New World Ventures (@NewWorldVC) announced today its joint $8 million investment in interactive health company Analyte Health, along with Apex Venture Partners and Mohr Davidow Ventures (@MohrDavidow). Their system, which delivers specialty care and counseling conveniently over the phone, the Web and mobile devices, is an example of the type of innovative health solutions entrepreneurs are dreaming up to serve fellow citizens as our current systems struggles to keep up with the population’s needs. So far, over 70,000 patients have turned to Analyte for condition-specific services from a team of dedicated doctors, nurses and more than 4,000 testing centers nationwide.
NWV partner Adam Koopersmith (@akoopersmith) shed some light on his company’s investment and why they believe in Analyte.
Why is NWV interested in interactive health?
There are a few major trends that will dramatically change the way consumers engage with our healthcare system: the AMA believes there will be a shortage of 60,000 primary care physicians in four years and a shortage of over 90,000 in eight years; the number of people in the US that have access to healthcare is increasing...and the costs associated with healthcare delivery in the US [are] unsustainable.
It is clear that the consumer will need to be much more engaged in his/her healthcare going forward and technology will be a huge enabler of that transition. As a firm with 17+ years of experience in interactive marketing, consumer web and enterprise IT, we think many of those technologies are going to become increasingly important in order to empower consumers to deal with these changes.
Why is Analyte poised to lead this industry?
The company is focused on the health consumer, and its mission is to innovate from within the healthcare system by delivering the most relevant, expert and engaging information and care. Most of us have come to seek health information online...when we're concerned about a symptom, a friend's diagnosis, a second opinion, or seeking answers to help us better manage a chronic condition. We've become expert researchers, but what happens when we actually need healthcare services? As I mentioned before, one challenge is the access to quality given affordable care is only going to get worse as some 30 million additional Americans are covered by health insurance. Analyte is introducing Online Clinics to pair expert information with quality care, providing greater ease and access for the millions who are seeking help the way we do every day—online.
How do you expect Analyte to utilize this investment?
Analyte’s first Online Clinics focus on Sexual Health. STDTestExpress.com, won the Healthcare Standard of Excellence WebAward, and is focused on the market for testing, treatment and counseling for sexually transmitted diseases and infections. Analyte is dedicated to expanding its efforts in the Sexual Health market, and this capital will help the company drive better service and better consumer outcomes.