Carevive Systems has received Series C funding from new investors Philips Health Technology Ventures and Debiopharm Innovation Fund, and existing investors Cerner Capital, HLM Venture Partners, LRVHealth, and Co-Founder/CEO Madelyn Trupkin Herzfeld.
This new funding round will strengthen Carevive’s position as the market leader in understanding and improving the cancer patient experience. “We are grateful for the opportunity to work with passionate clinicians and researchers dedicated to advancing cancer care. Together, we are proving that Carevive technology improves cancer patient engagement and ultimately survival outcomes. The real-world Patient Experience Database we are building will enable oncologists to offer the best possible treatment choices for patients and will be invaluable in the development of breakthrough therapies that offer the promise of curing cancer in the future. I am grateful for Philips, Debiopharm, and our existing investors for their support on this incredible journey.” said Madelyn Trupkin Herzfeld, Carevive’s Co-Founder and Chief Executive Officer.
Better Technology to Improve Patient/Provider Experience, and the Delivery of Cancer Care
Carevive’s mission is to improve the patient experience and empower cancer programs to meet requirements of an evolving reimbursement landscape. Leading oncology care providers use Carevive software embedded within their EMR workflows to generate personalized patient care plans and to remotely monitor and manage patient symptoms at home.
Carevive customers are top performers in the Centers for Medicare and Medicaid Services’ (CMS) value-based reimbursement program, the Oncology Care Model (OCM). OCM is built on the premise that providing enhanced patient services will improve outcomes. Several studies, including those presented by Carevive and its partners, demonstrate that such interventions result in improved overall survival, decreased ED visits and hospitalizations, and improved quality of life. Carevive’s technology platform will continue to empower providers to succeed in the next generation of oncology value-based programs, including the new CMS Oncology Care First model starting January 2021.
University of Alabama (UAB), leaders in patient navigation and top performers in the OCM, are Carevive customers. “We are excited to use Carevive’s technology to evaluate patient symptoms and provide real-time management and care coordination seamlessly within our EMR. UAB has demonstrated significant cost reductions by providing additional patient services through the OCM program, resulting in performance payments from CMS. I believe that home-base symptom management is a critical component of high-value care for our cancer patients.” said Dr. Gabrielle Rocque, a leading medical oncologist at the University of Alabama’s O’Neal Comprehensive Cancer Center.
Rich Wilmot, Head of Philips Health Technology Ventures said, “We partner with innovative companies with complementary strengths, as we aim to provide our customers with integrated solutions to help them to deliver on the Quadruple Aim of healthcare: improved patient experience, better health outcomes, improved staff experience, and lower cost of care. Carevive’s suite of patient engagement and clinical cancer care management technologies are very promising and we look forward to working with the company to further improve patient care.”
Unlocking the ‘Missing Puzzle Piece’ in Cancer Real-World Data – The Cancer Patient Experience
Carevive’s current customer base includes dozens of leading community and academic health systems across the U.S. who are now joining Carevive OPT-IN® (The Oncology Pragmatic Trial Investigator Network) to build one of the largest patient experience data repositories in the world. These data will provide the critical ‘missing puzzle piece’ in today’s available real-world evidence. Carevive is building 16 cancer-specific patient experience databases to enable providers to continuously improve patient care, receive better access to novel therapies of the future, and inform innovative and efficient clinical trial design.
“As a researcher who has spent many years studying technologies that improve outcomes by engaging patients, it is gratifying to see Carevive help practices enhance care delivery processes to improve the patient experience,” said Dr. Ethan Basch, a medical oncologist and expert in patient-reported outcomes who chairs the Carevive Scientific Advisory Board.
“We are delighted to be joining Carevive in their ongoing journey bringing the patients’ voice into routine care to improve outcomes” said Tom Gibbs, Director at Debiopharm for digital health investments, “with Debiopharm’s pharmaceutical development activities in mind we are also very excited about the creation and use of real-world evidence datasets that include patient experience as well as clinical data.”
Carevive Systems, founded in 2013, is an oncology-focused health technology company focused on understanding and improving the cancer patient experience. Our platform enables providers to deliver better quality cancer care, and patients to be more engaged in their care, that will improve survival outcomes. Use of Carevive in the clinic unlocks critical data on the real-world cancer patient experience to continuously improve patient care today and provide better access to novel therapies in the future. For more information, please visit www.carevive.com.
About Philips Health Technology Ventures
Philips Health Technology Ventures manages a business-agnostic digital health fund investing capital in future partners to help drive Philips’ digital transformation and jointly achieve the Quadruple Aim in healthcare. For more information, please visit https://www.ventures.philips.com/
Debiopharm develops, manufactures and invests in innovative therapies and technologies that respond to high unmet medical needs in oncology and bacterial infections. The objective of our investment arm is to provide strategic funding and guidance for companies with Smart Data & Digital Health solutions with the ambition to change the way drugs are developed and the way patients are treated. Our growing portfolio company achievements includes 18 FDA clearances or CE marks and 2 IPOs. Since 2008, the company has invested nearly USD 100 millions and led 10 out of the 14 last investment rounds in its portfolio companies. For more information, please visit www.debiopharm.com.