Moving Analytics Raises $6M to Increase Virtual Cardiac Rehab Solutions and Expand Team Amidst Telehealth Industry Growth

Moving Analytics, a telehealth company providing virtual cardiac rehab solutions, today announced it raised $6M in a Series Seed-2 round. The round was led by Aphelion Capital, LLC, through Cardeation Capital, with co-investments by OCA Ventures and Seae Ventures. This investment brings Moving Analytics’ total funding received to date to $9.5M.

As COVID-19 has continued, consumer adoption of US patients using telehealth increased roughly 350% from 2019 to 2020. The additional funding raised will be used to expand Moving Analytics’ virtual cardiac rehabilitation program, Movn, for both existing and new patients.

“We are thrilled to be able to support Moving Analytics’ mission in increasing access to a vital, life-saving service such as cardiac rehabilitation,” said John Kim, from Aphelion Capital. “Through our extensive due diligence and vetting through our partners, we have found Movn to be the most comprehensive and mature solution in the market with stellar proof points and evidence of success.”

With this round, the company will be able to grow their partner and customer base, increasing enrollment rates and clinical outcomes across the country. It will also go toward servicing its growing clientele of health plan partners in more markets by ensuring Moving Analytics’ programs also meet the needs of Medicare reimbursement – a key component to future growth. The company will also leverage its capital to enroll more patients into rehab and improve the patient experience and richer user experiences, including adding more tailored educational content in the app’s library targeting special populations.

“Our goal at Moving Analytics has always been to increase access to care and drive the future of cardiovascular health,” said Harsh Vathsangam, Co-founder and CEO at Moving Analytics. “With COVID continuing to increase the need for patients to enroll in virtual rehab solutions for cardiac health, we’re thrilled to be able to expand the capabilities of our platform even further to support existing and potential customers in need of services.”

Moving Analytics has grown immensely since its inception, having served several thousand patients by improving patient experience with a low-cost, high convenience program that has fewer in-office visits, and equivalent health outcomes.

“With the rise of telehealth options and the introduction of cardiac rehabilitation participation as a HEDIS measure for health plans, there’s been an increased demand for the Movn program, we’re very excited to bring on strategic investors who are backed by leading health plans and institutions can help catalyze our growth,” said Ade Adesanya, Co-Founder and President at Moving Analytics.

With its customers and partners, the company has been able to prove success with its Movn program – Highmark Health has shown more than a 60% enrollment rate, an 80% completion rate and equivalent clinical outcomes.

About Moving Analytics
Moving Analytics provides virtual cardiac rehab and cardiovascular disease management programs to support cardiologists and health plans in improving the health outcomes, quality and cost of care for their members. Developed in partnership with Stanford University, Moving Analytics programs are based on more than 30 years of published research involving over 70,000 patients. Our flagship product is Movn Virtual Cardiac rehab which targets patients after an acute coronary event such as a heart attack or heart surgery. Movn has successfully improved cardiac rehab participation rates, member outcomes and lowered readmission at marque organizations like Kaiser Permanente, Highmark Health Plan, Allegheny Health Network and the Veteran Affairs. For details and inquiries, please contact hello@movinganalytics.com.

Telehealth Addiction Treatment Comes of Age

Virtual healthcare, which has proliferated and become more sophisticated during the pandemic, will be an even greater presence in the future

By Jason Langendorf

April 8, 2021

Eight months was all it took for Eric Bogue to be transformed from a person frustrated and only half-interested in his recovery into a true believer and apostle of telehealth addiction treatment.

Bogue first attempted to address his substance use disorder in 2014, but his traditional recovery efforts fell short—even if, he admits, he gave it something less than his best shot. “I didn’t take it seriously then,” he says.

But it wasn’t only his mindset that was holding Bogue back. His job as a security officer is located two cities away from his home in Frankfort, Ky., while his young daughter lives three cities away—in the opposite direction. “Back when I was going to the clinics, it just was not working out,” he says. “I would have to take a day off to get all that accomplished in the same day, get my errands done and go get my daughter.”

[Telehealth] is absolutely the future. Not even just addiction treatment, but for doctors in general. It’s absolutely modernized.”—Eric Bogue, telehealth patient

About a year ago, Bogue came across an advertisement that would change his life. The spot promoted a company, PursueCare, offering telehealth-based recovery—essentially, remote addiction treatment. He learned he could make clinic “visits,” attend meetings and get practically on-demand recovery care from home. He was impressed by the privacy built into the program, which removes the stigma some feel when walking into brick-and-mortar clinics—and cuts out other potentially awkward moments.

“I’m gonna tell you one of the big things for me with telehealth: I love how they do the drug screens,” Bogue says of PursueCare’s video-supervised mouth-swab testing. “I’m a very private person. I don’t like having to go and pee in front of somebody in a clinic.”

