Conversa Health’s Platform and Growth
Conversa Health is a startup company that has developed and launched a virtual care platform for healthcare providers and patients. Given the COVID-19 pandemic, this health platform was soon adopted at a higher rate than ever before. In fact, over the course of 2020, the startup saw its platform grow six times over. This adoption of the platform was actually predicted to happen by Conversa Health. In fact, the CEO of the startup, Murray Brozinsky expects that over the course of the next decade, 80% of health care will be done virtually.
While many might say that virtual care could be of a lower standard than in-person care, this is actually not the case. In fact, when polling the patients who use the platform, 97% felt that using Conversa Health’s platform helped them manage their care, with 87% feeling like they can better follow and understand their care plans. Beyond effectiveness with patients, the startup’s platform has significant benefits for the hospitals and providers.
With a 32% lower hospital readmission rate and a 70% reduction in procedure cancellation rates, hospitals can both lower overall costs and increase revenue. When polling members who provide virtual care through the platform, 82% would recommend it to other colleagues looking for help providing care.
Conversa’s Expanded Funding Round
In Conversa Health’s Series B funding round, the startup expanded its initial raised capital from $12 million to $20 million. The funding round is still led by Builders VC and Northwell Ventures, with participation from UH Ventures, P5 Health Ventures, Epic Ventures, StartUp Health, and Nassau Street Ventures, with the newcomers to the funding round being Genesis Merchant Capital and J-Ventures. The main goal with the now expanded funding is to hire a larger engineering team to improve and scale the startup’s platform.
When commenting on this expanded funding, CEO of Conversa Health, Murray Brozinsky, said, “In the future, much of healthcare will be done remotely. Conversa’s automated platform helps care teams practice at the top of their license to deliver high-quality care at much lower cost. Our technology continually analyzes health data, using the resulting ‘signals’ to navigate patients along personalized journeys down evidence-based pathways. This data-plus-behavioral science approach maximizes engagement and drives positive behaviors while reducing variability of care. We’re honored to partner with our visionary customers and investors in our crusade to transform healthcare.”
About the Author
Tom Price is a writer focusing on Entertainment and Sports Features. He has a degree from NYU in English with a minor in Creative Writing. He has been previously published for Washington Square News, Dignitas, CBR, and Numbers on the Boards.