Tendo Systems, backed by Jefferson Health, wins $ 50 million to digitize patient journey
The product of a new kind of innovation model, Tendo Systems raised $ 50 million in a Series B round of funding.
The round, led by existing investor Lux Capital with additional participation from General Catalyst, raised the valuation of the eight-month-old healthcare software company to $ 550 million.
Tendo Systems The main goal is to digitize and personalize the entire patient care journey, said Dan Goldsmith, co-founder of the company, in a telephone interview. To develop its digital engagement platform, the company uses a fundamental customer model.
Typically, tech companies build a small product and market it and acquire customers, but Tendo deliberately selects and partners with healthcare systems to create a product that can make the patient journey smoother, Goldsmith explained.
Philadelphia-based Jefferson Health, one of the company’s early investors, is Tendo’s first founding client.
For Jefferson, the partnership with Tendo was a chance to step into the ground floor of a promising new business and influence the technology being created.
“[Providers] must… become partners in the consumerization of healthcare, ”Dr. Stephen Klasko, president of Thomas Jefferson University and CEO of Jefferson Health, said in a telephone interview. “These things have to happen as partnerships and not like before, where EMRs are developed and we react, or telehealth is developed and we react… What if we really merge the fast moving and disruptive mentality of Silicon Valley? with the traditional, mission-driven healthcare ecosystem.
Tendo Systems, along with Jefferson, creates a platform that aims to be the “Open tableHealth care, Goldsmith said. It will allow patients to seek care, schedule appointments, provide medical history via a virtual waiting room, and schedule follow-up visits.
The company plans to use the funds recently raised for research and development, Goldsmith said.
“We want streamlined access and care to be… at the push of a button,” he said. “It’s a problem today that at the click of a button I can see all of my financial health, but not all of my personal health. “
As they move towards this goal, Tendo Systems and Jefferson Health see their strategic partnership as the dawn of a new, more collaborative era in healthcare IT innovation.
On the one hand, developing a product with access to the wide range of healthcare facilities within the Jefferson system – from academic medical centers and primary care facilities to rehabilitation – will enable Tendo and the healthcare system to co-develop a product that can work in various areas of health. settings, Klasko said.
The collaboration will also ultimately provide an additional source of income for Jefferson.
“We’ve seen hospital revenues and insurance rates drop, and we’ve seen companies have billions and billions of dollars in assessments based on these. [new technologies] that we [piloted]”said Klasko.
He believes vendors are keen to participate in the revenue stream, rather than just looking outside.
“For Jefferson, all of this innovation and new strategic partnerships have become a very important part of our financial outlook,” he added.
Photo: drogatnev, Getty Images