Developer of a virtual care solution for non-acute conditions Bright.md has closed a $3.5 million Series A funding round to continue developing its software-as-a-service (SaaS) solution, add new implementations, expand client engagements and hiring. The round was led by Oregon Angel Fund, with substantial participation from Seven Peaks Ventures and Stanford-StartX Fund.
Bright.md’s SmartExam acts as a virtual physician assistant that enables primary care providers to deliver efficient remote care. Using the service, patients connect to their own primary care providers using a computer or a mobile device to receive evidence-based online care at a fraction of the cost of an in-person visit. Implementations of SmartExam have enabled providers to improve efficiency by 90 percent, while improving per-visit margins by 5x. For physicians, the diagnosis, treatment and documentation of a patient’s SmartExam visit takes less than two minutes, compared to the 20-minute average for office visits.
“We’re really accelerating our cadence as we move into this next phase of development,” said Ray Costantini, MD, Co-Founder and CEO of Bright.md. “Bright.md has already received national recognition as a leader in healthcare automation and telehealth for our SmartExam offering. We’ll demo our solution at Health 2.0 this fall, and are looking forward to exciting announcements enabled by this funding.”