Fold Health, which claims to be the the first operating system designed to supercharge outcomes-based care has successfully raised an impressive $6 million in a recent funding round led by Iron Pillar, cementing its position as a leading player in the industry. The infusion of new capital will be instrumental in expanding Fold Health’s cutting-edge platform and attracting top talent, according to an official statement released by the company.
Fold Health aims to address the inherent limitations of existing solutions in supporting outcome-based payment models, such as data-driven, consumer-centered, and prevention-focused care, which have been essential in achieving success in today’s healthcare landscape. Co-founder Gupta emphasizes the urgency for change, stating, “The existing solutions in the healthcare industry have struggled to adequately support the needs essential for achieving success in outcome-based payment models.”
The traditional healthcare paradigm often forces primary care providers to rely on disjointed point solutions or invest valuable resources in building their own technology suite, diverting their attention away from patient care. Gupta further highlights the urgency for change, stating, “The way we consume healthcare is fundamentally changing, especially exacerbated by the pandemic. You and I as patients are used to getting amazing service touch points from retail, travel, commerce, banking, but in healthcare, satisfaction with the provider relationship and quality of care is at the same level as the pandemic.”
To address these challenges, Fold Health‘s groundbreaking platform seamlessly integrates with electronic health records, providing healthcare providers with modular tools tailored to their unique requirements. This eliminates the need for providers to develop software solutions from scratch, significantly improving efficiency and streamlining patient care. The platform is accessible on any browser-based system, including mobile phones, ensuring convenience and accessibility for both doctors and patients.
Fold Health innovating pricing model
Fold Health also distinguishes itself with its innovative pricing model. Gupta explains, “We follow a per patient per month pricing model, where the company charges customers based on the number of patients they’re working with instead of paying for a flat license fee.” This approach enables Fold Health to generate recurring revenues, establishing a mutually beneficial relationship between the company and its clients.
Furthermore, Fold Health’s platform represents a significant milestone in collaborative care teams as the first electronic health record (EHR)-integrated microservices platform designed to enhance coordination and communication among healthcare professionals.
Fold Health has attracted notable investors, including Dr. Rushika Fernandopulle, the former Founder and CEO of Iora Health, Dr. Christine Cassel, the former President and CEO of the National Quality Forum, Dr. Molly Coye, a former Board Member of Aetna, Sridhar Krishnan, the former Chief Growth Officer at Cigna, and Anurag Jain, Managing Partner at VC firm Perot Jain.
This latest funding round follows San Fancisco based Fold Health‘s successful raise in 2022, bringing its total funding to an impressive $12 million. The company, founded in November 2021 by healthcare entrepreneurs Abhijit Gupta and Ram Sahasranam, has swiftly gained recognition for its innovative value-based primary care platform.
With this recent funding and a growing team of industry experts, Fold Health is poised to spearhead the digital health revolution by providing innovative solutions and transforming the landscape of primary care. The company’s commitment to improving patient outcomes and streamlining healthcare delivery is set to make a lasting impact on the industry.
