The pandemic has shaped the future of remote healthcare as the importance of providing access to essential healthcare services grew dramatically as the world scrambled to move to digital. While traditional telehealth services in the form of virtual consultations are convenient for addressing pressing issues and checkups, there is also a significant market that needs ongoing care. Cadence is a healthtech platform that integrates in-person care with virtual care and remote patient monitoring. Patients with chronic conditions like Heart Failure, Hypertension, Type 2 Diabetes, and Chronic Obstructive Pulmonary Disease use the platform to receive care, in the comfort of their homes, from practitioners who are able to remotely monitor symptoms and vitals leading to improved outcomes and adherence long-term. With COVID taxing the resources and staff of healthcare providers, Cadence is able to empower practitioners to serve a larger gamut of patients without compromising care quality, improving accessibility for patients. The company, which launched earlier this year, is building partnerships with the nation’s largest healthcare systems and plans to have 155 clinicians on staff by next summer.
AlleyWatch caught up with Cadence Solutions CEO and Founder Chris Altchek to learn more about making healthcare more accessible leveraging technology, the company’s strategic plans, latest round of funding, which brings the total funding raised to $140.9, and much, much more…
Who were your investors and how much did you raise?
Cadence has raised $100 million in Series B funding. The round was led by Coatue Management, with existing company investors including General Catalyst and Thrive Capital participating.
Tell us about the product or service that Cadence Solutions offers.
Cadence is a pioneering health technology company helping the nation’s most forward-thinking health systems deliver world-class care outside of the four walls of the hospital. Cadence’s Care in Sync™ platform couples powerful new technology with clinical excellence, providing its patients a precise and personal level of care through remote patient monitoring and virtual care.
What inspired the start of Cadence Solutions?
Chronic conditions impact more than half of all seniors in America, and the current system is failing to treat them. Today’s clinicians and patients know firsthand that consistent, world-class healthcare is difficult for individuals to obtain on their own, and nearly impossible for clinicians to deliver at scale. This results in a lower quality of life for people living with chronic conditions, and unfortunately, higher-than-necessary mortality rates.
We’re changing that. Cadence is partnering with the largest and most progressive health systems in the U.S. We make it easy for patients to actively engage in the management of their conditions by seamlessly sharing vitals and symptoms remotely, with access to responsive care teams anytime. It’s working. Over 90% of eligible patients are enrolling, using devices daily, and participating in virtual follow-ups regularly through our partnership with LifePoint Health
Our vision is to bring more responsive, personalized, and data-driven care to patients in the comfort of their own homes. We started with a focus on chronic conditions, because that’s where the problem is most urgent, but we’re building a future in which seamless, continuous care can prevent diseases, and improve everyone’s quality of life.
What market does Cadence Solutions target and how big is it?
We’re working with the most forward-thinking healthcare systems in the country to define a new standard for the delivery of healthcare over the next decade. Cadence is helping the nation’s largest health systems become the nation’s most patient-centric, too.
What’s your business model?
Our business model is aligned with patients, providers, and payors — we only generate financial gains if we successfully support each.
What are your post-COVID office plans?
Cadence will primarily be a remote company, but we will have satellite offices in Nashville, NY, and LA.
What was the funding process like?
With Covid accelerating the need for new investments in our healthcare system, it was straightforward and enthusiastic.
What are the milestones you plan to achieve in the next six months?
The company expects to employ 155 clinicians by June 30, 2022, and seeks to provide care to patients suffering from chronic conditions such as hypertension, cardio-obstructive pulmonary disease and type-2 diabetes. Over time, it plans to manage additional illnesses.
What advice can you offer companies in New York that do not have a fresh injection of capital in the bank?
The goal for any business is to positively impact your customers, create a great experience for your employees, and generate returns for your shareholders. Raising money is a means towards that end which is right for some businesses, but not the smartest path for others.
Where do you see the company going now over the near term?
Building on the momentum of our early clinical results, Cadence is scaling its remote care platform with the leading national health systems to support patients in the prevention, monitoring, and management of the costliest ongoing conditions affecting Americans’ health.
One’s zip code shouldn’t determine one’s life expectancy. The infrastructure we’re putting in place is meant to give better care to a much wider group of people all through the use of cellular and technology.
What’s your favorite outdoor dining restaurant in NYC?
Lafayette for breakfast because you will run into at least two dozen friends from our tech community.