Saturday, April 4, 2020
Breaking Medical Device Industry News

RubiconMD Secures $18M in Series C Financing Led by Deerfield Management Company

Saturday, April 4, 2020

RubiconMD, the leading eConsult platform providing access to specialist expertise, today announced it raised $18 million in Series C funding led by Deerfield Management Company. Also participating in this investment round are existing investors including Optum Ventures, HLM Venture Partners, Waterline Ventures and Heritage Provider Network. To date, the Company has raised more than $40 million.

As part of the financing round, RubiconMD is adding Julian Harris, M.D., Partner at Deerfield, to the Company’s Board of Directors. Trained as a primary care physician, Dr. Harris has played a key role in helping to accelerate the country’s shift towards value-based payment through senior roles in the public and private sector.

“We are at a crucial moment in the shift towards a value-based health care system, with private and public payers seeking to find innovative ways to improve quality and affordability,” Dr. Harris said. “By enabling primary care clinicians to practice at the top of their license, RubiconMD serves as a vital partner for the country’s most innovative primary care groups, helping them to improve outcomes for patients and to reduce costs for our system.”

Optum Ventures, who co-led the Company’s last round of funding, joined Deerfield in the current round. “By removing the barriers to receiving specialty insights in all settings of care, RubiconMD is driving healthcare towards a more accessible, value-based ecosystem,” said Laura Veroneau, Partner at Optum Ventures and Board member. “RubiconMD has seen remarkable growth and we are thrilled to continue partnering in their work to bring the healthcare industry into the future.”

Motivated by their own experiences within the healthcare system, CEO Gil Addo and President Carlos Reines founded RubiconMD in 2013 to bridge the gap between primary and specialty care. Today, the platform offers quick access to specialist insights across more than 120 specialties. The company has partnered with the top payors in the country to scale its offering.

“We are delighted to bring on Deerfield as an investor,” said Addo. “Deerfield’s experience, reach and commitment to realizing the future of healthcare will be pivotal as we continue to break down barriers to access and ensure all patient populations receive the care they need.”

The Company expects to use the new capital to fuel its ongoing growth. RubiconMD also plans to leverage its data to deliver new product offerings to better serve primary care clinicians. “Our goal has always been to empower primary care.” said Reines. “We remain focused on ensuring that the right information is delivered into the hands of the primary care clinician at the right time, so they are able to drive towards better, more efficient care delivery.”

 

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