Boulder Care, a Portland, Oregon–primarily based telehealth supplier targeted on medical therapy and assist for folks overcoming substance use problems, raised $36 million in Collection B funding.
Based in 2017 by Stephanie Sturdy, the corporate has a mission to handle nationwide overdose charges, significantly with opioid and alcohol use problems. Evaluation from the White Home in 2017 reveals the cost of the opioid epidemic was over half a billion {dollars}.
Stephanie Sturdy, CEO of Boulder Care. Picture Credit: www.ykvision.com
Roughly 92,000 individuals within the U.S. died from drug overdose in 2020, together with illicit medicine and prescription opioids, based on National Institute on Drug Abuse figures. The variety of overdose deaths has steadily risen because the late Nineteen Nineties, however the 2020 determine is a pointy rise from the simply over 70,600 deaths in 2019.
To satisfy its mission, Boulder Care is delivering hundreds of naloxone doses, a medication for reversing an opioid overdose, to sufferers and providing telehealth assist alongside the remedy, together with case administration, peer teaching and primary wants assist. Boulder works to hyperlink collectively disparate suppliers alongside the continuum of care, “moderately than facilitating ‘heat handoffs,’ we by no means let go of a affected person’s hand,” Sturdy advised TechCrunch.
It’s been a scorching minute since we checked in with the corporate, final profiled across the starting of the worldwide pandemic when its opioid treatment was gaining traction. At the moment, Boulder Care picked up $10 million in Collection A funding, led by Tusk Enterprise Companions.
Over this time, the corporate went from caring for tons of of sufferers to hundreds of sufferers, Sturdy stated. And, because the business is shifting towards value-add potential, it made sense to go after further funding to speed up progress.
“We at the moment are working with dozens of plans and need to meet these wants which can be required,” she added. “We additionally plan on going into partnerships and new states methodically.”
Backers of the Collection B embrace Qiming Enterprise Companions (U.S.), Goodwater Capital, Laerdal Million Lives Fund and current buyers First Spherical Capital, Greycroft, Tusk Enterprise Companions and Gaingels. The brand new funding offers the corporate over $50 million in whole funding.
The corporate has seen 100% year-over-year buyer renewals since 2017, and 70% of its sufferers stick with this system for 12 months. Sturdy additionally touts its 90% one-month retention charge is a three-time enchancment over business benchmarks.
It additionally launched partnerships with 20 enterprise prospects, giving hundreds of thousands of individuals, nationwide, entry to the corporate’s companies by way of well being plans and employers, together with Regence, Anthem, Comcast and Hewlett Packard by way of ComPsych EAP.
Within the 2 years because the Collection A, Boulder Care has additionally logged some spectacular progress figures: It’s serving a number of thousand sufferers with opioid and alcohol use problems and grew its income over 10 instances.
A lot of its income comes from in-network reimbursement from Managed Medicaid preparations that cowl low-income members with complicated wants. Which means that most of Boulder Care’s sufferers don’t pay something out of pocket to be part of this system.
With this funding, Sturdy expects to triple the scale of Boulder Care’s medical group, develop and deepen its presence in a number of markets and implement payor contracts that maintain the corporate accountable for medical and nonclinical outcomes.
The corporate just isn’t alone in leveraging expertise to unravel the issue of substance abuse. Others have additionally attracted some venture-backed capital prior to now couple of years — for instance, Path, which provides care as a part of an worker profit; Affect, which focuses on methamphetamine abuse; and Monument and Tempest, each geared toward alcoholism.
Sturdy says that what units Boulder Care other than a few of its opponents is the variety of well being plan contracts it has and that almost all of its sufferers pay nothing for this system, or maybe a $4 co-pay, versus others providing month-to-month subscription charges which can be pricing out people who can’t afford to maintain that long-term.
Subsequent up, the corporate will give attention to progress into new states “in a considerate means,” Sturdy stated. When coming into new states, the corporate goals to forge relationships with native and state applications as a option to bridge the gaps in care with telehealth. Additionally it is working with regulators on what telemedicine can seem like as look after substance abuse evolves.
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