AmplifyMD, a national telemedicine platform connecting medical institutions with specialist doctors, recently had announced that the firm has raised $23 million. The funding comprised a Series A led by F-Prime Capital, and a seed round co-led by Forerunner Ventures and Greylock.
According to the firm’s sources and reports, the funds generated will be utilized for expansion purpose of its network of hospitals, further charting out their technology platform, and increase the accessibility of specialty care for patients and health systems.
The firm also added its insight regarding the core point that the specialties form a critical part of a hospital’s ability to serve its patients. Yet specialty coverage in areas like that of the cardiology, neurology, psychiatry, pulmonology/critical care, infectious disease, nephrology, and hematology/oncology are in short supply throughout hospitals across the country.
Of the approximately 6,000 hospitals in the United States, more than half have a shortage of professionals in three or more specialty lines, and the majorities are missing at least one critical specialty. Over one million patient transfers occur each year when hospitals lack the appropriate personnel to treat patients with conditions like sepsis and bacteremia, seizures and strokes, bleeding disorders, and suspicious masses, all of which require specialists.
Additionally according to the firm’s report and data compiled from multiple telehealth studies, the burden on vulnerable patients keeps surging every year and in this process the hospitals lose over $17 billion in revenue each year due to preventable patient transfers.
“For a critical access hospital like Hendry, being able to diagnose and treat as many patients locally as possible is key to our mission,” stated R.D. Williams, CEO of Hendry Regional Medical Center. “With the specialty access AmplifyMD provides, we are now able to consistently and confidently treat even our most complex patients, including the ones that were so complicated they would have been automatically transferred out before.”
“Imagine having to drive over an hour to get care or needing to be transferred – whether in the midst of a pandemic or not – when you are already at your most vulnerable state,” added Meena Mallipeddi, Co-Founder & CEO of AmplifyMD. “Our remote specialty care platform solves this problem, and that’s before we even discuss the clinical and financial benefits to the hospitals and the healthcare systems overall, as reduced transfers and better on-site care translate to millions in top and bottom line annually.”
“At F-Prime, we partner with companies that can meaningfully impact patients and providers in the communities they serve,” said Carl Byers, Partner at F-Prime Capital. “AmplifyMD has developed a new approach to telehealth by delivering dedicated specialists into the acute care setting, enabling patients to receive high quality care without the need for a transfer. This innovation has the potential to create tremendous value for patients, hospitals, and payers.”
“We continue to see positive results with the AmplifyMD platform,” said Dr. Christopher Edwards, CMO of Piedmont Columbus Regional Hospital System. “Our medical staff is consistently impressed with how timely, fast, and responsive the AmplifyMD physicians are, and how good their documentation and communication on patient care is. The availability and timeliness of AmplifyMD helps our throughput across our system. They have proven their ability to be a valuable addition to hospitals and medical staff alike.”
The Firm also claimed that via the AmplifyMD, hospitals and other medical facilities have ready access to a network of highly experienced board-certified specialists and software that streamlines and automates virtual care delivery and billing and integrates seamlessly with hospitals’ existing electronic health records (EHRs). The platform enables the provision of remote specialty care within existing workflows for both the hospital and the remote specialist, removing roadblocks to care delivery and providing high quality patient care in an efficient and economical manner.
By connecting its trained physicians with facilities in need of specialty services, AmplifyMD provides hospitals and other medical facilities with a turnkey digital platform to fill the gaps in their covered services and avoid costly transfers and delays in care.
AmplifyMD, founded by accomplished executives Meena Mallipeddi and Anand Nathan, launched in November 2019 with a pilot program at DeSoto Memorial Hospital in Arcadia, FL. In only two years of operation, the company has expanded to over 20 hospitals to help deliver higher-quality care to thousands of patients.
