Open loopwhich provides staff and support to digital health companies launching virtual care services, raised $15 million in Series A funding and announced a national payer network and revenue cycle management service.
Nava Ventures led the round with participation from PrimeTime Ventures, UnityPoint Health Ventures, ManchesterStory and SpringTide Ventures.
WHAT THEYRE DOING
The Iowa-based company offers regulatory and legal support, telehealth infrastructure, provider staffing, administrative services and revenue cycle management to companies building virtual care services.
The company’s Payer Coverage and Revenue Cycle Management service merges its nationwide network of Payer Coverage clinicians with its Revenue Cycle Management offerings to help digital health companies through the reimbursement and payment process .
“OpenLoop has seen incredible growth within our company over the past year. Our commitment to delivering virtual care services focused on supporting superior and meaningful patient care at every touchpoint is driving this success. We look forward to the opportunities in this next round of funding. will benefit the company and our customers,” said Jon Lensing, CEO and co-founder of OpenLoop, in a statement.
In 2022, OpenLoop recovered $8 million in Series A fundingone year after the close of an oversubscribed market $3 million seed round.
Another virtual care staffing and service provider is Wheel, which raised $150 million last year in Series A funding, bringing its total raise to $216 million. In November, the company acquired GoodRx backend virtual care technology for $19.5 million in cash.
However, Wheel was not immune to the recent spate of layoffs among tech companies. Over the summer, the Texas-based outfit laid off 17% of its workforce, i.e. 35 employeesand last month dismiss 56 employees, i.e. 28% of its workforce.
Emily Kwan will offer more details during her HIMSS23 session “Implementing an AI NLP Tool to Meet SDOH Needs”. It is scheduled for Tuesday, April 18 from 1:30 p.m. to 2:30 p.m. CT at the South Building, Level 1, S105 C.