Sleep Data Gets $6M Investment to Accelerate Expansion of Virtual Care Platform
San Diego-based sleep medicine practice Sleep Data has received $6 million from HCAP Partners, a San Diego-based provider of growth capital to middle market companies, to fuel the continued market expansion of its virtual care platform “BetterNight.” BetterNight includes telehealth and remote patient monitoring for those with sleep apnea as well as a digital therapeutic solution based on cognitive behavioral therapy for those who suffer from insomnia.
Sleep Data launched BetterNight in 2018. Care is accessed via telemedicine and remote patient monitoring and maintains a 99% patient satisfaction rate, according to Sleep Data. BetterNight partners with providers, accountable care organizations, clinics, employers, health plans, and consumer aggregators. Sleep Data serves more than 22,000 patients annually. BetterNight uses Sleep Data’s clinical expertise and operational quality as it continues to expand nationwide with its scalable virtual care platform.
“With the aging of our population and new awareness around the negative health and performance consequences of inadequate sleep, a tsunami of new consumers will be entering an inefficient and costly sleep system that does not produce good outcomes,” says Sleep Data CEO Dave French, in a release. “We have seen rapid consumer acceptance and adoption of telehealth, in-home testing, and remote patient monitoring. Today’s announcement—and the incredible support of our partners at HCAP—will accelerate the commercialization of our virtual platform, which helps participants quickly receive the care they deserve. Our solutions increase access to much-needed care and are delivered at lower unit costs while achieving superior outcomes. We are excited to continue to rapidly deploy nationwide based upon our recent regional successes in states including Arkansas, Illinois, Nebraska, and California.”
Dominic Munafo, Sleep Data’s chief medical officer, says, “Sleep disorders are highly prevalent, underdiagnosed, and have a high negative impact on overall health and healthcare costs. Individuals with untreated sleep apnea had inpatient costs 82% higher than treated patients. Apnea is causal for hypertension and associated with conditions like coronary artery disease, stroke, obesity, and type 2 diabetes.”
HCAP Partners’ investment was led by Tim Bubnack and Hope Mago. “BetterNight has become a category-defining company in sleep care,” says Tim Bubnack, managing partner at HCAP Partners. “The BetterNight team’s vision, rigorous clinical focus, and intelligent application of scalable technology across multiple platforms has raised the bar for what healthcare buyers, providers, and individuals should expect from modern sleep health solutions.”
from Sleep Review http://www.sleepreviewmag.com/2019/10/sleep-data-gets-6m-investment-accelerate-expansion-virtual-care-platform/