In a short time, Bogue was hooked on telehealth, and in the eight months since he began his PursueCare program, he says his recovery has been “phenomenal.” He’ll tell anyone who’ll listen about the benefits of telehealth addiction care, including a couple of friends he recruited into the program. “For me, just the whole experience,” Bogue said, “it was almost like it was too good to be true.”

The Proliferation of Telehealth

It’s hardly a new phenomenon, but telehealth’s popularity has exploded over the past year, accelerated by a COVID-19 pandemic that has restricted face-to-face engagement and prompted the federal government to temporarily loosen virtual healthcare restrictions to meet overwhelming demand. With so many having recently been introduced to this option, how might remote care evolve to meet demand? Expect the future to bring expanded access, more customized care for individuals and groups, and growing acceptance of telehealth as an integral part of the continuum of care.

Although one of the great benefits of telehealth has been improving access to care in underserved communities, we’re likely only halfway home. Increasing awareness about telehealth is important—Bogue says he didn’t even know of its existence until about a year ago—but so too is extending that access to everyone.

What we’ve seen with COVID, in terms of telehealth, is phenomenal. I think that’s the one silver lining of COVID. We’ve now supercharged our healthcare.”—Courtney Hunter, vice president of state policy for Shatterproof

Many people with the greatest need for treatment lack the resources to afford a computer, a smart device or wifi. Meanwhile, some of the communities where reliable internet connectivity remains a problem—mountain towns and remote areas, for instance—have been hit hardest by the drug epidemic.

“What we’ve seen with COVID, in terms of telehealth, is phenomenal,” says Courtney Hunter, vice president of state policy for the addiction nonprofit Shatterproof. “I think that’s the one silver lining of COVID. We’ve now supercharged our healthcare in a way that can make behavioral health services so much more accessible for people, particularly in rural communities. And so how do we get people even the fundamentals, whether that’s a cellphone plan or a disposable phone or whatever, so that they can access those services?”

Telehealth: A Personalized Treatment Approach

Innovators in the addiction treatment space were considering or already delivering new telehealth offerings before the pandemic, a trend we will likely see expand in coming years.

“Before COVID hit, this was already in our pipeline,” says Hazelden Betty Ford Foundation CEO in-waiting Joseph Lee. “And we did it because we saw that patients had geographic limitations. Our virtual services were unique in that they provided group and individual therapy, so it wasn’t just an individual thing. But that’s just the start.”

Post-pandemic, we’re going to see a permanent move to at least hybridizing care between in-person and virtual solutions. I think most of the research is indicating that digital health is definitely here to stay.”—Nick Mercadante, founder and CEO of PursueCare

Nick Mercadante, founder and CEO of PursueCare, notes the different cultural norms and social determinants of health across regions, states and even neighboring communities. He believes providing options that meet individual needs, as well as catering to the distinct needs of specific populations—Mercadante worked with the elderly in skilled nursing facilities before launching PursueCare—will play an important role in unlocking telehealth’s full potential.

“It’s kind of the double-black-diamond approach,” Mercadante says. “But I think ultimately we get better outcomes with what we do, rather than just barreling into it.”

Virtual Care Is Here to Stay

Experts continue to push for the full adoption of the emergency telehealth provisions instituted during the pandemic. At the same time, antiquated state mandates and restrictions that have often gummed up the works are being rethought, gradually lowering the barriers to more effective care. Mercadante says lawmakers are coming to the realization that many well-intentioned policies are doing more harm than good, and he imagines a future in which traditional brick-and-mortar healthcare and telehealth operate not just side by side, but collaboratively.

“Post-pandemic, we’re going to see a permanent move to at least hybridizing care between in-person and virtual solutions,” Mercadante says. “I think most of the research is indicating that digital health is definitely here to stay. It can play a role, even with in-person care, to augment and support, to help stay tethered with your patients in between visits and keep patients engaged and thinking about next steps in their care.”

President Joe Biden’s plan to expand access to addiction treatment would grease the skids for a fixed, dynamic telehealth system of care in the United States, and his proposed infrastructure bill would go a long way toward improving internet capabilities in communities that are most in need of addiction recovery care.

“This is absolutely the future,” Bogue says. “Not even just addiction treatment, but for doctors in general. It’s absolutely modernized. It’s the future.”

eBlu Solutions Announces $11.4M Series A Round

LOUISVILLE, Ky.–(BUSINESS WIRE)–eBlu Solutions (Louisville, KY) announced today that it has raised an $11.4M Series A round led by OCA Ventures (Chicago), with co-investors Mutual Capital Partners (Cleveland) and FCA Venture Partners’ Health Innovations II (Nashville).

