Omada Raises $192M for Chronic Condition Management

Almost by definition, chronic conditions require continuous attention beyond what a doctor can give in a few visits every year. On top of this, confounding factors often cause patients to develop multiple chronic conditions simultaneously, creating a need for integrated whole person care like that delivered by Omada Health.

Omada Health recently closed a $192M Series E round to help treat polychronic patients through a single platform, boosting the startup’s valuation to $1B and making it a likely candidate for an IPO once the current market choppiness (to put it lightly) begins to subside.

  • Since initially developing its platform for prediabetes management in 2011, Omada has expanded its virtual services to other treatment areas such as hypertension, behavioral health, and musculoskeletal conditions.
  • Omada’s programs combine virtual support from a personalized care team with connected remote monitoring devices, which feed data into the Omada Insights Lab to personalize interventions and drive behavioral change.
  • The company currently serves 1,700+ employer and health plan customers (up from 1k in 2019), with multi-product contracts accounting for 32% of last year’s new business, growth that suggests customers are embracing Omada’s single-platform approach. 
  • The latest funding will go towards hiring, integrating more point solutions into a unified service, and investing in the Omada Insights Lab to continue tuning its data-driven interventions.

The Takeaway

Omada’s single-platform strategy for treating multiple chronic conditions could give it an edge against a crowded landscape of competitors focusing on more specialized treatments, including Verily subsidiary Onduo and Livongo / Teladoc.

The more conditions Omada can bring onto its platform, the more comorbidity data it can feed into the Omada Insight Lab, driving its flywheel of more data leading to improved engagement, more behavior change, and ultimately better outcomes.

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-- The Digital Health Wire team