Providence health-tech spinout DexCare raises $50M

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Derek Street, CEO of Dexcare. (Dexcare Photo)

Seattle Health-Tech Startup dexcareProvidence’s split from Digital Innovation Group announced $50 million in funding on Thursday.

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Providence initially launched DexCare in 2016 to help with digital patient acquisition for its same day care business. Providence Express Care Virtual, DexCare’s software platform helps manage healthcare system capacity and appointment bookings, navigating patients to the most appropriate care setting.

DexCare is now used at other locations in Providence and by Kaiser Permanente, Mass General Brigham, Houston Methodist and other customers.

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“Hospitals are moving toward hybrid care and need a single solution to attract new patients and connect them with their own caregivers virtually and personally,” the CEO said. Derek Street In a statement, “This investment will help us accelerate platform development and market advancement for a growing number of major healthcare systems.”

Street previously co-founded C-SATS, a Seattle startup that uses technology to grade surgeons and was acquired by Johnson & Johnson in 2018, and he also founded Eready and Mediify.

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The new funding comes on the heels of a $20 million funding round last March, which helped expand the company’s platform capabilities. The platform covers a variety of health systems, from national health systems to educational centers, and modalities of care, including video and phone appointments. The system is integrated with social media and can book televisits instantly.

“Dexcare brings a comprehensive patient access and intake platform to healthcare systems,” said todd cogens, Managing Partner at Transformation Capital, which led the funding round. “Competition for patients is a major issue in 2022 for hospitals.”

Other spinouts from Providence Innovation Group include Xealth, which recently raised $24 million, and Circle, which was Acquired by Wildflower Health, Providence also runs Providence Ventures, $300 million venture capital fund Which invests in early-to-mid-stage healthcare companies.

Providence is also an investor in the Seattle-area healthcare data company Truvata and was involved in forming the company.

The new Series B funding round also included participation from existing investors Kaiser Permanente, Providence Ventures, Mass General Brigham, Define Ventures, Frist Cressey Ventures and SpringRock Ventures. Renton, Wash.-based is the largest healthcare provider in Providence Washington and operates About 50 hospitals and 800 other facilities in several states.

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