Consortium of early-stage investors and strategics back healthcare technology company
By Gert Volmer
RALEIGH, N.C. (May 30, 2019) – Feedtrail, a healthcare technology company at the center of the patient-provider relationship, announces a $1 million fundraising round led by Dioko Ventures. With participation from a major non-profit health system and a convertible promissory note, the capital will be used to hire key sales and marketing talent, and to scale the platform in order to meet new application demand.
With an acute awareness for declining patient satisfaction rates across the country, and the lack of procedural cohesiveness at major health systems, Feedtrail’s technology works to alleviate multiple pain points. The web and mobile-based platform analyzes patient-generated survey insights, giving clinical professionals a standardized methodology for administering care.
“This fundraising gives us the bandwidth to pursue new business, and it is recognition that the path we’re on is the right one,” said Feedtrail Chief Executive Officer Paul Jaglowski. “From the day Feedtrail was founded, it has been our mission to provide powerful insights into our customers’ patient experience and influence better health outcomes across the spectrum of care. User-friendly technology has become ubiquitous, and we are using that technology to strengthen the patient-provider relationship and deliver an effective solution for some of healthcare’s most serious, yet avoidable problems.”
Feedtrail’s 2019 “growth spurt” is marked by larger engagements with health systems such as Providence Health, Inova Health System, and Wake Forest Baptist. To date, the company has been implemented in more than 30 health systems across the United States. A 91% patient response rate, as well as an 11% increase in net promoter score for clients, has been evidence of the technology’s effectiveness in various healthcare settings.
“For too long, healthcare delivery has been stagnant and one-sided. Feedtrail occupies a place in the market very few companies do, allowing patients to customize their experience and giving clinical professionals a way to prioritize their workflow and recalibrate based on real-time data,” said Dioko Partner Matt King. “We look forward to partnering with Paul and his experienced management team on the next phase of growth for the company.”
During the second half of 2019, Feedtrail anticipates reporting results from several key healthcare applications. Community hospitals, ambulatory, behavioral medicine, and concierge medicine, are all serviced by the company’s technology. The technology has helped to retain $2 million in patient revenue across 40,000 patient visits due to increased service capabilities.
The company also plans to raise a Series A round during the first half of 2020.
Founded in 2015, the healthcare technology company has created a vision for removing uncertainties from healthcare. By allowing the patient to assume a role in the treatment process with real-time feedback, clinical professionals can now react to varying degrees of need. The company’s signature product presents patient-generated feedback to care professionals, in order to disrupt the one-size-fits-all method of care. The Hospital Consumer Assessment of Healthcare Providers and Systems (HCAHPS) validated company works with more than 30 health systems across the United States and Europe, and is backed by Dioko Ventures.