Aims to Expand Its Consumer Decision Support Tool Kit
NEW YORK–BUSINESS WIRE — Vitals, the company that helps consumers find the right doctors and understand their care options and costs before their appointment, today announced that it raised $22 million in Series C funding. Investors include Piper Jaffray Merchant Banking, Cardinal Partners, Health Enterprise Partners, Milestone Ventures Partners and Greycroft. Vitals is already at the forefront of this new consumer era of health care, and with this round of funding, is poised for continued growth.
“As more health care decisions are placed in the hands of consumers, we’re seeing increased demand for transparency tools and data throughout the health care space,” said Mitch Rothschild, CEO of Vitals. “Our goal is to continue providing consumers with useful tools, critical data and doctor reviews in ways that help them make more informed decisions about their health care.”
Funding will be used to expand the Vitals consumer footprint, which has been growing rapidly. That expansion includes better data, more tools, helping consumers know the cost of their healthcare and developing decision-support tools for health insurance choice.
This latest round of funding comes just before the health care system undergoes tremendous change. With the Affordable Care Act taking effect in January 2014, 30 million more Americans will be entering the paying healthcare system. Vitals compiles millions of doctor reviews along with physician information from thousands of public sources to help consumers find the best doctor for them. While people have used similar review and ratings sites to find restaurants and hotels for years, they are now growing increasingly reliant on review sites for important health care decisions.
“We are living in a world where consumer technology and health care are converging, and Vitals is a leader in this important industry,” said Tom Schnettler, Managing Director, Piper Jaffray Merchant Banking. “The company’s online tools are already meeting tomorrow’s health care needs, providing consumers with essential information to help them make better choices about where they receive their medical care. We see a growing need for Vitals’ services as health care options expand.”
Vitals was ranked the 47th Fastest-Growing private U.S. company in 2012, and is a Top 200 web property, serving 13 million patients each month.
Lowenstein Sandler LLC provided legal counsel to Vitals on the deal.
Vitals, the consumer brand of MDx Medical, Inc., aims to make better health possible. We build tools that enable people to make informed decisions about both the quality and cost of their medical care. Through health plans, hospitals, and our leading consumer websites, each year Vitals helps more than 150 million people access information for better, more affordable care.