EDINBURGH, Scotland – After raising $8 million in seed funding last summer, Snap40 is expanding its team and growing its footprint by entering the home health space.
With the Centers for Medicare and Medicaid Services easing access to reimbursement for remote patient monitoring, the home health market is a natural shift for the company, which originally focused on the hospital medical-surgical space, said Chris McCann, CEO.
“We’re exceptionally keen to meet with home health agencies and get to that market, but we want to do it carefully,” he said.
Snap40 has grown its staff from five to 30 over the last 18 months and is in the process of building a New York office. The company splits its market focus between the acute space and the post-acute space, which includes home health agencies, skilled nursing facilities and physician practices.
Snap40’s wearable device monitors vital signs and other data to determine which patients become ill and how. Its algorithms identify those patients whose health is at risk and proactively initiates care for them, whether they’re in the hospital or at home.
In addition to the wearable device, which is worn on the upper arm, patients receive a tablet so they can see their data and information, and better self-manage their own health.
“Remote patient monitoring can completely change a patient’s life,” said McCann. “If you have information about a person’s health you can intervene earlier, reduce hospitalizations and lower costs.”
While the company is not yet direct-to-consumer, it’s a future possibility, McCann said.
“We get requests every day from family members who want to be able to monitor their loved one, so we’re looking at that down the road,” McCann said.
For now, Snap 40 is focusing on making the wearable device smaller and integrating new features. Longer term, the company wants to shift its focus to preventive health.
“We see a future there—everything in health care is shifting to preventive health care, so we hope to be there in the next five to 10 years,” McCann said.