Health Recovery Solutions Secures $10 Million in Funding to Strengthen Market Position Ahead of IPO

On September 5, 2019, VCBeat (WeChat ID: vcbeat) learned from foreign media reports that Health Recovery Solutions (HRS) had completed a $10 million financing round.

The financing round was led by Edison Partners, and upon completion of the financing, Gregg Michaelson, a partner at Edison Partners, will join the board of directors of HRS.

HRS plans to use the funds from this round of financing to enhance its market competitiveness and promote its technology platform in the $12 billion telehealth market.

HRS is a technology company based in Princeton, New Jersey, that develops remote monitoring solutions for health systems and medical centers. HRS helps hospitals and ACOs reduce patient readmission rates through its cloud-based early warning system.

HRS provides remote monitoring platforms and management services to healthcare systems, focusing on modifying patient behavior, reducing readmission rates, and improving clinical outcomes. The platform connects patients with clinicians and home caregivers, enabling physicians to track patients’ daily performance and communicate with them via video for consultations or dietary guidance.

Clinicians can also leverage the platform to track vital signs, manage patient recovery, and intervene directly or through home care providers when necessary. The software is customizable for individual patients and offers more than 40 treatment plans for conditions such as diabetes, COPD, congestive heart failure, and chronic kidney disease. The company provides disease-specific toolkits in 25 languages, encompassing over 2,000 educational videos, care plans, and Bluetooth-enabled peripheral devices designed to modify patient behavior.

Gregg Michaelson, a partner at Edison Partners, stated, “As the U.S. healthcare industry shifts toward value-based care models, healthcare providers are more eager than ever to reduce patient readmission rates and improve clinical outcomes. HRS CEO Jarrett Bauer and his team have developed an exceptional technology solution. Jarrett has long aimed to position HRS as a market leader, and we are delighted to have the opportunity to help them achieve this goal.”

Edison Partners is a growth equity firm headquartered in Princeton, New Jersey, USA. The company focuses on investing in technology companies in sectors such as healthcare and enterprise software, and currently manages over $1 billion in assets.

(Compiled by Tian Shuhang)