Indianapolis-based health tech startup Olio Health has closed a $13 million Series A funding round. The company, which has developed a workflow and collaboration software platform designed to improve post-acute care outcomes for patients, says it plans to use the funding to continue product development and make key hires in several departments.
The funding round was led by Fulcrum Equity Partners, based in Atlanta, Georgia, with participation from Mutual Capital Partners in Cleveland, Ohio.
“Fulcrum and MCP bring an incredible amount of health technology expertise that will support improved customer support, new product development and rapid market expansion,” said Olio CEO Ben Forrest. , in written remarks.
The Software-as-a-Service platform aims to streamline communication and collaboration between hospital or medical teams, including doctors, surgeons and discharged nurses, and post-acute care providers such as nursing homes retirement, home care or palliative workers.
The platform’s goal is not only to improve recovery times after medical procedures, but also to create cost savings by avoiding unnecessary ambulance trips, emergency room visits and hospital readmissions.
“The current communication and discharge process is manual, error-prone and not scalable. Healthcare systems lack information about their patients’ conditions after discharge, which increases readmission rates and length of stay,” said Fulcrum partner Philip Lewis. “When the entire care management team has real-time patient status throughout the post-acute impression, providers can improve the performance of value-based care agreements.”
The Series A round follows $2.5 million in seed funding secured by Olio Health in March 2019. The following month, Forrest spoke about the platform in our Life Sciences INdiana newsletter.