Health Recovery Solutions initiated a first close on December 30 by placing $300,000 in equity securities with one investor. Two previous financing rounds raised an estimated $1.3 million bringing the total amount raised to $1.6 million.
The company develops and markets a solution to lower hospitals readmission rates by providing hospitals and accountable care organizations (ACO) an early warning system to manage their highest risk patients. Under Medicare laws, hospitals with high readmission rates can incur multi-million dollar penalties. ACOs are networks of doctors and hospitals that shares responsibility for providing coordinated care to patients in hopes of limiting unnecessary spending. High risk patients receive after their admission a 4G tablet, loaded with individualized instructions and videos to follow while they are in the hospital and when they return home. Once at home, patients track their progress towards key milestones, such as taking medication as prescribed, weighing themselves, and staying appropriately active. The tablet aggregates, streamlines, and digitalizes essential patient real-time data and delivers it to hospitals and caregivers. The data can be analyzed via a web monitoring portal as well as smartphone applications.
The New York, NY based company is lead by Jarrett Bauer (President, CEO and co-founder). Revenues were not disclosed. The executive team includes Rohan Udeshi (COO and co-founder) and Daniel Priece (CTO).
Status: First close
Company: Health Recovery Solutions
Industry: Other Technology
Amount offered: $500,000
Amount placed: $300,000
First sale: 12/30/13