Healthcare consumerization is all the rage, and not many startups are driving it forward faster than DexCare, which just landed $75M in Series C funding just two years after spinning out from Providence.
The round brings DexCare’s total funding to $146M as it looks to help health systems attract new patients, capture more downstream revenue, and control costs to fuel growth.
How does DexCare achieve this holy trinity of value propositions? By allowing providers to “merchandise their care” and manage both sides of the access problem.
- On the front-end, DexCare helps generate demand by making the right care more discoverable through search engines and provider websites. The platform matches patients to best-fit providers, settings, and care modalities, then facilitates seamless appointment booking.
- On the back-end, DexCare manages workforce supply by forecasting demand and monitoring staff utilization, then precisely coordinates scheduling across service lines / modalities to optimize capacity and operational costs.
DexCare already reaches more than 57M patients across all 50 states, but the additional funding will continue to accelerate its expansion while building out its product portfolio.
- Since the spin out, DexCare reports that it’s boosted new-patient bookings by 30%, generated 20% cost reductions per patient encounter, and increased downstream revenue for its partners by a whopping 8x multiple.
- Those are some pretty impressive stats, and the fact that DexCare was able to raise an oversubscribed round in a tough funding environment seems to back them up.
Although the “digital front door” tag might be overplayed, DexCare’s platform really lives up to the title. Providers are still investing heavily in the infrastructure to capture a new generation of hybrid-care-first consumers, and last time we checked frontline workers were still burned out. DexCare is well positioned to capitalize on both trends, and its value proposition will only resonate louder if hospitals continue to struggle with financial and workforce challenges.