Health Recovery Solutions, a Princeton, New Jersey-based company developing remote monitoring solutions for health systems and medical centers, today announced that it has secured a $10 million investment from growth equity firm Edison Partners. Cofounder and CEO Jarrett Bauer said the funds will be used to bolster its go-to-market capabilities and accelerate product research and development.
“We’re delivering a comprehensive solution to costly chronic disease management,” added Bauer in a statement. “Our partnership with Edison Partners will allow us to further accelerate toward our ultimate goal of positively impacting millions of patients who are unnecessarily readmitted to the hospital every year. We’re thrilled to partner with the Edison team as they bring health care and technology expertise, along with operational capabilities, to help us drive toward a premium outcome.”
Health Recovery Solutions’ monitoring platform connects over 100,000 patients with practitioners and family caregivers, enabling the latter to track performance, host video chats, provide dietary guidance via text or phone, and more. Using customizable software with more than 30 treatment plans for conditions like diabetes, congestive heart failure, and chronic kidney disease, clinicians can use the included tools to track vital statistics and intervene directly or through a caregiver when necessary.
The company’s disease-specific kits in 25 languages come with over 2,000 educational videos, symptom surveys, quizzes, care plans, and Bluetooth peripherals designed to change patient behavior, ideally reducing readmissions. From within a dashboard that integrates with electronic medical record systems like Epic, Cerner, Allscripts, and more, clinicians can visualize patients at high risk for readmission alongside those on track with their recovery plan and invite both to track their activity, weight, and medication intake via Health Recovery Systems’ mobile apps.
Health Recovery Solutions says its counts more than 140 companies in its client roster, including Banner Health System, Penn Medicine at Home, Well Care Health, Northwell Health, and Medstar Health. The startup competes with companies like Healthsense, but there’s plenty of cash to go around in the remote patient monitoring device segment. North America’s market alone is projected to reach $604.07 million in 2027 from $273.75 million in 2018, according to a recent report published by Research and Markets.
“As the U.S. health care industry shifts to a value-based care model, providers are more incentivized than ever to decrease readmissions and improve patient outcomes,” said Edison Partners’ Gregg Michaelson. “CEO Jarrett Bauer and his team have built a superior technology solution that has allowed HRS to quickly scale in a capital-efficient manner. Jarrett, along with his cofounders Rohan Udeshi and Dan Priece, are singularly focused on building the market leader, and we’re thrilled to have the opportunity to help them achieve their goals.”