Although the start of the COVID-19 pandemic in the U.S. was three years ago, hospitals and health systems still feel its effects today. Hospitals did everything they could to ensure critical services and programs remained available for patients during the past three years. However, this led to billions of dollars in losses; roughly 33% of hospitals are currently operating on negative margins, according to the American Hospital Association.
Now, hospitals face increased workforce expenses, drug expenses, and medical supply expenses amid the economy-wide inflation. Managing to stay proactive to serve their communities (with added-on pressures from increased expenses and declining operating margins) is a feat for healthcare systems in the U.S.
Needless to say, these systems appreciate a little assistance with the goal of improving the overall patient experience.
So, enter Vital, an AI-driven digital health company improving that patient experience. Vital’s platform powered by AI and natural language processing (NLP) keeps patients in-network, generates millions in revenue for health systems, and improves the care experience through actionable and personalized patient content, automated communication and real-time feedback.
To fuel expansion and support the rapid growth of its modern software, Vital raised $24.7 million in Series B funding led by Transformation Capital. With the funding, Vital plans to further expand the team and launch new features aimed at enhancing clinical decision support, care coordination and patient experience.
“Our intelligent software keeps patients engaged and informed, while automating tasks for staff who manage emergency department visits and inpatient stays,” said Aaron Patzer, CEO of Vital. “With this funding, we will advance the impact of our technology for patients, families and clinicians.”
Vital offers ERAdvisor software for emergency departments and CareAdvisor solutions for inpatient care settings that provide a contemporary, patient-centered experience, boosting revenue and staff morale, and positively impacting the lives of thousands of patients and families every day. The company's user-friendly solutions can be easily accessed through a patient's mobile phone without requiring any downloads or passwords.
The company, founded in 2019, broadened its software solutions to include the inpatient environment, introduced fresh features such as Experience Management and Lab Results tools, and recruited experienced industry experts in technology and health to join its teams.
“The Vital team continues to rapidly innovate for its health system partners and is poised to become the leading patient experience and advocacy platform and we expect monumental growth in 2023 and beyond,” said Todd Cozzens, managing partner at Transformation Capital.
Over the previous year, Vital experienced substantial expansion by collaborating with more than 40 new hospital clients, including establishments within Allina Health, CommonSpirit Health and Emory Healthcare. The company is on pace to impact over one million patient lives and support 100,000 clinical tasks in 2023.
Edited by
Alex Passett
