US Healthcare startup 98point6 raises funding of $50 Million
Seattle startup 98point6 raises $50 million from investors in a round which was led by Goldman Sachs’ Merchant Banking Division.
Seattle based startup 98point6 has recently announced that it has raised the funds of $50 million in Series C funding. 98point6 is a startup that delivers an on-demand, texting-based primary care service for consumers. With the new addition of $50 million, the company now has the total funding of $86.1 million since it was started in 2015. This round was managed by the Goldman Sachs’s Merchant Banking Division along with the additional assistance from the company’s previous supporters. The investment is kind of a curious move for Goldman Sachs as 98point6 is to some extent a direct opponent to DoctorOnDemand, which is a company in the Goldman Sachs Investment Partners portfolio.
The company has already introduced its virtual primary-care service to the public allowing them to plan medical consultations with the full-time staff doctors of 98point6 and get in touch with health-care providers mostly through messaging service and also through voice or video calls based on what is needed. During the first year, the service cost is $20 annually, and afterwards, the cost rises to $120 annually, and it does not need insurance.
Robbie Cape, CEO, and founder of 98point6 said that the new investment will help the company achieve three primary goals including mounting and expanding the platform to meet the vast increase in demand, presenting an innovative and stimulating roadmap of abilities for complete care, and providing high-quality care services for the patients.
Furthermore, 98point6 also said in a statement that the company will be using the funding to introduce new products and services and hire new and well-qualified doctors to the platform.
At present, the company is offering its services in 37 states and Washington, and it is planning to reach all 50 states of USA by the time 2019 begins. Based on what the company has said, US will be needing 52,000 physicians in order to meet the demand of patients by 2025. Since the US is already going through the shortage of doctors, 98point6 is spreading its service network through a feasible alternative means.
98point6’s technology app automatically creates the profile of a patient using text-based responses from the patient. It helps in reducing the workload of the company’s physician as they don’t have to gather a patient’s medical history, updating their health chart, and conducting other managerial errands.
In its place, the physician can connect and speak with the patient when it is time to diagnose the patient’s condition, treat it, and answer any other health-related queries from the patient and they can do it all through a secured app messaging system.
Once the physician and patient have communicated, the patient receives a personalized care plan including prescriptions and lab tests (if required) based on the details provided by the patient.
98point6 has 126 employees, together with 15 doctors, who are mostly positioned in the company’s downtown office in Seattle. 98point6 has also partnered with a few companies like Seattle Children’s Hospital, so as to provide the service for personnel as part of their health care coverage.
Image credit: www.98point6.com