We are excited to announce that Matchstick Ventures Fund II has completed an investment in Cured (cured.health). Cured develops a customer relationship management platform for health systems and hospitals.
In the wake of a decade focused on the digitization of patient medical records, there’s a motivation for top health organizations to start developing true digital engagement strategies. Managing, retaining and attracting patients is now a key responsibility for health systems and hospitals who are competing for patient business.
CRM platforms and tried-and-true digital retention and marketing strategies are undoubtedly the way to do this, but out-of-the-box solutions simply won’t work for the healthcare system due to the specific needs and regulation in the industry. Similar to what companies like Veeva, Vlocity, ncino, Zuora and SteelBrick have done in other markets, an industry focused product is needed for the multi-trillion dollar healthcare industry.
It takes a team with a combined background in electronic medical records and CRM to come up with a SaaS product that fully integrates all aspects of consumer health. Recognizing this, the team at Cured is building a SaaS product on top of leading CRM platforms like Salesforce, which is configured and designed to specifically meet the needs of the healthcare system. This enables health systems and hospitals to communicate directly and indirectly with patients and encourage them to use their integrated health systems whenever they need services, thus increasing usage and engagement.
In response to the need for a more highly connected and prescriptive CRM, the team at Cured has developed an application layer that connects to the proprietary patient and network data sets that hospitals employ. It’s layered into a backend that’s powered by Salesforce. This innovative solution captures the strengths of the Salesforce platform and integrates these into a customized solution that’s specifically targeted to healthcare systems.
To increase adoption, the team is targeting the top 100 health systems in the country, like multi-facility hospitals, academic medical centers, and pediatric medical centers. They’ve found that these health systems are most focused on driving digital engagement, managing partnership channels, and marketing to their patient population, all in an attempt to provide a more modern customer experience. Traditional means of advertising like TV, billboards and radio are proving ineffective as healthcare providers seek to build deeper, more loyal connections with patients.
Currently, the team at Cured is focused on sourcing customers from their extensive network of prior relationships built during the course of their tenure at Epic, a leading electronic medical records company, along with their time working at Salesforce. Pricing is two-fold: Cured offers a SaaS subscription service for implementation services and also offers an ongoing SaaS licence, charging between 250-500k per year. Pilots have been successful so far, generating over 1M in revenue selling to early adopter healthcare systems.
We learned of this impressive team from a cold inbound email, and we couldn’t be more thrilled that they reached out to us. They’ve spent a ton of time in this space, and their professional experience on both sides of the problem uniquely positions them to know what customers want and to develop the right software to meet the needs of both customers and the medical professionals who manage their care. We will be partnering with High Alpha and Watertown Ventures based in Boston as investors for Cured.
Founders: Andrew Sullivan, Ashmer Aslam & Rohit Narayan
HQ: Indianpolis, IN