The company, which has now raised $90M, will expand operations to AustraliaRead more...
The company provides mobile-first patient engagement to streamline the doctor/patient relationship
Nobody likes going to the doctor, and not only because it means you're sick or you don't feel well; it also because the process of making an appointment is so outdated and stressful, which is still done mostly over the phone and with huge wait times, making it less than ideal for both the patient and for the doctor.
"The traditional patient experience is challenging and confusing; patients have to play phone tag to schedule a doctor’s visit, often wait weeks for an appointment, and then are still unsure about what to do before and after a visit," said Adnan Iqbal, co-founder and CEO of Luma Health, in an interview. Luma Health is an engagement platform for patients to help them better connect with their doctor both before and after an appointment.
"Luma Health’s platform makes access to care simpler and more convenient for both patients and providers. Our mobile-first patient engagement technology empowers providers to streamline the entire patient journey, modernizing access to make scheduling an appointment quicker and easier; automating communication from reminders to post-care follow-up; and maximizing business results including revenue, cost of care, and patient satisfaction along the way."
On Tuesday, the company announced that it raised a $16 million Series B round of funding, Led by PeakSpan Capital and with strategic investments from Cisco Investments, the Texas Medical Center, and continued investment from U.S. Venture Partners. This round bringing its total funding to $25.7 million. The company says it will use this round of funding, in part, to grow its team, as well as to continue to build out its platform.
Luma Health’s typical customers include specialty practices, which can be both large and small, as well as health systems, primary care providers, ACOs and FQHCs, while users can range from CEOs to call center employees.
Some of its features include smart scheduling, so that patients can self-schedule 24/7 or confirm, reschedule, or join a wait list from a text message, which he said leads to "happier patients, fewer no-shows, and filled schedules that drive more revenue." Luma Health also provides referral management, meaning that it will automatically prompt referred patients to self-schedule. Patients also receive confirmation via their communication method of choice, and referred providers can track their status.
Additionally, Luma provides patients with appointment reminders to reduce no-show rates; mobile patient intake, where the securely data for the patient that they will need ahead of each appointment and logs it into the EHR; and care pathways, which "empower providers to achieve multiple goals, from improving medication adherence to encouraging healthy behaviors across the entire patient journey."
Finally, it allows patients to chat with their doctor, as well as share lab results, stay up to date with medications, or follow-up after the patient is discharged.
"Many choose to let Luma Health run in the background, letting automated appointment reminders, pre-appointment instructions, and referral outreach notices go out to patients based on pre-programmed triggers. Others prefer to log-in regularly to see sophisticated reporting and dashboards regarding confirmations, appointments filled, feedback, etc," said Iqbal.
Luma Health is currently integrating with over 70 EHR systems, including athenahealth's Marketplace and Nextech Systems. Over 100,000 providers and 300 healthcare organizations are using the Luma Health to reach more than 7.5 million patients, representing growth of 150 percent in just one year. As a result of the using the platform, Luma's customers have seen as high as a 79 percent reduction in no-shows, as well as referral conversion rates that are 1.7X above the industry average.
"By building the only Total Patient Engagement platform, Luma Health helps clinics and systems modernize patient access and automate patient communications across the entire patient journey. We address the full breadth of patient engagement gaps by delivering capabilities like patient self-scheduling, actionable appointment reminders, referral management, Mobile Patient Intake, automated recall, and more," said Iqbal.
"While we have many point competitors that also address different points of the patient journey, no one is offering an end-to-end solution that addresses pain points across the full patient lifecycle."
The company is capitalizing on the evolving relationship between patients and their doctors, and one in which patients are beginning to demand quicker access to care, easier communication with their providers, and higher quality outcomes, Iqbal told me. He also noted that that Luma Health supports these goals through four primary areas: patient outreach and new patient conversion; patient satisfaction and experience; preventative care gaps and patient recall; and two-way outcomes reporting.
Ultimately, Luma Health wants to be the platform that helps patients better connect with their doctor and get the care they deserve.
"We built Luma Health because we are all patients. We believe it should be easy to see and connect with our doctor. To get the care we need, when we need it. Ours is a new vision aligned around letting systems deliver high-quality healthcare, lower the burden on staff, and provide the modern, mobile-first experience we all deserve. Our ultimate goal is to help as many patients as possible get access to the right care at the right time with the right provider with our platform."
(Image source: lumahealth.io)
Read more from our "Trends and news" series
The company is expanding into the convenience store space with a partnership with Casey'sRead more...
Aligned will remain an independent platform within American Well going forwardRead more...