Praia Health raises $20 million funding to transform health system delivery

Praia Health, a pioneering digital health company, has successfully closed an oversubscribed Series A funding round, raising $20 million. The investment round was led by Frist Cressey Ventures with substantial contributions from SignalFire, Epsilon Health Investors, and Providence Ventures.

The influx of capital is set to enhance Praia Health’s platform capabilities, which are aimed at revolutionizing the delivery of personalized health solutions on a large scale. This marks a stride forward in the company’s mission to facilitate a digitally driven transformation of health systems.

Rod Hochman, M.D., president and CEO of Providence, expressed the company’s commitment to its patients and caregivers, stating, “Praia Health embodies our dedication to bringing identity-driven personalization to the communities we serve. Our incubation model has been instrumental in developing solutions that uniquely benefit our patients and caregivers.”

At the helm of Praia Health is Justin Dearborn, a seasoned professional in the health care industry and startup space, who has been an executive-in-residence at the Providence Digital Innovation Group since September 2023. Under the guidance of Sara Vaezy, chief strategy and digital officer of Providence, the platform represents the fourth technology incubated at DIG.

The board of directors at Praia Health has welcomed new members, including Navid Farzad, partner at Frist Cressey, Yuanling Yuan, partner at SignalFire, and Vaezy, joining Dearborn in steering the company’s direction.

Senator Bill Frist, M.D., co-founder and partner of Frist Cressey Ventures, highlighted the alignment of Praia Health’s vision with their mission, saying, “Praia’s embrace of the digital flywheel concept is a testament to our shared commitment to fostering innovation and effecting positive change in health care.”

Community Health Network, an Indiana-based health system renowned for its patient-centric approach and comprehensive health care services, has recently acquired a license for the Praia Health Consumer Platform, with plans to implement it in 2024.

Patrick McGill, M.D., EVP and chief transformation officer of Community Health Network, remarked on the platform’s potential, “Praia Health is set to be a game-changer, allowing us to personalize health journeys and connect individuals to the right services and resources seamlessly and automatically.”

Praia Health’s platform is distinguished by its low-code ecosystem enablement capabilities, which transform the integration process of third-party consumer solutions into a health system’s digital framework. The platform ensures secure data management between the solution, the health system’s electronic medical record system, and other data sources, thereby enhancing integration flexibility and speed while reducing costs.

The company’s Ecosystem Partner program has attracted seventeen digital health partners, including notable names like Atlas Health, Cedar, and Xealth. Xealth, as Praia Health’s clinical integration partner, brings an additional 50+ connected digital health partners into the ecosystem. Furthermore, Praia Health has established channel partnerships with Panda Health, the AVIA Marketplace, Xealth, and West Monroe.

Justin Dearborn emphasized the importance of partnerships and cross-industry collaboration, stating, “An open, efficient platform for data sharing and consumer engagement is now imperative for health systems. Praia Health is poised to streamline the delivery of a wide array of consumer-facing solutions, marking a new era in operational and clinical integration.”

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