PatientPing, Boston-based provider of patient-tracking software for healthcare providers, announced on Tuesday it has raised a $31.6 million Series B round led by prestigious Silicon Valley venture capital firm Andreessen Horowitz and Boston growth equity firm Leerink Transformation Partners.
The new round, which brings total funding to $41.2 million, will help the startup double the size of its 50-person team, as well as expand its software into new states, The Boston Globe reported. PatientPing plans to make hires for its growth, operations, engineering and product development teams.
Previous investors include GV (formerly Google Ventures) and F-Prime Capital, Fidelity’s VC arm.
PatientPing is currently used by more than 15,000 providers in Massachusetts, Connecticut, Michigan, Pennsylvania, Vermont and New Hampshire, with plans for a major geographic expansion next year.
The startup’s software aims to help providers coordinate care for patients by providing them real-time notifications whenever patients are admitted, transferred or discharged from a facility — whether it be for acute, ambulatory or post-acute care. The solution can especially help Medicare patients, who on average receive care from seven different providers across four unaffiliated practices per year, PatientPing said. Without it, the lack of coordination can have an adverse impact on patients and waste billions of dollars.
“It’s an important moment in history to modernize our country’s healthcare IT infrastructure and we’re thrilled to partner with the world’s most innovative investors from both coasts to support us on our journey,” Jay Desai, PatientPing founder and CEO, said. “For example, if a patient lands in a hospital in Florida when their primary care team is at home in Massachusetts, we’re making it seamless for those providers to work together so the patient gets the best possible care. “
Jeff Jordan, partner at Andreessen Horowitz, added: “I am a huge fan of businesses that have a network attached to it, and see huge potential for PatientPing to become an important business in the healthcare space.”