Nashville-based home health company Spiras Health has closed a $14 million Series B funding round, which the company will leverage to grow into new markets and invest in technology development.
Spiras provides home health, care coordination and telehealth solutions to medically complex patients. The company partners with insurers and care management companies to manage chronic illnesses and prevent hospitalizations through its network of in-home clinicians and technology capabilities.
Driven by consumer demands, according to Spiras CEO Scott Bowers, the home health industry has seen a massive shift during the pandemic. In the last year, Spiras patient volumes have more than doubled and are on track to quadruple in the next 18 months with the new funding.
Bowers said his team is also putting aside cash to invest in technology research and development, from telehealth wearables that help clinicians monitor chronic illnesses to data and analytics capabilities.
The funding round was led by global venture capital firm NEA with participation from existing investors Altitude Ventures and FCA Venture Partners, and other strategic investors. NEA’s portfolio also includes MasterClass, Goop, Houzz, WebMD and DaVita, among others.
“For so many years it’s been about brick-and-mortar, and as consumerism has really taken off in America, I think the delivery system, the health care system and the delivery models have had to really change and adjust to meet patients where they are and where they want to be,” Bowers told the Post, “We are excited to partner with innovative companies who can create value-based relationships that incentivize company’s like Spiras to ensure patients can continue to stabilize and improve their care at home."
Earlier this month, Spiras announced a five-year agreement with Nashville-based insurer Clover Health to provide home health care for Medicare patients in Kansas and New Jersey.