Vital Secures $24.7 Million in Series B Funding to Advance Its Artificial Intelligence-Driven Software for Patients, Hospitals and Health Systems

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Vital’s solutions make it easier for healthcare providers and health systems to communicate with and engage patients during emergency department (ED) and inpatient visits.

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Provider: 
Business Wire, Inc.Business Wire, Inc.
Retrieved on: 
Thursday, March 23, 2023
Information
Tags: 
Apps, Applications, Mobile, Wireless, Technology, Hospitals, Health Technology, Software, Networks, Practice Management, Health, Artificial Intelligence, Natural language processing, Communication, Emergency medicine, Venture round, Intelligence, Emerge Commerce, NLP, CommonSpirit Health, Hospital, Patient, Emory Healthcare, Intuit Mint, Allina Health, Growth, AI, ED, Environment
Geotags: 
DELAWARE, UNITED STATES, NORTH AMERICA, VITAL
Organisation: 
VITAL
Summary
Key Points: 
  • Vital’s solutions make it easier for healthcare providers and health systems to communicate with and engage patients during emergency department (ED) and inpatient visits.
  • The investment round led by Transformation Capital , with support from Threshold Ventures , strategic health system investors and Vital CEO / Mint.com creator Aaron Patzer, brings Vital’s total funding to over $40 million.
  • The funding announcement comes at a time in which health systems are reporting unprecedented financial and operational challenges , where the patient experience has emerged as a key differentiator.
  • With this funding, we will advance the impact of our technology for patients, families and clinicians.”


Vital, a leading artificial intelligence (AI)-driven digital health company improving the patient experience, today announced that it has raised $24.7 million in Series B funding to fuel expansion and support the rapid growth of its modern software. Vital’s solutions make it easier for healthcare providers and health systems to communicate with and engage patients during emergency department (ED) and inpatient visits. The investment round led by Transformation Capital, with support from Threshold Ventures, strategic health system investors and Vital CEO / Mint.com creator Aaron Patzer, brings Vital’s total funding to over $40 million.

The funding announcement comes at a time in which health systems are reporting unprecedented financial and operational challenges, where the patient experience has emerged as a key differentiator. The company’s success amid this environment is grounded in its capacity to innovate quickly and drive meaningful value for its health system partners. Vital’s platform, powered by AI and natural language processing (NLP), keeps patients in-network, generates millions in revenue for health systems and improves the care experience – through actionable and personalized patient content, automated communication and real-time feedback.

Vital achieved significant growth over the past year, partnering with over 40 new hospital clients including facilities across Allina Health, CommonSpirit Health and Emory Healthcare, expanding its software solutions into the inpatient setting, launching new features including its Experience Management and Lab Results tools, and adding seasoned industry veterans in technology and health to its teams. The Series B financing fuels continued operational and technology advancement, with plans to further expand the team and launch new features aimed at enhancing clinical decision support, care coordination and patient experience. The company is on pace to impact over one million patient lives and support 100,000 clinical tasks in 2023.

“With consumer-grade software and AI led by Mint.com founder Aaron Patzer, Vital has proven its ability to break down information silos, connect and engage with patients to deliver a superior experience, and reduce clinician burden across the ED and inpatient settings,” said Todd Cozzens, Managing Partner at Transformation Capital. “The Vital team continues to rapidly innovate for its health system partners and is poised to become the leading patient experience and advocacy platform and we expect monumental growth in 2023 and beyond. Vital has revolutionized the patient journey much like Mint.com did for personal financial management."

Launched in 2019 and co-founded by Aaron Patzer and Emergency Medicine Physician Dr. Justin Schrager, Vital is a leader in the acute care patient experience with over 100 hospitals and 31 health systems nationwide. Vital’s ERAdvisor software for the emergency department and CareAdvisor solution for inpatient care settings provide a modern, consumer-focused experience, driving revenue and staff satisfaction, while impacting thousands of patients and families every day. The company’s easy-to-use solutions are accessible via a patient's mobile phone and available with no download or password required.

“Healthcare providers and health systems are faced with a growing list of pressures that all-too-often make it difficult to provide the best care for patients,” said Aaron Patzer, CEO of Vital. “Our beautiful and intelligent software keeps patients engaged and informed, while automating tasks for staff who manage emergency department visits and inpatient stays. With this funding, we will advance the impact of our technology for patients, families and clinicians.”

About Vital

Vital is a modern software for hospitals that makes it easier to communicate with and engage patients in their care. Using artificial intelligence (AI) and natural language processing (NLP), Vital educates and empowers patients during their emergency department and inpatient visit. Patients can better understand progress towards discharge, request service and comfort items, set goals, view labs, share health status with family, and more. Vital solutions are designed to be easy-to-use and consumer-focused – all accessible via a patient's mobile phone and available with no download or password required. Vital improves patient satisfaction, keeps patients in-network and generates additional revenue for health systems.

Founded by Mint.com creator Aaron Patzer (@apatzer) and Emergency Physician Dr. Justin Schrager, Vital is HIPAA-compliant, and a cloud-based software that sits on top of any existing electronic health record system (EHR): Epic, Cerner, Meditech and more. For more information, please visit vitaler.com or follow us on Twitter (@Vital_EHR).

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