Redi Health Lands $14 Million Investment to Continue Improving Patient Health Outcomes by Connecting Pharma, Providers, and Patients in One Platform
Redi Health announced that it has closed $14 million in Series B funding. The funding round was led by Blue Heron Capital, with participation from North Coast Ventures and existing investors Refinery Ventures, Mutual Capital Partners, Rev1 Ventures and M25. Redi Health will use the financing to foster innovation, develop and launch new products, expand its unique network and accelerate overall growth. The funding underscores Redi Health's success in reaching millions of patients across the country, solidifying its position as a leader in the digital health space.
Luke Buchanan, Co-Founder, and CEO of Redi Health stated, "We are at a pivotal moment in healthcare, where technology integration can significantly enhance patient care and outcomes. This new financing is a testament to the hard work of our team and the support of our investors. With Blue Heron Capital's backing, we are poised to bring new products to market, expand our reach, and continue to innovate at the intersection of technology and healthcare. Our goal is to make comprehensive, patient-centered care accessible to millions more across the country."
Current Patient Support Programs (PSPs), which are typically provided by pharma to patients who are taking their complex, high-cost medications, have proven to make a significant impact on patients, but they are outdated and extremely challenging to access. PSPs require a large number of full-time employees, rely primarily on phone and fax communication, and need a healthcare provider (HCP) to enroll patients using a physical enrollment form. This results in a non-adherence rate of approximately 70%, resulting in an estimated annual revenue loss of $637 billion for the pharmaceutical industry.
Redi Health bridges the gap between consumer technology and clinical health and support, connecting Pharma, providers, and patients in one platform. Redi Health engages patients daily and offers medication reminders, symptom management, diet and nutrition advice, weight and activity tracking, and health literacy and education. Uniquely integrated pharma support provides brand-specific content, condition-focused trackers, and digitally accessible financial assistance, as well as enrollment into Patient Support Programs.
Read more about the financing here