Cardinal Health (NYSE:CAH) has joined a $10 million Series B round for healthcare-focused tech-enabled services company Medically Home Group.
Boston-based Medically Home Group is developing the Virtual Hospital, a platform intended to transform patient homes into temporary hospital units to enable home-based advanced medical care.
Medically Home said that being able to deliver acute care in patient’s homes allows healthcare providers to deliver improved patient experiences with reduced costs.
“The Virtual Hospital is the next step in the evolution of our health care system. Many at-risk and at-capacity providers of care are looking for alternative care delivery sites to reduce unsustainable infrastructure costs. Our model has been successfully treating patients for two years and the time to scale has come. Tailwinds are growing for our Medically Home program because the market is demanding creative, high quality, cost-effective solutions. More and more providers are embracing strategies to enable virtual capacity that can substitute for its traditional inpatient settings,” CEO Richard Rakowski said in a prepared statement.
Earlier this month, Cardinal Health topped the consensus for both the top and bottom lines during its fiscal third quarter and raised its earnings outlook for the rest of fiscal 2019.
