DES MOINES, Iowa, March 15, 2022 /PRNewswire/ — OpenLoop, a health tech leader delivering full stack clinical support to companies launching and scaling virtual care services across the nation, today announced their Series A financing of $8 million. The latest capital brings OpenLoop’s total raised to approximately $11 million.
This round was led by SpringTide Ventures, a VC firm dedicated to improving the field of medicine by investing in organizations solving major technology challenges within healthcare. They were joined by ManchesterStory, along with all existing investors including Next Level Ventures, Panoramic Ventures, ISA Ventures, and some strategic healthcare syndicates.
"OpenLoop selected SpringTide as our lead investor because of how closely their vision and culture aligned to our own," said Christian Williams, Co-founder and COO of OpenLoop. "We were very impressed by their focus on accelerating virtual care delivery through high quality patient services and innovative technology solutions; two areas where they viewed us as leaders."
"We are delighted to partner with OpenLoop," said Ryan Morley, Partner at SpringTide. "OpenLoop’s mission to bring healing anywhere through virtual support to patients aligns strongly with SpringTide’s purpose-driven investments. The funding will enable OpenLoop to further advance the initiative to support companies launching and scaling virtual care services across the nation."
OpenLoop, known for the quality, flexibility and breadth of services they offer to clients who are often early in their telehealth delivery journeys, will use this fresh capital to continue to expand their technology-enabled infrastructure. They will be doubling headcount and expanding their practice management and revenue cycle management arms, making OpenLoop a true "one-stop-shop" for digital health clients.
"A major reason clients choose to partner with OpenLoop is the level of care and compassion we dedicate to supporting them. We are as passionate about providing superior and meaningful virtual healthcare as they are and it shows. We hear from clients weekly sharing stories of the positive impact our clinicians have made on their patients and their practice. A big part of that successful relationship is the flexibility we offer to meet clients wherever they need assistance the most," said Jon Lensing, Co-founder and CEO of OpenLoop.
OpenLoop, which was built on the mission to expand access to care for rural patients across the country by bringing healing into the home, provides five core service offerings that are streamlining go-to-market care delivery for the companies they support.
- Regulatory / Legal Setup: All of the infrastructure and regulatory measures required to legally offer virtual care to patients in all 50 states. OpenLoop takes on the financial frameworks, credentialing, legal review, and compliance standards to save clients the uncertainty, unnecessary risk, and lengthy time-to-launch.
- Provider Staffing: Clinician staffing focused on optimizing the way companies hire for and scale telehealth through a vast network of tough-to-fill provider types, thorough vetting and ongoing support, and rapid ramp up that can quickly evolve with demand.
- Technology Platform: Whitelabeled telehealth infrastructure customized to each client, their unique patients, and their ideal visits. A true "plug and play" approach with easy integrations, HIPAA-compliant functionality embedded, and the ability to blend async and sync care.
- Practice Management: Comprehensive administrative services run entirely by OpenLoop to save on hiring, training, and managing FTEs. Clients can confidently offload scheduling, insurance verification, code capture, pre-authorization and renewals, patient record management, workflow design, and performance reporting for next level practice growth.
- Revenue Cycle Management: Everything a telehealth practice needs from the first visit to the final payment. OpenLoop RCM provides EHR access, dedicated audit and billing teams, revenue cycle APIs, pre- and post-payment audits, financial reporting, guaranteed accuracy rates, and a deep focus on telehealth and cash pay.
OpenLoop was co-founded by CEO, Dr. Jon Lensing, and COO, Christian Williams, with the vision to bring healing anywhere. Their solutions are thoughtfully designed to streamline and simplify go-to-market care delivery for companies offering virtual support to patients across an expansive array of specialties, in all 50 states. OpenLoop’s deep investment in compliant, easy-to-use telehealth technology and top-tier providers is what sets them apart in the industry.
For more information on OpenLoop, visit OpenLoopHealth.com.
SpringTide is a venture capital firm that supports the world’s best health tech founders. We seek to partner with teams using data innovation to improve human health and expand access to quality care for all. Founded in 2018, SpringTide has invested in 23 companies and realized 3 exits. Our team of experienced healthcare entrepreneurs has collectively founded five companies with aggregate exit value of more than $500 million. SpringTide is based in Boston, Omaha, Salt Lake City, and San Francisco.
For more information, please visit SpringTide.com.
ManchesterStory partners with world-class founders pursuing technological innovation in InsurTech and adjacent sectors. Focused on early-stage start-ups, ManchesterStory leads venture capital investments to fund growth, while connecting them with leading financial services companies across North America and beyond.
Learn more at ManchesterStory.com.