Memora Health, the leading technology platform for virtual care delivery and complex care management, today announced the completion of a $40 million financing. Transformation Capital led the financing with participation from Andreessen Horowitz, Frist Cressey Ventures, Edward Elmhurst Health, AlleyCorp, and others. As part of the financing, Todd Cozzens, Managing Partner at Transformation Capital, will join Memora’s board.
Healthcare delivery faces an identity crisis evidenced by the long tail of the pandemic: administrative inefficiencies, the shift to value-based care, and consumerization of the patient experience have made it critical for healthcare organizations to modernize how they deliver care and reach patients. With U.S. health care spending on a trajectory to exceed $6 trillion by 2028, there is a critical need to transform the crux of how care teams manage their patients outside the walls of the clinic and help patients navigate their healthcare.
Memora supports healthcare organizations in extending care beyond the four walls of the clinic by digitizing and automating complex care workflows. The company’s platform integrates seamlessly into EHRs, CRMs, and existing clinical and administrative workflows – training artificial intelligence technology on the massive amount of clinical data that is generated in the course of routine care in various clinical settings. Memora’s platform supercharges care teams by intelligently triaging patient-reported concerns and data to appropriate care team members and providing patients with proactive, anticipatory communication on their care journeys.
“Our vision is to make care more actionable, accessible and always-on. To do that, we need to unburden the care teams and connect the entire clinical workflow in a way that simplifies complex care for both patients and clinicians,” said Manav Sevak, co-founder and CEO at Memora Health. “We're building technology that meets patients where they are in their health journey, and empowers clinicians to spend less time on screens and more time being the super humans they were trained to be.”
“Memora solves one of the most pressing issues for providers – automating complex care journeys where patient touchpoints are key for better outcomes and caregivers can collaboratively manage these care journeys and monitor their progress,” said Todd Cozzens, Managing Partner at Transformation Capital. “Memora has built an integrated platform with a growing library of hundreds of journeys across all major specialties and is digitizing the best care management process for complex patients from leading health systems. The result is a user-friendly tool for patients and caregivers to manage complex care in a systematic and consistent way.”
Memora continues to rapidly grow with key healthcare organizations, having brought on leading health systems, health plans, life science companies, and digital health companies as customers over the last several years. Memora has digitized clinical workflows in partnership with several leading healthcare organizations, including the Mayo Clinic, Edward Elmhurst Health, and Penn Medicine, powering complex care workflows ranging from automated closing of care gaps to intelligent remote monitoring to proactive care coordination.
“Memora is building the infrastructure required for a true learning health system, which empowers clinicians and healthcare organizations with the ability to get smarter over time, and always be learning from their own data,” said Vineeta Agarwala, MD, PhD, General Partner at Andreessen Horowitz. “We believe their technology will help our healthcare delivery system transition from one that is episodic and fragmented, to one that is continuous and always-on, to support the patients who need this most."
About Memora Health
Memora Health helps healthcare organizations digitize and automate care journeys, making complex care delivery simple for patients and clinicians to navigate. Memora Health ingests existing data on clinical workflows, converts them into cohesive messaging journeys that guide patients through their care episodes, and automates the completion of simple follow-up tasks in the EHR. Memora's platform reduces care team notifications by nearly 40%, has an average patient NPS over 70, and improves clinical outcomes across various populations. Memora Health is headquartered in San Francisco, CA, with clients and team members around the world. For more information about Memora Health, visit memorahealth.com.
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