously, the company has raised $4.5 million Series A round of funding in October of 2014.