DrFirst raises $50M to enhance its telehealth and recordkeeping capabilities
Health technology company DrFirst today announced the company has raised $50 million in equity investment from Sixth Street Growth, the growth investing platform of Sixth Street.
This follows a previous $35 million investment from Sixth Street and an additional $50 million from Goldman Sachs Growth, both in 2020.
The company launched its solution in 2000 with an eye to pioneering healthcare technology solutions to interconnect health records throughout every segment of care in order to improve patient outcomes. DrFirst products are now used by more than 300,000 healthcare providers, including more than 100,000 prescribers in hospitals, clinics and private practices in the U.S. and Canada.
James F. Chen, chief executive and chairman of DrFirst said the company will use the investment to “continue to bring practical, collaborative tools to market that solve daily problems among healthcare stakeholders, including clinicians, patients, hospitals, ambulatory practices, pharmacies and payers.”
Healthcare is a continuum that patients must interact with every time they go to a doctor, fill a prescription at a pharmacy, enter an emergency room or do a telehealth visit on their computer screen or mobile device.
Health records can also be spread across numerous different offices and systems, meaning that they could be split into different filing cabinets or computers. Another issue is that patients themselves are shuffled among different departments as they’re moved among doctors, get seen by specialists, have blood drawn or need X-rays or other radiology. All of these events generate records and other communication that is contextual and must follow the patients as they move through the healthcare system.
The result is that important information and documents can be lost during transfers by doctors, clerks or even patients — through no fault of their own. DrFirst’s platform helps prevent this by keeping the ecosystem of records interconnected and filling the communication gaps by making certain all the entire patient continuum stays together.
As a result, patients, caregivers, doctors, clinicians, hospitals and everyone in the entire spectrum of care can remain informed, the company says. Better health outcomes for patients can be achieved when doctors have greater visibility into their patient’s history and overall care and don’t need to worry about record-keeping.
One example of DrFirst’s solutions includes Backline, which is a secure one-on-one and group chat app that integrates text and clinical data. It allows doctors, clinicians and other healthcare providers the ability to share health information securely while retaining patient privacy. Patient forms can also be rapidly sent and stored in conversations with the touch of a button.
“Software that improves healthcare workflows has been a long-term theme for our team, and DrFirst stands out as a scaled and differentiated enterprise technology platform providing high-quality, user-friendly technology solutions,” said Michael McGinn, partner and co-head of Sixth Street Growth. “Their offerings help physicians provide better, more informed care, which ultimately accrues to the benefit of patients and all healthcare stakeholders.”
Photo: Pixabay
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