Denver's DispatchHealth, a provider of tech-enabled in-home health care, announced the closing of $135.8 million growth capital financing Tuesday. It's one of the state's largest funding rounds in recent history.
The Series C round was led by Optum Ventures and included participation from existing investors Alta Partners, Questa Capital, Echo Health Ventures, new investors Oak HC/FT, Humana Inc. and additional strategic investors.
DispatchHealth offers acute, extended and advanced care services to treat simple to complex injuries and illnesses in more than 19 cities from coast to coast and is rapidly expanding to new cities across the country.
Patients in need of care can contact DispatchHealth via mobile app, website or phone call and a medical team will arrive within two hours, equipped with many of the tools and equipment that are found in a typical emergency room.
DispatchHealth can treat anything an urgent care facility would and more, from cuts and illnesses to urinary tract infections and complications from asthma or diabetes. On average, most patients pay between $5 to $50 after insurance for a visit, the company said.
This round of funding enables DispatchHealth to expand in its existing 19 markets, open new markets and expand services like Advanced Care, where it brings hospital-level care to the home, in more cities.
In total, DispatchHealth has nearly 750 employees across the country, with about 250 located in Denver. When the company closed its $33 million Series B in May 2019, it had 350 total employees with half of those located in Denver.
Chief Growth Officer Andrea Pearson didn't go into specifics on hiring following this round, but did tell Colorado Inno that the company will continue to hire health care providers in its existing 19 markets and in new cities. Additionally, DispatchHealth will make some corporate hires to support its fast growth, primarily in technology.
As Covid-19 hit, Pearson said DispatchHealth has seen a growing demand for its services.
"Demand has increased and the percent of vulnerable patients (those with complex conditions) has also increased, as those patients require care but need to stay safe at home," she told Colorado Inno. "Additionally, our senior living community partners and case managers across the system are helping patients navigate to alternatives that can handle high acuity complaints."
The company, which launched seven years ago, fulfilled more than 15,000 care requests across its 19 markets last month.
