Primary care providers spend nearly 75% of their time entering and reviewing patient records in electronic health records (EHRs), authorisation and documentation for insurance claims, and other non-clinical work. They don’t have access to adequate tech and resources to streamline admin work, resulting in reduced patient time and burnout.
To address this issue, Fold Health, a health tech startup, has developed its suite of software tools that help value-based care providers reduce their admin time by 60%.
Last week, the startup raised $6 million in a funding round led by Iron Pillar, a venture growth investor. The round also saw participation from renowned global angel investors, including:
- Dr Rushika Fernandopulle, former Founder and CEO of Iora Health
- Dr Christine Cassel, former President and CEO of the National Quality Forum
- Dr Molly Coye, former Board Member of Aetna
- Sridhar Krishnan, former Chief Growth Officer at Cigna Health
- Anurag Jain, Managing Partner at Perot Jain, a VC firm
This funding round took the startup’s total funding to $12 million. Fold Health plans to use the fresh funds to scale its platform and hire talent.
About Fold Health
Fold Health is a California-based healthtech startup founded by healthcare veterans Abhijit Gupta and Ram Sahasranam. Having worked extensively in the health space and built Praxify, a health app later acquired by AthenaHealth, the founders have the experience and expertise required to grow in the highly regulated healthcare market.
With a focus on value-based care, the duo started Fold Health. The startup primarily works to help care providers reduce time spent on administrative work by streamlining and automating it. Founders observed inadequate tech infrastructure, staffing shortages and provider burnout in the health space, leading to the birth of Fold Health.
The startup has its headquarters in California and has recently opened its research and development office in Pune. While 40 employees currently work in its Pune office and nine in the US office, Fold Health plans to rapidly expand its US headcount and expand its offerings in the US market.
How Fold Health helps primary care providers?
Fold Health offers an operating system (OS) for primary care to scale outcome-based care. It integrates with EHRs and provides access to its suite of modular tools to customise the OS as per the provider’s needs.
Its suite includes:
Patient enablement suite
It contains a set of tools needed to optimise a patient’s experience. It includes a white-labelled patient web and app portal that enables the patients to stay connected with their care teams, resources for healthy lifestyles, health records, appointment booking, integration with wearables data, etc.
Care team enablement suite
These are tools required by the care team to provide efficient and personalised care. It includes unifying patient data, task management, patient communication and scheduling appointments to reduce care providers’ admin time by almost 60%.
Clin-Ops automation engine
A workflow engine that allows providers to automate tasks and processes to amplify the reach and efficiency of their care teams. This includes closing the care gap, transitional care management, high-risk patient engagement, etc.
Data and analytics engine
It allows providers to get real-time insights from patient data based on pre-decided metrics to make better care decisions. The suite also helps them track and analyse high-risk and chronic patients and help them manage their health better.
In short, Fold Health helps value-based primary care providers, health practices, digital health companies and others to reduce time spent on mundane non-clinical tasks and increase time spent with patients. It also helps small practices to transition to value-based care and improve patient experience.
Parting words
Fold Health addresses a problem faced by several practitioners across the globe. By helping providers reduce time spent on mundane non-clinical work, the startup helps them improve patient outcomes. With its unique positioning and enormous healthcare market ready for revolutionary tech products, Fold Health is poised to make strides in healthcare.
“Abhi and Ram are seasoned entrepreneurs with a profound understanding of the challenges that primary care is grappling with in transitioning to value-based care. Their domain expertise, combined with a massive US healthcare market ready for disruption, a unique built-from-scratch VBC technology stack, and strong endorsement by their early customers and prospects, got the Iron Pillar team excited about backing Fold.”
– Mohanjit Jolly, partner at Iron Pillar.
