Florence raises $20M to modernize patient experience while using technology to improve emergency room clinical capabilities – AlleyWatch
One of the biggest challenges facing the healthcare industry that hinders the delivery of quality healthcare is the lack of optimization of clinical workflows. This challenge permeates other aspects of the healthcare system, including declining patient outcomes, staffing shortages, staff burnout, and lack of interoperability between different systems. Florence A healthtech platform that starts in the emergency department and aims to streamline patient management and the patient experience. The patient experience begins with the company’s mobile His app, where the patient can collect typical intake information (insurance, registration, payment, medical history and symptoms, and consent) on the way to her ER. By layering and enriching patient data, healthcare professionals can reduce initial assessment and diagnosis time while providing real-time updates and instructions to patients. The platform also handles hospital discharge and subsequent treatment and follow-up planning. By integrating technology into workflows, Florence increases the clinical capacity of emergency rooms (typically the busiest units in hospitals), leading to increased revenues, reduced administrative burden and improved patient outcomes.
alley watch Catch up with the founder and CEO of Florence Anik Rahman To learn more about the business, company launches and strategic plans, recent funding rounds, and more…
Who are your investors and how much did you raise?
After raising $20 million in a seed round, we are very happy to announce that we have officially launched. Thrive Capital, GVand Salesforce Ventures with participation from Vast Ventures, Box Group, and Attent Capital.
What products or services does Florence offer?
Our technology solutions deliver a modern consumer experience while reducing operational overhead. Start with the emergency department and give your patients an experience that rivals any consumer-centric industry. Through Florence, patients can track and accelerate their movements via smartphone, update clinical information, manage prescription fulfillment, initiate self-discharge, and more, increasing patient satisfaction while enhancing clinical performance. I can.
What inspired the beginning of Florence?
I have always been involved in the field of venture capital. We have invested in a portfolio of 100 companies, many of which are healthcare related. Prior to joining Florence, he had the honor of serving as president of Moat, which Oracle acquired for his $850 million in 2017. But my plans were unexpectedly interrupted in 2018 when his father called from an ambulance during a heart attack. Fortunately, the hospital was able to save his life, but the difficult process gave me a new perspective. witnessed the brave efforts of But we have also seen chaos and dysfunction in the hospital environment, largely due to outdated technology, siled systems and bureaucratic red tape.
As a result, we assembled a team with diverse backgrounds spanning both consumer and enterprise industries to create an experience that rivals the ease and convenience of services like Spotify and Uber for hospitals. Our goal was to improve the experience of his 145 million patients who visit the emergency department each year by reimagining how the patient experience is delivered. And so Florence was born.
How is it different from Florence?
Florence works with major healthcare systems to address the most important constraint in care: clinical capacity. At the same time, we prioritize the patient experience. This is especially important in the emergency department, which is often the first stop for patients seeking help. Our approach is rooted in asynchronous care, the cheapest and most effective way to provide quality care. With more than 10,000 babies born every day in the United States and a growing number of people who either need government assistance for their health care or are underinsured, improving the health care system is economically viable. and socially essential. Streamlining and improving care capabilities not only improves the patient experience, but also saves nurses and doctors valuable time. We are thrilled to be fully committed to our mission to make healthcare more efficient, accessible and patient-centered.
What market and size does Florence target?
We are entering a medical technology market valued at $142.7 billion in 2022 and broadly addressing rising healthcare costs that currently total $4.1 trillion in annual spending.
what is your business model?
Florence is an enterprise software as a service company. We sell our technology to emergency rooms and other medical facilities. There are plans to expand to non-hospital medical settings such as emergency care, surgery centers and clinics.
How are you preparing for a potential economic slowdown?
Hospitals and healthcare systems are facing their worst fiscal year in decades. In an increasingly competitive market, we focus on delivering a true return on investment where our customers are hit hardest: rising labor costs, staffing shortages and patient satisfaction. I’m putting
What was the fundraising process like?
Fortunately, we have been building relationships with our investors for many years. It’s been a really efficient process in terms of investors keeping up with our vision. Josh Kushner and Kareem Zaki The two guys from Thrive Capital who led our round have helped us with the introduction of ideas, clients and talent since our inception.
What was the biggest challenge you faced in raising capital?
Healthcare is a complex and dynamic industry, and many venture capitalists either are not actively investing in this space or use a very narrow lens on the types of deals they do in this space. Selling software to hospitals in particular is a niche many VCs avoid due to long sales cycles and complex integrations.
What factors in your business are driving investors to write you checks?
Despite having one of the best healthcare systems in the world, the United States faces many challenges, from operational inefficiencies to high costs and uneven access to healthcare. Florence seeks to solve these problems at the root by introducing new technologies and streamlined processes that make healthcare more affordable, accessible and patient-centric. Prioritizing the patient experience has the potential to disrupt traditional healthcare delivery models and create a more competitive system that can serve as the rest of the world. Many of our investors believe in the same vision of using asynchronous treatments to provide a better and more equitable healthcare experience, and we are fortunate to be able to work with them.
What milestones do you plan to achieve in the next six months?
Right now, our focus is on expanding our reach to additional ERs across the U.S. In the future, we hope to improve our healthcare delivery in areas such as surgery, oncology and cancer treatment, and expand our reach to many more. We hope to continue to improve healthcare across specialties.
What advice can you give to New York companies that haven’t injected fresh capital into their banks?
Raising money in this market is more difficult, but there are still plenty of investors looking to trade. If venture funds don’t work for you, try angel investors, family offices, and foundations that make direct investments.
Where do you see the company going now in the near future?
In our view, local health care is often the best approach. Of the $4 trillion currently spent on healthcare annually in the United States, only a fraction of it is spent on hospitals. Our ultimate goal is to enable hospitals to succeed and compete with Amazon, CVS, and Walmarts globally by giving them the tools they need to expand their healthcare offerings. We help hospitals stay competitive by providing the best possible care to their patients in the hope that we can build a more sustainable and patient-centered healthcare system that makes a real difference. I’m here.
Where is your favorite coffee shop or location in the city to hold a meeting?
Cafe in the lobby of Fotografiska — a beautiful building and usually a quiet place. In addition, it would be nice to support the museum while having a coffee meeting. I live in Gramercy too, so it’s easy.
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https://www.alleywatch.com/2023/03/florence-emergency-room-operations-management-platform-clinical-capacity-aniq-rahman/ Florence raises $20M to modernize patient experience while using technology to improve emergency room clinical capabilities – AlleyWatch