Story Health has announced a $22.6 million series A funding round led by Northpond Ventures and B Capital Group.
Story Health aims to introduce speciality clinics into the home in a bid to bridge the gap between patients and care providers. It provides connected home devices, virtual patient engagement, health coaches and AI-powered clinical decision support. The most recent funding round brings the company’s total funding to an estimated $27 million.
The startup was launched in 2020 by CEO Tom Stanis who also co-founded Google’s Verily. The company works with health systems to improve the quality of speciality care at a lower cost for patients. It primarily works with heart failure patients and will now expand to other areas of cardiology this year.
Cardiology is one of the biggest US healthcare expenditures and accounts for $200 billion each year. There are many issues that prevent reducing costs such as underutilised preventative care, significant shortages of specialists and patient issues around accessing following follow-ups.
The platform helps to provide an alternative between infrequent office visits and the daily lives of patients. It is already reporting positive implementation figures. A recent analysis found that clinicians using the Story Health platform accepted 87 per cent of the AI-driven treatment recommendations. Out of all of the patients enrolled in the platform, 85 per cent engaged daily with the platform over the first three months.
Story Health and bridging the gap
Story Health bridges the gap between infrequent office visits and the day-to-day lives of patients, extending the specialist clinic into the home. Integrated directly into EHRs with AI-powered clinical-decision support, the adaptive platform helps clinicians optimise medication treatment and reduce their workload. It also feeds data back to providers to enhance the patient experience.
AI-powered clinical-decision support advises clinicians on medication titration as a patient’s condition evolves. It also provides health coaches who help patients overcome social barriers to care like transportation, affordability and mobility challenges.
Karen Page, general partner of B Capital Group said: “Conditions like heart disease that require specialist care are extremely complex, debilitating, and costly, yet our health system doesn’t have enough clinicians to handle patient demand. That’s why speciality care is the next frontier for digital health.
Digital health platforms like Story Health give specialists unprecedented scale, allowing them to continuously monitor their patients’ progress, make faster adjustments in treatment regimens, and ultimately improve the lives of patients themselves.”
Tom Stanis, Co-founder and CEO of Story Health said: “Building a comprehensive, highly engaging virtual speciality care solution for providers was already a huge achievement, but addressing those social barriers to care for patients was also incredibly important.
Vulnerable populations like those on Medicaid and Medicare consistently see poorer health outcomes compared to other groups, but at the same time are the same people that face the most challenges accessing care. As more health systems look to incorporate support for social determinants of health, we want to be their partners in speciality care.”
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