Seattle, WA – June 21, 2023 – DexCare, Inc., the leading patient demand and care access platform, today announced the close of its $75 million Series C funding round led by ICONIQ Growth. The funding will advance DexCare’s platform, which extends limited health-system capacity to serve patients faster and to precisely manage the supply and demand of digital-care access. The new funding brings the total raised to $146 million, including two oversubscribed rounds closed in less than two years.
“We’re just emerging from an unpredictable moment in history that cast a spotlight on a strained U.S. healthcare system,” said Derek Streat, CEO of DexCare. “The trauma caused on the frontlines, as health systems rushed to care for their communities, stressed an already high level of provider and nurse burnout. The pandemic taught us that consumers want convenience and choice, and that health systems need controls to manage the supply of care – DexCare delivers both.
“We’re staring at a new era of care delivery,” said Streat, “and this financing validates DexCare’s impact to modernize health commerce, from how care is accessed and orchestrated to delivered. With the backing of our investors, partners and customers, we’re overhauling an antiquated industry to ensure patients are matched to the right provider, at the right time, and in the right setting.”
The addition of ICONIQ Growth – who has partnered with companies defining the future of their industries like Adyen, Datadog, GitLab, Miro, and Snowflake – brings a track record of disruption and positive change. Together, DexCare and its partners have the runway to modernize the legacy data-and-platform infrastructures to realize a healthcare ecosystem that works for everyone. The funding round included participation from existing partners Transformation Capital, Kaiser Permanente Ventures, Define Ventures, Frist Cressey Ventures, and SpringRock Ventures.
“Accessing quality care is a two-sided problem, and DexCare has built a solution that addresses both sides of this equation,” said Caroline Xie, general partner at ICONIQ Growth, and newest member of the DexCare board. “On the front-end, DexCare’s platform makes finding care as easy as ecommerce. On the back-end, it helps health systems optimize and unlock capacity, which is ultimately better for patient care and more sustainable for health systems.”
More than 100 million Americans face some kind of care-access barrier, a result of rural hospital closures and physician shortages. In addition, health systems are confronted with rising costs that outpace growth, and a digital-care experience that falls short of post-pandemic consumer expectations.
DexCare is a care-access platform to manage the logistics of digital-care delivery. The platform enables healthcare systems to forecast and predict demand and manage how and where care is merchandized to consumers – throughout the digital ecosystem. By simplifying large, complex, and legacy datasets, DexCare resolves workforce constraints, and provides the levers to precisely coordinate scheduling, across services and modalities, to optimize capacity and operational costs.
“Healthcare will forever be a human-and-labor intensive industry,” said Streat. “But it’s people who work tirelessly when we need them most, and people who cure the incurable. DexCare is mission-critical infrastructure that protects and best utilizes our most precious resource – the limited physician and nurse work hours.
“DexCare is steadfast to solve today’s pain points, yet looks over the horizon to anticipate what’s next,” said Streat. “Today, delivering access to care is as a doctor’s appointment, a telehealth visit, or a same-day procedure – but it’s ultimately about building pathways to wellness. We envision a world where DexCare powers the delivery of good-health outcomes, including access to preventative regiments, treatments, and education. If we remain idle, we lose our edge, and our partners rely on us to stay two-steps ahead.”
Since its spin-out from Providence in 2021, DexCare has remained on a rapid growth trajectory, developing partnerships with leading U.S. health systems, and reaching more than 57 million patients across all 50 states. During this challenging time – a period of intense financial pressure and resource strain – DexCare proved to be a driver of growth, boosting new-patient bookings 30 percent, diverting 350,000 emergency-room hours and increased downstream revenue eightfold.
“Healthcare is being disrupted at its roots as patients are now consumers and have many choices to receive their care, whether it be a Walmart or Amazon clinic, a local hospital or doctor’s office,” said Todd Cozzens, co-founder and managing partner at Transformation Capital. “DexCare’s consumer experience platform attracts new patients seeking high-value care from providers amidst this new era of choice, and increases the competitive advantage for these providers.”
DexCare is on a mission to expand access to care for everyone. Our platform extends limited health-system capacity to ensure patients are matched to the right provider, at the right time, and in the right setting. And everything we do is rooted in data intelligence. Health systems rely on DexCare to achieve the operational clarity to best-utilize clinician hours, to intelligently navigate consumers to care, and to regain cost controls for sustainable growth. Today, DexCare serves more than 57 million patients across 50 states, and partners with leading U.S. health systems, including Kaiser Permanente, Providence, and Community Health Network. Join us, as we usher in a new era of digital-care access, where health systems can track and deliver every hour of capacity and where consumers can get care with digital ease.
Media Contact: Laura Bastardi, Matter Health for DexCare