Indianapolis-based health tech startup Olio Health has closed on a $13 million Series A round of funding. The company, which has developed a workflow and collaboration software platform designed to improve post-acute care outcomes for patients, says it plans to use the funding to further product development and make key hires in several departments.
The funding round was led by Atlanta, Georgia-based Fulcrum Equity Partners with participation from Mutual Capital Partners in Cleveland, Ohio.
“Fulcrum and MCP bring an incredible amount of healthcare technology expertise which will support improved customer support, new product development, and rapid market expansion,” Olio Chief Executive Officer Ben Forrest said in written remarks.
The Software-as-a-Service platform aims to streamline communication and collaboration between hospital or physician teams, including doctors, surgeons, and discharged nurses, and post-acute providers such as nursing home, home health or hospice workers.
The goal of the platform is to not only improve recovery times after medical procedures, but also create cost savings by preventing unnecessary ambulance trips, emergency room visits and hospital readmissions.
“The current communication and discharge process is manual, error-prone, and not scalable. Health systems lack insight into their patients’ conditions post-discharge, increasing readmission rates and length of stay,” said Fulcrum Partner Philip Lewis. “When the entire care management team has real-time patient status throughout the post-acute footprint, providers can drive performance in value-based care arrangements.”
The Series A round follows a $2.5 million seed round of funding secured by Olio Health in March 2019. The following month, Forrest talked about the platform in our Life Sciences INdiana newsletter.