Why We Invested in Qure4U
The consumerization + digitization of healthcare is a shift we’ve been following very closely at Volition. The combination of increasing healthcare costs, regulatory tailwinds, and consumers that are savvier than ever has created an opportunity for technology vendors to help bridge the gap between patients (read: consumers) and providers.
On Thursday we announced a $25M investment in Qure4u, a digital health platform based out of Bradenton, FL. Qure4u is a Company that fits Volition’s investment focus to a tee. Led by founder and CEO Dr. Monica Bolbjerg and an all-star team of HCIT veterans, Qure4u was built from the ground up to address the pain points Monica herself experienced as a physician. With the ultimate goal of enabling physicians to focus on what they do best – caring for patients – the Qure4u team works tirelessly with customers to continue innovating.
We are excited to be partnering with the Qure4u team to continue investing in growth and innovation. Below are a few of the many reasons why we invested in Qure4u.
The market is demanding a holistic digital care solution
Qure4u provides a holistic suite of products, including scheduling, digital check-in, patient intake, telehealth, and remote patient monitoring, that is built on a single platform. Our research indicates that physicians have a strong preference to use one solution across the care continuum: physicians neither want to be trained on multiple solutions nor be constantly switching browser windows to access them. This preference is also shared by CIOs: the risk associated with integrating patient data from multiples systems is too high as small errors or discrepancies can impact patient outcomes, not to mention the IT costs to continuously maintain multiple solutions. One platform, one UI, and one database is desired and Qure4u delivers on that promise.
Regulatory tailwinds favoring HCIT vendors
EHR integrations are key to gain access to patient data and full leverage from digital health solutions. Historically, however, innovators in the space have been exposed to the risk of getting ‘cut-off’ from EHRs, forced to walk the fine line of co-opetition with them. The 21st Cures Act, however, has removed such fears. With the final rule of the act implemented last April, HCIT companies will be able to integrate into and leverage EHR data freely to continue innovating.
Reimbursement for digital care has also made a big leap. With telehealth, remote patient monitoring, and other digital care solutions being embraced by payors, the budget for providers to invest in and adopt digital health solutions continues to expand. This is a welcomed trend to not only Qure4u but to all in the HCIT ecosystem.
Happy customers that view Qure4u as a partner, not a vendor
Happy customers are a crucial element across all of Volition’s investments. After speaking with a number of Qure4u’s customers during our diligence we learned that not only are they happy with the solution, but also view Qure4u as a long-term innovation partner. With more than 15,000+ daily users serving over 10M+ patients, Qure4u is the highest rated and most rated app on the Athenahealth marketplace. The strength of its product and vision has been endorsed by leading Analysts such as Forrester, which rated it as a Strong Performer on its latest Virtual Care Platforms wave, ahead of many well-known vendors in the HCIT market. The culture at Qure4u revolves around customer success and innovation, a combination that we believe will lead to a very successful business.
Strong, visionary leadership team with a capital efficient operation
Most importantly, we are big believers in the people that make up Qure4u. Monica is a charismatic leader with a product vision that is driven by her own experience as a physician, enabling a level of depth and foresight that is difficult for others to match. The Company has also attracted an impressive leadership team of HCIT veterans that have deep expertise in digitizing healthcare and empowering providers. Furthermore, all the accomplishments to date, including 140% YoY growth, have been achieved while remaining bootstrapped, demonstrating strong operational discipline. We are confident in the team’s ability to innovate and build a category leader with the new investment.
We are excited to partner with the Qure4u team and welcome them into the Volition family.