On the heels of relaunching as 98point6 Technologies following the divestiture of our Care Delivery Division by Transcarent last month, I wanted to take the opportunity to address the many questions I have received as to why we made the shift from virtual care provider to SaaS company partnering with the most recognized healthcare brands. Since 98point6 was founded in 2015, our mission has always been focused on creating a technology-driven, on-demand platform crafted by physicians for physicians. We worked to successfully identify and close severe gaps in the virtual care space, and grew aggressively by building an incredibly talented team, investing in product innovation and working hand-in-hand with our customers to make primary care more accessible and affordable. Prior to and during the pandemic, many of the largest employers in the country like Boeing and Chipotle relied on 98point6 to offer their employees a premium virtual care experience.
Today, we see a similar trajectory of unmet need among healthcare institutions looking for solutions to enable premium digital care experiences for their patients.
Since the onset of the pandemic, health systems have been working hard to adjust backend processes so they can meet rising patient demand for hybrid care delivery models. When asked, only 13% of health systems consider themselves ahead of the pace of change consumers expect with regards to digital capabilities. At the same time, tech and healthcare heavyweights have made significant investments in this area, adding more financial and competitive pressures to the market.
Our evolution to 98point6 Technologies comes at a time when every healthcare provider is on an urgent mission to compete in an increasingly crowded and undifferentiated marketplace. Our job now is to take what we’ve learned as 98point6, and offer them a time-tested, clinician-approved virtual care platform that meets the needs of both patients and providers. The 98point6 Technology Platform has been shaped by best practices developed over years of operating a standalone clinic staffed by providers on the virtual care front lines. The interest for this offering has been robust, and we are already implementing licensing deals with a number of healthcare organizations like MultiCare Health System’s Indigo Health and others that we look forward to announcing soon.
To scale our software business even further for current and future partners, we just closed a $30+ million financing round that will enable us to continue developing innovations for the platform, like data modeling and AI. Features like these will strengthen the value healthcare providers are delivering to patients and help them keep up against emerging competitors.
As we look at the most pressing challenges in the healthcare industry today, we see a huge opportunity in the market for purpose-built solutions, built for and by providers. With ample opportunity for innovation as we enter our next phase of growth as 98point6 Technologies, I believe we’re poised to meet that opportunity in a way no other company can. We have a significant lead in the market that cannot be easily replicated, and we look forward to continuing the momentum and providing more updates in the weeks and months ahead.
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