Tomorrow Health Raises $25 Million Series A Financing to Deliver Seamless Home Healthcare at Scale
Platform brings efficiency to $75B Durable Medical Equipment market, significantly improving experience and trust of home-based care for patients
NEW YORK, April 15, 2021-- Tomorrow Health, the leading patient-first platform for home healthcare, today announced it has closed a $25 million Series A round of funding led by Andreessen Horowitz with participation from Obvious Ventures and BoxGroup. The company will utilize the new capital to hire additional talent and expand its infrastructure technology to seamlessly connect every patient with home-based care. In addition, the company announced Paul Mango, former Deputy Chief of Staff for Policy at HHS and Roy Beveridge, former Chief Medical Officer at Humana, have joined its Advisory Board.
With one in four aging people using durable medical equipment (DME) and 10 percent of COVID-19 patients experiencing ongoing symptoms, spending on DME is expected to reach more than $75B by 2021 in the United States. Tomorrow Health enables patients to get the equipment and supplies they require at home in a streamlined manner with accuracy, speed, and exceptional service. Partnering with payors, referring providers, and DME suppliers, Tomorrow Health provides a data-driven intelligence platform to match patients with high-quality DME suppliers based on insurance coverage, service quality, geography, and product specialization. Its dedicated team of Care Advocates offer support throughout the process, ensuring equipment and supplies are delivered when and where they are needed, with high-quality service and product transparency and education guaranteed every step of the way.
"We believe the home should be a patient's primary point of care, and we are focused on providing patients with the right products, guidance and support to make that a reality," said Vijay Kedar, co-founder and Chief Executive Officer of Tomorrow Health. "One size does not fit all in healthcare or medical equipment. From walkers and rollators after a fall, to oxygen concentrators and respiratory supplies for COPD and ongoing recovery from COVID-19, it is essential that patients receive equipment tailored to their conditions with speed and reliability. We are committed to getting each patient's individual needs fulfilled in partnership with the highest-quality suppliers and to removing the stress and complexity that have become synonymous with navigating at-home care."
Tomorrow Health streamlines the cumbersome process of obtaining medical equipment and supplies by providing next-generation technology, logistics and personalized service to enhance coordination and approvals among payors, physicians and suppliers. The breadth of the platform, providing hundreds of thousands of products representing over 3,000 Medicare billing codes in partnership with a range of suppliers, ensures that patients' DME needs are fulfilled accurately and efficiently, resulting in a 92% patient CSAT.
"The home health space is still living in the Dark Ages and desperately needs an upgrade. Tomorrow Health is setting a new, patient-first standard for how we improve the process," said Julie Yoo, General Partner at Andreessen Horowitz, who is joining the company's board. "Their holistic solution tackles each fragmented step of home healthcare and connects it all in one place. The platform's critical technology infrastructure offers increased visibility and value to payors, provides tools for operational efficiency for DME suppliers, and saves providers and their staff time spent on coordination so they can focus on patient care."
"From a population health standpoint, there are few areas of greater importance than the safe transition of patients to home-based healthcare," said Roy Beveridge, former Humana Chief Medical Officer. "During a critical and often stressful time for patients and caregivers, the patient-first mentality of the Tomorrow Health platform delivers an unprecedented level of care that supports patients and their families as they navigate their home-based healthcare needs."
Since its public launch in April 2020, Tomorrow Health has partnered with more than 125 leading health plans and hospital systems as patient demand for home-based care continues to increase and the COVID-19 pandemic has left more individuals in need of support.
Tomorrow Health is currently accepting new DME suppliers onto its platform and collaborating with providers and health insurers to enable easy and reliable home-based care.
To learn more about Tomorrow Health, visit www.tomorrowhealth.com. For inquiries from health insurers, providers or DME suppliers, contact email@example.com.
About Tomorrow Health
Tomorrow Health enables exceptional healthcare for patients and their families in the place they want to be most — home. By partnering with payors, referring providers and durable medical equipment (DME) suppliers, Tomorrow Health streamlines the home-based care process to elevate the patient experience. Its data-driven platform matches patients and their families with high-quality DME suppliers, simplifies ordering and insurance processes, and offers high-touch support at every step. Partnering with more than 125 leading health plans and hospital systems across 29 states, Tomorrow Health is America's trusted partner for high-quality home-based care. Investors include Andreessen Horowitz, Obvious Ventures, BoxGroup and Rainfall Ventures, and current and former C-level executives from Humana, Tenet Healthcare, Flatiron Health, Quartet, PillPack, Stripe, Massachusetts Medicaid and the World Bank. For more information, visit www.tomorrowhealth.com or contact firstname.lastname@example.org
Media contact: email@example.com
Venture Capital Database