OpenLoop raises $15M to enhance virtual care support services

OpenLoop, which provides staffing and support to digital health companies launching virtual care services, garnered $15 million in Series A funding and announced a nationwide payer network and revenue cycle management service.  

Nava Ventures led the round with participation from PrimeTime Ventures, UnityPoint Health Ventures, ManchesterStory and SpringTide Ventures. 

WHAT THEY DO

The Iowa-based company offers regulatory and legal assistance, telehealth infrastructure, provider staffing, administrative services and revenue cycle management to companies building virtual care services. 

The company’s payer coverage and revenue cycle management service merges its nationwide payer coverage clinician network with its revenue cycle management offerings to help digital health companies with the reimbursement and payment process. 

“OpenLoop has seen amazing growth within our company in the last year. Our commitment to providing virtual care services that focus on supporting superior and meaningful patient care at every touchpoint is what’s driven that success. We look forward to the opportunities this next round of funding will bring to the company and our clients,” Jon Lensing, CEO and cofounder of OpenLoop, said in a statement. 

MARKET SNAPSHOT

In 2022, OpenLoop scooped up $8 million in Series A funding, a year after it closed an oversubscribed $3 million seed round.

Another virtual care staffing and services vendor is Wheel, which raised $150 million last year in Series A funding, bringing its total raise to $216 million. In November, the company acquired GoodRx’s backend virtual care technology for $19.5 million in cash. 

However, Wheel was not immune to the recent string of layoffs among tech companies. Over the summer, the Texas-based outfit laid off 17% of its staff, or 35 employees, and last month let go of 56 employees, or 28% of its workforce. 

Emily Kwan will offer more detail at her HIMSS23 session “Implementing an AI NLP Tool to Address SDOH Needs.” It is scheduled for Tuesday, April 18, at 1:30 p.m. – 2:30 p.m. CT at the South Building, Level 1, S105 C.