Collective Medical Technologies, a Salt Lake City-based care coordination business, secured $47.5 million in Series A funding — the first outside investment it has received since its start eight years ago. The investment will support expansion plans by the business to grow from 13 to 23 states by the end of 2018 and add more than 100 people to the company, according to an email from CEO Chris Klomp.
Kleiner Perkins Caulfield and Byers led the round. Other participants in the round included Bessemer Venture Partners, Maverick Ventures, Kaiser Permanente Ventures, Providence Ventures, Peterson Ventures, and Epic Ventures.
Collective Medical has two primary software products. EDIE is designed to help emergency room physicians collect data from all the emergency departments the patient has visited and use that information to provide insights on past behavior, such as determining whether a patient is seeking opioids or has ended up in the ER for other reasons. Another product, PreManage, is designed to identify high-risk patients but in a broader range of care settings and is aimed at hospitals and health plans, according to Collective Medical’s website.
Earlier this year, Collective Medical made an announcement with the Utah Governor’s Office of Economic Development that it planned to make hundreds of hires. The fundraise will help support that ramp up, although the GOED announcement reflects the company’s growth strategy for several years to come, Klomp said.
In the next 12 to 18 months, Collective Medical plans to add 100 jobs including clinical practitioners, software and IT engineers, sales and marketing professionals, and customer success experts. They will help the company deepen clinical capabilities of its software tools and support its ambitions to add more health plans and providers to scale its network.
“The funding allows us to deepen the clinical capabilities of the software without slowing our geographic expansion,” said Klomp.
Among its competitors are PatientPing and Audacious Inquiry, according to Klomp, as well as encounter notification systems to help hospitals address underlying needs of vulnerable patients.
“We seek to anticipate complex patient situations before they occur, find those stakeholders best positioned to proactively intervene on behalf of the patient, and enable each to collaborate with one another to mitigate the risk that was identified. As a result, patients enjoy healthier outcomes. Providers are able to target their time more effectively and focus on those patients most in need. And payers are able to direct scarce resources where they are most valuable without spending on avoidable situations,” Klomp added.