The strategic investment was led by General Catalyst and a cohort of leading health system partners and will enable care teams to give more patients a high-touch care experience.
Memora Health, the leading intelligent care enablement platform, today announced a strategic investment of $30 million led by General Catalyst with participation from Northwell Holdings, the venture investment arm of Northwell Health, NorthShore – Edward-Elmhurst Health, PagsGroup, and other strategic investors. The funding also included follow-on investments from existing investors Andreessen Horowitz, Transformation Capital, and Frist Cressey Ventures.
Healthcare is at an inflection point. Care delivery is increasingly shifting out of the four walls of the hospital, and the lack of necessary infrastructure to support this transition is breaking how providers operate. Health systems nationwide are struggling under a rapidly growing barrage of patient messages and calls fueled by poorly conceived, first generation patient experience and clinical workflow tools. According to a 2022 study, inbound patient messages have increased 157 percent over the last three years. At the same time, providers are facing an unprecedented shortage in staff; a recent study by the AMA cited a burnout rate of 63 percent among clinicians while Bain & Company reported that 25 percent of U.S. clinicians are considering leaving the profession altogether. As a result, today’s healthcare system all but prohibits the high-touch, data-driven care that clinicians truly want for their patients — and their patients need.
“Memora Health is fundamentally transforming care delivery in our view,” said Chris Bischoff, managing director of General Catalyst. “Their intelligent care enablement platform has found what we see as a unique balance of empowering care teams to give every patient a high-touch care experience while also keeping patients with complex care journeys engaged and proactive in their care. All of these are critical components of our Health Assurance thesis and we look forward to our collaboration with Memora as they reimagine the care journey for patients alongside a growing number of leading health systems.”
Memora Health is building the necessary infrastructure to unlock how healthcare organizations scale and deliver next-generation care. By digitizing and automating high-touch clinical workflows, Memora provides patients with conversational, SMS-based care journeys that adapt to how they communicate. The company’s intelligent care enablement platform streamlines clinical workflows for care teams while also improving patient experience. This significantly reduces the burden on clinicians, and makes complex care delivery more proactive and high-touch for patients.
“Health systems have reached a critical juncture in an increasingly competitive and dynamic market,” said Michael Dowling, CEO of Northwell Health. “If we want to maintain our position as leaders in care delivery, we need innovative partners that can extend our clinical capacity, keep our patients engaged in their care, and deliver high-quality services to more people. We look forward to collaborating with the Memora team as we leverage novel technology to support our efforts.”
Navigating a care plan can be difficult for patients, especially once they’ve returned home. Whether it’s a new mom looking for guidance on latching, a cancer patient trying to understand the side effects of their chemotherapy, or an older adult recovering from a knee replacement surgery at home, Memora’s always-on platform helps patients get answers to their most pressing clinical questions, while empowering clinicians to focus on data that is actually clinically relevant — automating day-to-day tasks in the EMR that do not require top-of-license clinical expertise. In one example from a health system utilizing Memora’s postpartum care program, over 32,000 messages were exchanged with Memora’s platform and less than 150 required a manual response from clinical staff.
“Every clinician wants to hold the hand of their patient as they progress along their care journey and be there to answer questions and address concerns, but care teams are stretched across large patient populations, inundated with messages, and burnt out,” said Manav Sevak, co-founder and CEO of Memora Health. “Memora Health is tipping the scales, enabling clinicians to deliver the level of care they were trained to provide and helping them rediscover their passion for caregiving — while also unlocking the modern care delivery experience that consumers expect.”
With partners spanning the healthcare industry — including leading health systems, health plans, life science companies, and digital health companies — Memora continues to grow rapidly. In the first quarter of 2023 alone, the company named Drs. Toby Cosgrove and David Lubarsky as strategic advisors, and announced partnerships to automate clinical workflows with Virtua Health, the largest health system in South Jersey, and Moffitt Cancer Center, one of the nation’s leading cancer care and research institutions.
Memora Health, the leading intelligent care enablement platform, helps clinicians focus on top-of-license practice while proactively engaging patients along complex care journeys. Memora partners with leading health systems, health plans, and digital health companies to transform the care delivery process for care teams and patients. The company’s platform digitizes and automates high-touch clinical workflows, supercharging care teams by intelligently triaging patient-reported concerns and data to appropriate care team members and providing patients with proactive, two-way communication and support. To learn more about Memora’s vision to make care more actionable, accessible and always-on, visit memorahealth.com.