Some startups deal with tougher, more emotional issues than others.
Austin's Iris Plans, for example, is working to make advanced care planning -- those decisions we have to make for a loved one who can't speak for themselves -- easier for families and healthcare professionals. And investors see potential.
The startup on Wednesday announced a new, $5.1 million round of venture capital funding to help it expand its advanced care videoconferencing technology into new markets and healthcare systems across the nation. Austin's LiveOak Venture Partners and New York City-based Activated Venture Partners led the round, with participation from Oakland-based Better Ventures and other unnamed investors.
Iris Plans' platform provides secure videoconferencing with a network of palliative care specialists who help patients and families make smart decisions about end-of-life care.
Since Austin Inno first reported on Iris Plans in March 2016, shortly after it launched at the SXSW Health and Medtech Expo, the company has formed several partnerships with national healthcare providers and insurance companies, which cover the cost for its members.
In 2016, it partnered with the University of Utah Health Plans on advanced care planning. Then, earlier this year, Innovista Health Solutions began using Iris Plans' telehealth software in Texas. And it announced a similar partnership with Brookdale Senior Living in July.
Most recently, Iris Plans partnered with Humana, one of the largest health plans in the country and a leader in Medicare Advantage, Iris Plans CEO and co-founder Steve Wardle told me via e-mail.
The company says about $210 billion is wasted each year on unnecessary or unwanted care. And Wardle told me he expects the telehealth market to grow and specialize as patients adapt to the new technologies. Meanwhile, Iris Plans will keep growing through partnerships, and the videoconferencing platform will evolve to give healthcare providers more options for their patients' specific needs.
"Value-based care is an irreversible trend, regardless of what happens in Washington, DC," he said. "This is a good thing for patients, who will receive higher-quality care at lower cost. However, this requires change and innovation in an industry that is currently very slow to move."
Wardle co-founded Iris Plans with Stephen Bekanich, who serves as chief medical officer. Bekanich is a doctor who was inspired to build new palliative care programs for major hospitals across the nation after witnessing the shortcomings of traditional end-of-life planning.
“The patient journey through serious illness brings far too much unnecessary stress and conflict for patients and their families," he said in a news release. "This also leads to higher out-of-pocket costs to the family on care that does not meet their hopes or goals."
