MyHealthDIRECT, a company providing tech solutions to connect people with health providers, announced Wednesday that it has raised a $4 million Series B round from Arboretum Ventures and previous investor Chrysalis Ventures. Both Arboretum and Chrysalis are firms focused specifically on funding healthcare-transforming businesses.
Simple and to the point, MyHealthDIRECT has designed Web-based software that matches patients with providers that match their coverage type. Schedules are searchable in real-time, giving providers access to all the information they need. The service also provides reminders, finds public transportation (if available) and follows up on the status of scheduled appointments.
“The company’s products help more efficiently connect healthcare providers and patients so the right care can be provided to the right patient at the right place and time,” said Tim Petersen, Managing Director, Arboretum Ventures, in a prepared statement. “MyHealthDIRECT is rapidly establishing itself as the ‘Open Table’ of healthcare, and we are very pleased to provide it with additional growth capital.”
Comparing MyHealthDIRECT to OpenTable is apt, albeit a little odd. OpenTable lets diners make restaurant reservations by booking online. It’s free and takes just a few moments. The service says it connects 200 million people with 20,000 restaurants, mostly in the United States but also abroad in parts of Europe, Central America and Asia.
In contrast to the restaurant industry, however, the health industry is like a tortoise--it moves too slow. Tech companies have been trying for years, and are still trying, to bring hospitals and doctors up to speed, but it’s an arduous process.
The new funding will go toward expanding the company’s headcount, client services and technical resources. MyHealthDIRECT founder and CEO Jay Mason says the company plans to double the size of its team and quadruple sales this year.