Startup Offering Remote Patient Monitoring Platform to Oncologists Leave a comment
A California-based startup has raised $13 million in funding to expand deployment of its platform that offers remote patient monitoring to oncology practices.
Palo Alto-based Canopy notes that research studies show that remote monitoring of patients receiving cancer treatment leads to improved quality of life, satisfaction, and overall survival, but providers lack the tools to deliver remote and proactive care.
The company said its platform allows physicians to interact with their patients continuously and proactively. It includes a suite of electronic health record-integrated tools to help cancer centers continuously engage with their patients, streamline clinical workflows, and capture new reimbursement streams for their work.
Canopy says it has clinical results slated for publication in 2022 demonstrating reductions in emergency department utilization and inpatient admissions, as well as increases in time on therapy. Working with oncology practices nationwide, Canopy said its platform has demonstrated high rates of patient enrollment (86 percent), engagement (88 percent), retention (90 percent at 6 months), and timely nursing intervention rates (88 percent).
Canopy works with oncology practices such as Highlands Oncology Group, Northwest Medical Specialties, Los Angeles Cancer Network, Cancer and Hematology Centers of Western Michigan, and Tennessee Cancer Specialists.
“We have seen our patients and providers truly embrace Canopy’s technology and it has led to a closer relationship with our patients,” said Jeff Hunnicutt, CEO of Highlands Oncology Group of Fayetteville, Ark., in a statement. “Having a proactive tool like Canopy removes barriers to care and allows patients to feel safe and share potentially serious symptoms that they may otherwise have not disclosed, and us, as a practice, to offer them timely support. This higher level of trust and communication is a subtle, but powerful paradigm shift that we’ve seen lead to dramatically improved outcomes for our patients.”
Formerly known as Expain, Canopy is launching out of stealth to make its platform generally available to cancer treatment centers across the country. The $13 million in funding raised was led by GSR Ventures, with participation from Samsung Next, UpWest, and other industry leaders and executives, such as Geoff Calkins (former SVP Product, Flatiron Health), and Chris Mansi (CEO Of Viz.AI).
