Conversa Health, a Portland-based health tech company recently raised $12 million from investors. The company plans to use the funding to market its health-centered chatbot to more healthcare systems across the country. Conversa Health was founded in 2014, and closed a $2.5 million seed funding in 2015.
Conversa Health produces chatbot software, a useful and cost-saving tool for healthcare systems. The chatbot can start an automated conversation on subjects such as medication adherence, post-discharge instructions, or how to manage a chronic condition.
Conversa Health Capitalizes on COVID-19
As soon as it became obvious that COVID-19 was a serious issue, Conversa designed a chatbot to assist with Covid-19. The company programmed its software with a screener and triage chat, lab results, and a quarantine check. It also rolled out an employee screener that queries employees to help assess their risk level and it also talks about test results. The automated chats free nurses to handle more serious issues.
“I’ve long thought virtual health care would be inevitable, but it would likely need a catalyst to get it to that tipping point. Covid-19 happens to be that catalyst,” said Conversa CEO Murray Brozinsky. “The pandemic has shown us the vulnerabilities within our health care system. Conversa addresses many of these vulnerabilities, such as cost, access, capacity, and provider burnout.”
Brozinsky recently stepped in as CEO, following Conversa founder West Shell III. Shell is now serving as the executive chairman.
Conversa’s chatbot is designed to make it easy to implement; it’s easy to configure to meet any healthcare organization’s specific standards, clinical needs, interpretation thresholds, and escalation points and paths.
A total of $26 Million Raised for Conversa Health
All totaled, Conversa has raised $26 million from investors. With the recent addition of $12 million in capital, the company plans to hire additional staff in technology, product development, and customer service. Currently, Conversa has just 41 people on its team.
This round of Series B fundraising was led by Northwell Ventures, the investment division of Northwell Health; Northwell is the biggest health care system in New York State, with 23 hospitals and 800 outpatient facilities. Northwell is an enthusiastic user of the Conversa Health chatbot. In 2017, Northwell led the Series A funding, raising $8 million.
The other leader on this round of fundraising was Builders VC. As a result, Builders VC Partner Mark Goldstein has joined the board of Conversa.
“Hospitals acknowledge that continual remote patient monitoring, data analysis, and engagement, using telehealth and integrated apps, is necessary to reduce high-cost, in-person interactions as well as improve outcomes,” commented Goldstein.
Other investors in this round included Nassau Street Ventures, P5 Health Ventures, and UH Ventures, the investment division of University Hospitals, an Ohio-based healthcare system.
Both Healthcare Organizations and Patients Like Conversa
Conversa not only enables healthcare organizations to virtually monitor and manage patient needs effectively and efficiently, but patients appreciate the convenience too. Conversa’s automated healthcare platform can engage thousands of patients at a time, while personalizing the engagement. Ultimately, Conversa optimizes and improves telehealth e-visits, phone consultations, and in-person visits. Conversa users experience profound operational and clinical benefits, which include:
- Improved patient engagement and satisfaction; 97% of patients report that Conversa helps them manage their health care and 87% report than they are better able to follow their health care plan.
- Lower cost of healthcare; among Conversa users, hospital readmission rates were 32% lower.
- Maximized revenue; Conversa users see more than a 70% reduction in procedure no shows and cancellations.
- Improved care team productivity and coordination; 82% of care team members would recommend Conversa to a colleague to help deliver health care.
With the emergence of virtual healthcare, Conversa is dedicated to meeting the needs of providers, payers, and pharmaceutical companies alike.