Roundtrip, a software platform for organizing medical transport, has raised $5.1 million in Series A financing. The round was led by Motley Fool Ventures with participation from existing investors Ben Franklin Technology Partners of Southeastern Pennsylvania and Johns Hopkins University, as well as from an unnamed “multi-billion dollar international healthcare software and medical device company.”
WHAT THEY DO
Roundtrip software allows healthcare professionals to order and coordinate patients’ medical transport using a pool of available ride providers, whether they be Lyft drivers, facility-owned vehicles, volunteers or otherwise. The platform is available online and as a mobile app, and includes interfaces for providers and patients alike.
“The problem is real and it’s pervasive: the riders’ unique needs and medical transportation providers’ capabilities have been siloed and misrepresented, resulting in upwards of 30% missed medical appointments in the US alone,” CEO and founder Mark Switaj said in a statement. “Having provided medical transport care firsthand, we knew the solution is found by unifying data from three key sources: the patient’s medical record and healthcare provider, the current medical transportation options and rideshare companies, and the appropriate payer, while keeping the patient and care team at the center of our hub.”
Roundtrip was founded in 2016, and has since cut a number of deals and partnerships to coordinate transportation in more than 20 states. The company currently employs 26 people between its Philadelphia and Richmond, Virginia locations.
WHAT IT’S FOR
The company noted in its funding announcement that it is looking to build out its software capabilities and more than double its current pool of employees.
A number of health systems contracting with Roundtrip, Hitch Health, Lyft and other providers of medical transport have reported higher appointment attendance and less wasted time and revenue resulting from patient no-shows. Lyft, in particular, recently announced new partnerships to extend its services to Medicare Advantage plans, while Logisticare added to its already substantial transportation network last September with the acquisition of app-enabled healthcare transportation company Circulation.
ON THE RECORD
“It was clear to us early on that Roundtrip would be a perfect fit for our current investment thesis. The company’s initial traction, continuously expanding market, and the variety of expertise in Roundtrip’s management team were the key factors in our decision to lead their Series A,” John Keeling, a venture partner at Motley Fool Ventures, said in a statement. “We look forward to a successful partnership.”
Source : MobiHealthNews