A Winston-Salem health startup has been acquired by New York virtual health company CoachCare.
NVOLVE, a remote patient monitoring company, was acquired by CoachCare, another RPM company, last week for an undisclosed amount.
A 2022 TBJ Startup to Watch, NVOLVE offers remote patient monitoring by providing patients with devices and doctors with software to track health statistics. NVOLVE specializes in the pain, spine and orthopedic distinctions and works with providers across North Carolina, South Carolina, Virginia, Georgia, Texas and Tennessee.
“Health care providers increasingly look for patient monitoring solutions that provide care options for all types of their patients,” said Andrew Zengilowksi, co-founder and CEO of CoachCare. “CoachCare continues to add specialties to benefit more patients being treated for a number of conditions.
“NVOLVE has demonstrated a specialty in pain management and orthopedics. Their impressive team and client roster accelerates CoachCare’s expansion into the attractive pain management specialty. This transaction supports CoachCare’s objective to grow revenue rapidly both organically and with strategic acquisitions of exceptional businesses such as NVOLVE.”
Founded in 2013, CoachCare provides a comprehensive suite of RPM support services, including RPM, video conferencing, real-time messaging, screening, content sharing and connected devices. The company has helped more than 150,000 patients in 3,000 locations, it said.
CoachCare has worked with independent providers as well as larger physician groups and health systems, such as New Jersey’s RWJBarnabas Health and Chicago’s Northwestern Medicine.
“The combined business brings a compelling array of solutions, resources, devices and programs to our clients and their patients,” said Tom Frosheiser, CEO of NVOLVE, in a statement.
According to TBJ reporting, NVOLVE had raised approximately $1.6 million in 2021. The company received two investments of undisclosed amounts from the Winston-Salem Partners Roundtable (WSPR) Fund in 2022. It has previously received investments from FCA Venture Partners, a local health technology venture capital firm.
“The combination of CoachCare and NVOLVE creates scale and synergies for CoachCare and provides additional capabilities for both current and future clients,” said Tom Hearn, partner at FCA Health Innovations. “As NVOLVE’s largest investor, we are excited about the future of the combined business.”
