Tomorrow Health — a home-based care technology startup that can deliver roughly 40,000 different types of medical supplies into patients’ homes — has raised $60 million in Series B funding.
The number brings the startup’s total funding to $92.5 million after it secured $25 million in a Series A last year. This round was led by BOND, with additional contributions from Andreessen Horowitz, Obvious Ventures, BoxGroup and Sound Ventures.
The funds will allow Tomorrow Health to expand partnerships with health plans, grow in new markets and continue to invest in technology, according to the company.
“We’ve been growing pretty rapidly, and we’ve seen pretty tremendous demand in the markets we go to,” Shivani Stadvec, the head of marketing for Tomorrow Health, told Home Health Care News. “We’re going to invest quite a bit in technology, and we want to scale that impact to our patients and their families.”
Tomorrow Health partners with home-based care providers to enable them to serve patients. It partners with more than 125 health plans across all 50 states, plus thousands of HME suppliers, providers and health systems.
Tomorrow Health first launched to address the difficulty home-based care agencies were having in obtaining manageable, reliable and consistent medical equipment and supplies for patients.
One way to do that is to connect all stakeholders in the home-based care industry through technology, Stadvec said.
“When we think about technology, we think about connecting all of the stakeholders that are involved,” she said. “Everyone from payers, the insurance companies, the prescribers, physicians, patients, as well as the home-based care suppliers — connecting them with infrastructure and our technology is really rewiring that ecosystem for home-based care,”
The idea is to automate the delivery system of equipment as much as possible and to shift the way patients and other stakeholders get equipment into a more tech-advanced future.
“What we think our tech does is streamline that process,” Stadvec said. “We partner directly with health plans and act as a technology layer on top of their existing networks.”
Expanding on the company’s aggressive growth plans, Stadvec said Tomorrow Health is not looking to serve 100,000 patients or even 1 million patients. The company’s goals are bigger than that, knowing what opportunities lie ahead in the home-based care space.
“We’re really excited to essentially build on this growth,” she said. “Our vision is to serve 100 million patients for home-based care. When we think about the path to getting there, it’s about scaling that impact, driving new partnerships, continuing to [add to] our team and building our technology. Making sure that our infrastructure can actually serve at that scale.”
In a world where society expects the convenience of groceries being delivered to their door and cars picking them up whenever and wherever, the same should be expected for health care, Stadvec said.
“The pace of technology [in this space] hasn’t kept up with modern expectations,” she said. “I think the reason this has worked in other markets is a combination of consumer demand and aligned incentives. We think we’re doing something very different in actually aligning those incentives and really trying to change that infrastructure fundamentally to cover the full scope.”
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