“When we’re investing in a company, we do extensive due diligence”

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Under the leadership of CEO Mark Murphy, eBlu Solutions is a digital health prior authorization software company – whose digital platform streamlines the prior authorization of expensive infusion-based specialty medications.

For patients suffering from complex, chronic conditions, the path to receiving specialty medication can be fragmented and expensive for all parties. eBlu Solutions aims to make benefits verification, prior authorization, and manufacturer co-pay assistance programs more efficient for practices that deliver physician administered infusion-based specialty medications to patients. Instead of navigating a complicated net of drug-specific online portals and insurance approvals, eBlu Solutions’ scalable and secure software platform makes the process of getting patients on life changing treatments more streamlined for medical providers.

“We’re enthusiastic to grow and continue developing our talent pool of 70+ team members. eBlu was founded with a mission to simplify the fragmented process behind benefits verification and prior authorization for infusion-based specialty medications. For patients suffering from complex, chronic conditions it is common for physicians to recommend specialty medications. Unfortunately, these medications can be costly, leading to an often-burdensome fragmented process of phone calls and faxes between physicians and insurance providers. eBlu Solutions’ secure and scalable platform helps the medical practice navigate the approval process so their patients can start treatment as soon as possible. This capital will allow us to expand our team and pursue our mission,” said Mark Murphy, CEO of eBlu.

“We’re delighted to have the support of this experienced group of Venture investors. eBlu Solutions aims to use the proceeds of the Series A to continue to grow its team and fuel the development of talent in our sales, product management, business intelligence, and software development areas,” said co-founder and CTO Nathan Fornwalt.

“Our platform brings together a great combination of technology and human expertise to streamline a fairly fragmented process which helps patients whose access to quality healthcare depends on the communication between payers and providers. We’re excited to keep scaling so we can have an ongoing positive impact on improving the lives of patients,” added co-founder and COO Kim Farley.

“When we’re investing in a company, we do extensive due diligence,” said Andy Patton, Executive in Residence at FCA. “eBlu has a really clear vision and a unique mission that’s scalable beyond rheumatology, neurology, gastroenterology, and allergy & asthma – the specialties they’re currently supporting. We’re excited to help eBlu continue to grow. Electronic prior authorization software has received substantial interest from investors over the last few years. eBlu occupies a unique position in the industry.”

About eBlu Solutions

eBlu Solutions provides a secure software platform for electronic prior authorization and benefits verification in the infusion-based specialty medication space. eBlu Solutions aims to streamline the fragmented nature of the approval process for specialty medication treatments, and currently supports a variety of specialties including rheumatology, neurology, gastroenterology, and allergy & asthma. eBlu’s initial partnerships have been with pharmaceutical companies, HUBs, and IMCs to make treatment less burdensome for patients, practices, and providers across the country.

eBlu was a participant in the 2016 cohort of XLerateHealth, a leading healthcare accelerator headquartered in Louisville, Kentucky. Since that time, the company has continued to refine its technology platform and grow its revenue. Despite the COVID pandemic, eBlu Solutions saw its revenue double in 2020 and expects 2021 year over year revenue to more than triple.

eBlu’s management team has a long history of working in healthcare. Founder and COO Kim Farley and CEO Mark Murphy have a combined 45+ year track record in the healthcare industry. Similarly, Founder and CTO Nathan Fornwalt has a strong background in technology innovation and product development.

More information can be found at: www.eblusolutions.com

FT Partners Advises Snapsheet on its $30,000,000 Series E2 Financing

Overview of Transaction

  • On March 25, 2021, Snapsheet announced its $30 million Series E2 financing round led by Ping An Global Voyager Fund and Pivot Investment Partners
  • Existing investors include Nationwide, Liberty Mutual, Intact Ventures, Tola Capital, and Commerce Ventures, among others
  • Headquartered in Chicago, IL, Snapsheet is a leader in cloud-native claims management software for insurance carriers, third-party administrators, insureds and vendors
  • Since its founding in 2010, Snapsheet has used its technology to digitize and automate the claims workflows for over 100 clients and their customers, processing millions of claims and more than $7 billion in appraisals

Significance of Transaction

  • This funding will allow Snapsheet to accelerate growth and add new functionality to its cloud native end-to-end claims management platform
  • To fuel further product development and extend awareness, Snapsheet will use the funds to make key hires across engineering and sales teams
  • With this round, Snapsheet has raised more than $100 million in financing

FT Partners’ Role

  • FT Partners served as exclusive strategic and financial advisor to Snapsheet and its board of directors
  • FT Partners previously advised Snapsheet on its $29 million Series E financing in 2019
  • This transaction underscores FT Partners’ deep InsurTech domain expertise and its successful track record generating highly favorable outcomes for high growth FinTech companies globally