NewYork-Presbyterian invests in telehealth startup Avizia
Emerging telehealth specialist Avizia announced today it had raised an additional $6 million including investment from NewYork-Presbyterian and others.
Avizia CEO and Co-Founder, Mike Baird said he would use the funds, which follows $11 million raised in July, to expand the company’s engineering teams and build market reach.
"Telehealth is a proven way for hospitals to close gaps in care, reduce unnecessary ER visits, and expand their expertise and offerings outside of their current geography," Baird said in a statement.
HealthQuest Capital, which specializes in early investments, led the additional funding round, which included investment from Avizia strategic partner NewYork-Presbyterian.
In recent years, NewYork-Presbyterian has been using telehealth to reduce emergency room wait times and power its telestroke peer-to-peer physician consult program.
The hospital launched the NYP-Weill Cornell ED Telehealth Express Care Service last July. Two months later, the organization had enrolled 100 patients and slashed the average ER visit from four hours to 30 minutes for patients with minor complaints.
With its most recent investment, NYP will take a greater role advising Avizia on how to improve its platform to help providers increase access to care and improve quality while reducing cost.
"This investment represents an important step forward for NewYork-Presbyterian and our digital health offerings," NYP CEO Steven Corwin added.
Avizia's telehealth technology is already in play at 400 healthcare systems in 37 countries and also in eight of the top 10 hospital networks in the country, according to Avizia executives.
The 2016 "Closing the Telehealth Gap" research report found that 72 percent of U.S. hospitals are currently using telehealth. The telemedicine market is projected to grow at a rate of more than 50 percent a year, from $240 million in 2013 to $1.9 billion by 2018, according to data analytics firm IHS.