New funding: DexCare, an access optimization platform and the latest health-tech company to spin out of Providences Digital Innovation Group, announced a $20 million funding round.
The tech: Providence initially started DexCare in 2016 to help with digital patient acquisition for its same-day care business, Providence Express Care Virtual. The software platform helps navigate patients to the most appropriate care setting and integrates with existing systems.
Pandemic tailwinds: DexCare has seen an increase in patient visit volume during the pandemic as care shifts online. It is also used with other care venues at Providence and with other outside health systems. Customers include Community Health Network, Houston Methodist, and more. The company declined to share revenue metrics.
The team: Derek Streat leads DexCare as CEO and Sean OConnor is chief commercial officer. Streat previously co-founded C-SATS, a Seattle startup that uses technology to grade surgeons and was acquired by Johnson & Johnson in 2018. OConnor was the companys chief revenue officer for four years.
Streat is also a veteran of Classmates.com who previously founded AdReady and Medify. OConnor spent nearly a decade at Intuitive Surgical before joining C-SATS.
Investors: Define Ventures led the round. Frist Cressey Ventures, Kaiser Permanente Ventures, SpringRock Ventures, and Providence Ventures also participated. Lynne Chou OKeefe, managing partner of Define Ventures, and Aaron Martin, chief digital officer of Providence, will join Streat on DexCares board.
DexCares unique solution to make digitally-enabled care more discoverable and actionable for consumers, while at the same time making it effective for health systems, is the kind of solution that will lead to a better healthcare system for everyone, OKeefe said in a statement.
Providences Digital Innovation Group: DexCare, which employs 25 people, is the third company born out of the Digital Innovation Group. Others include Xealth, which raised cash from Cerner last year, and Circle, which wasacquired by Wildflower Health.
Providence also runs Providence Ventures, a $300 million venture capital fundthat invests in early-to-mid-stage healthcare companies.