Financing provides a step closer to Tomorrow Health’s goal of serving more than 100M patients and families.
Tomorrow Health, a technology-driven home health care company, has secured $60 million in Series B financing.
The funding will allow Tomorrow Health to expand partnerships with national and regional health plans, grow in new markets, and invest in market-leading technology, says its founder, Vijay Kedar.
It also moves Kedar and company closer to its “ultimate vision” of providing home-based care for more than 100 million patients and families.
“With this funding, the future state we envision building—a full continuum of home-based care that’s seamless, efficient, and accessible to all—is within sight,” Kedar announced on the company website.
The company already has dramatically grown since it launched just one month into the COVID-19 pandemic. The number of employees has increased tenfold, and the company has experienced a 317% increase in annual recurring revenue (ARR) year over year, according to Kedar.
“We saw an unmet need,” Kedar wrote. “As COVID-19 accelerated the shift to home-based care, it revealed deep flaws in our archaic healthcare system. Patients could not get urgent medical equipment and supplies when they needed them.”
Upon launching, Tomorrow Health, based in New York City, collaborated with the mayor’s office to help the city’s seniors obtain respiratory equipment and diabetic supplies to weather the pandemic.
The next year, it partnered with insurers to coordinate home-based care for their 550,000+ members. Such partnerships with national and regional insurers and provider-sponsored health plans throughout the country is continuing as the company grows, according to Kedar.
Company adviser Beth Bierbower noted that Tomorrow Health’s customer base is solid.
“The pandemic really helped serve as an accelerator, but home-based care is here to stay,” she said. “Patients get to remain in their home, a place where they're comfortable, a place where they're familiar, and a place where in most situations, they will be able to recover more rapidly.”
“With this funding, the future state we envision building—a full continuum of home-based care that’s seamless, efficient, and accessible to all—is within sight.”
— Vijay Kedar, founder, Tomorrow Health
Carol Davis is the Nursing Editor at HealthLeaders, an HCPro brand.