DexCare Proves Impact on Digital Healthcare Access in First Year Following Providence Spinout
The third company incubated within the Providence Digital Innovation Group just passed the one-year mark after spinning out from Providence in March 2021, exceeding expectations with major health system winds, funding rounds and ROI success.
“We’re so excited for the success that the DexCare team has seen in its first year both from an organizational and market perspective," said Sara Vaezy, Chief Digital Officer of Providence and DexCare Board Member. "DexCare is a perfect example of a technology innovation that might not have been ideated or invested in outside of a health system, but is proving to be a game-changer. Derek, Sean and team have done an incredible job in taking it to the next level.”
In it's first year, DexCare has:
- Raised two oversubscribed funding rounds totaling $71M from leading digital health investors including new investor Transformation Capital, and all existing investors, Kaiser Permanente, Providence Ventures, Mass General Brigham, Define Ventures, Frist Cressey Ventures, and SpringRock Ventures.
- Nearly tripled its customer base of premier U.S. health systems, including a variety of new partners from leading brands like Mass General Brigham, to academic centers like the University of Rochester Medical Center and to the largest IDNs, like Kaiser Permanente, which more specifically, has chosen DexCare to power a virtual care network and intelligently load balance for Kaiser locations across the country.
- Grew total number of patients served by 400%. Over 53 million patients now have access to DexCare-powered experiences.
- Expanded its platform to power access across a variety of health system types (large, national, mid-sized regionals, and academic centers), care modalities (video, phone, in-person, on-demand, scheduled), and service lines (same-day care, urgent care, primary care, specialty care.
- Garnered industry accolades including GeekWire’s selection of DexCare as a Startup Of The Year finalist and Black Book Survey recognizing DexCare as a company that’s methodically challenging the health care technology status quo.
- Grew the DexCare employee base by 4x, which includes key appointments to the leadership team such as Julia Millard, Chief Customer Experience Officer and Chief People Officer, Brett Thompson, who has a proven track record building highly successful teams at multiple unicorns.
- Tactfully built a Board of Directors and Advisors that arms DexCare with some of the most experienced, influential and forward-thinking people in healthcare, including Dr. Toby Cosgrove, Executive Advisor of Cleveland Clinic, Todd Cozzens, Co-Founder & Managing Partner at Transformation Capital, Lynne Chou O’Keefe, Founder & Managing Partner at Define Ventures, Liz Rockett, Managing Director of Kaiser Permanente Ventures and Gaye Bok, Partner, Artificial Intelligence & Digital Innovation Fund (AIDIF) at Mass General Brigham
The organization is Looking ahead, DexCare will expand its reach to more specialty service lines, empowering health systems to provide more access to more patient populations. Read the full press release here.