Canvas Medical Raises $17 Million to Accelerate Value-Based Care Platform Growth
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New funding powers health plan partnerships and growth in value-based arrangements with physician practices
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SAN FRANCISCO, April 8, 2021 /PRNewswire/ -- Canvas Medical, the only complete software platform for value-based care, today announced $17 million in funding. The financing was co-led by Inspired Capital and IA Ventures, with participation from IRONGREY and previous investors Upfront Ventures and iSeed. Designed to help doctors and insurers collaborate on high-quality patient care, Canvas software replaces traditional electronic health records (EHRs), practice management systems, telehealth tools, and myriad bolt-on applications with one unified system, purpose-built for value-based care.
"Physicians in every corner of the country have told us they need better technology to succeed in new payment arrangements with their insurance partners. Not just faster software that's easier to use, but smarter software," said Andrew Hines, founder and CEO of Canvas Medical. "Leading insurers know their longitudinal data is key to building smarter clinical systems, and they know a reimagined EHR is the ideal context for those insights to empower clinical teams day in and day out."
Historically, independent primary care practices have had to rely only on the data they enter in their EHR systems. They rarely have visibility into what other healthcare providers are diagnosing or what outside treatments have been received by any given patient. Through Canvas insurer connectivity, providers can monitor patient care across all settings and manage higher-risk and higher-utilization populations with timely and personalized interventions.
Canvas is engineered to support all insurers simultaneously in the same way physician practices take care of patients with different insurance plans. Anthem, Inc. has been an early supporter of the multi-payer innovation.
"Our collaboration with Canvas brings the power of our digital health platform to independent physicians who are ready to accelerate their value-based work to improve their patients' health and wellbeing," said Rajeev Ronanki, SVP and Chief Digital Officer at Anthem. "The machine learning in Anthem's HealthOS platform will deliver patient specific insights within intuitive Canvas workflows, equipping providers with the best tools and information to help them deliver higher quality care to their patients."
As physicians manage an unprecedented public health crisis and persist in their evolution to new payment models, effective technology has never been more important. "Canvas's strength comes not only through reducing the administrative burden on independent clinicians, but by helping PCPs and insurers work together to keep people healthy and improve outcomes," says Mark Batsiyan, Partner at Inspired Capital. "Improving our healthcare infrastructure has never felt more urgent, and Canvas is poised to build a better system from the technology layer up."
About Canvas Medical
Canvas Medical was founded in 2015 to reimagine the EMR for modern care in a value-based healthcare industry. The company is headquartered in San Francisco and provides whole-practice technology for whole-person care. Canvas offers robust system capabilities, including scheduling, charting, telehealth, e-prescriptions, lab orders, population health analytics and outreach, as well as full revenue cycle management workflows and more. The company works with physician practices, MSOs, ACOs, IPAs, and health plans, and supports platform extensibility through APIs and an SDK. For more information about Canvas Medical, visit canvasmedical.com.
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SOURCE Canvas Medical
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