NEW YORK--(BUSINESS WIRE)--Healthcare technology platform Parachute Health announces it has raised $5.5 million to expand nationwide and transform the way patients receive the critical medical equipment they need after leaving hospitals and nursing homes.
Parachute solves multiple enduring challenges in the healthcare system by lowering costs, eliminating fraud, increasing efficiency and ensuring patients actually receive the medical equipment and services they need -- such as oxygen tanks, hospital beds, walkers and wheelchairs.
Parachute’s $5.5 million in seed funding will enable the company to expand nationally. The company’s investors include Greater New York Hospital Association Ventures, Loeb Holding Corporation, Anthony Welters (Former EVP/Office of CEO for United Health Group), Fred Browne (Former President of McKesson Extended Care) and leading healthcare innovators. The company is also in the process of raising a Series A funding round to launch additional healthcare products and services.
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Until now, most of the $50 billion spent annually on Durable Medical Equipment (DME) was ordered by fax machines and monitored through paper records. Parachute integrates directly with Epic, and other widely used electronic medical record softwares, to create a completely digital process based on sophisticated machine learning technology that ensures compliance with ever-changing insurance requirements.
Due to antiquated and inefficient ordering systems that don’t provide electronic delivery confirmation, more than 15% of orders for medical equipment are never delivered, and countless more orders are delivered days, weeks or months late. For patients who otherwise wouldn’t get critical equipment when needed, Parachute reduces patient readmissions by 60%.
“Imagine ordering shoes using a fax machine instead of the internet. You wouldn’t know if your order was received and even if it was, your shoes could arrive a week or even a month late. Now imagine if it wasn’t shoes, but the oxygen tank that you needed to breathe,” said Parachute CEO David Gelbard. “Despite decades of advancement across industries, healthcare still relies on the fax machine. With Parachute, we are improving the experience for patients and caregivers alike.”
"Parachute reimagines one of the most anachronistic hospital work flows, organizing resources for patients upon discharge,” said Lee Perlman, President of Greater New York Hospital Association Ventures. “They have replaced the inefficient and time intensive paper and fax process to order and get insurance approval for services such as Durable Medical Equipment, and by doing so are getting patients home sooner with the resources they need."