Listen to this articleLemonaid Health just announced that it has raised a $11 Million Series A funding round to expand it’s use of technology, range of clinical services and geographic footprint.
We previously interviewed Paul Johnson, CEO of Lemonaid and have a follow-up interview below:
Q: You just announced an additional $11M Series A funding round, where did you raise the money from?
A: We’re excited that we’ve been able to raise our Series A round from a fantastic group of investors and strategic partners. The round has been led by Novartis Venture Fund and Hikma Ventures. The investor leads have been joined by Correlation Ventures, Adaptive Healthcare Fund, Vega Ventures and 415 Ventures and others.
Q: What do you plan to do with the new injection of capital?
A: We want to increase access to our affordable care to as many Americans as we can. We passionately believe that healthcare in the US is too expensive and that we can lead an improvement in the quality of care provided.
We think we’re leading a second wave of telemedicine where technology and clinical algorithms are at the core of what we do. We use that combination to augment our physician’s knowledge resulting in a platform that allows one of our physicians to review, diagnose and treat a patient much more efficiently and we pass that cost saving onto our patients. We are therefore providing care for $15 – lower than the average co-pay.
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Q: What do you think was the first wave of telemedicine?
A: We see the first wave of telemedicine a the use of technology as a communication platform rather than to improve the patient experience, quality of care or efficiency. In its simplest form we believe it is essentially connecting a doctor and patient using live video and replicating an in-person interaction. If that same mindset had been used when introducing online banking we would all be Skyping a bank teller to check our bank balances.
Q: How else do you improve the experience for the patient?
A: Our model is to create a very structured experience for each clinical condition we treat. We look to inform the patient and provide detailed, personalized advice. We’ve also just launched a partnership with Phil so our patients have the option to have any birth control pill prescription we prescribe delivered to their home. We have a net promotor score of 89 for patients we treat which we’re told is three times higher than the industry average.
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Q: How do you see this second wave of telemedicine evolving?
A: We believe that machine learning and artificial intelligence will help to further improve the quality of care, consistency of care, outcomes and the patient experience. We think that our use of algorithms and technology is ideally placed to make best use of these emerging technologies. We’ve seen this trend in other industries and we want to lead the way in healthcare.
Q: What are your next expansion plans?
A: Our clinical team have reviewed move than 48,000 visits across 14 states in 8 clinical areas since we launched our service. We’ll be expanding into additional clinical services very soon, across new geographies and look to launch with strategic partners to further expand our reach. We want to provide many more millions of patients access to our platform.
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