Why We Invested in AmplifyMD — Virtual Specialty Healthcare | by Amit Garg | Sep 2022
Amplify® is a platform for all specialized needs: it connects. Glad to be investors alongside F Prime (Fidelity), Greylock and Forerunner – it’s been a total funding of $23 million since its debut in 2018. The team has impressed us with (1) a strong execution team (2) early hires show a good strategy focused on sales and customer management (3) clear development implications access to health care and a pathway to interstate medical consultations.
1) The need
Inequality in access to health care is a widespread problem in the United States, especially in rural communities that lack large hospital systems to support specialized medical care. Telehealth has become a rising trend in delivering patient care and returning access to regions that lack medical resource support, with a total addressable market of $33 billion. The disease burden of cardiovascular disease and stroke varies from state to state, and although a Bristol Myers Squibb study found that 49% of Americans have at least one major risk factor for heart disease , the 10 most affected states are Michigan and Louisiana, most of them concentrated in pockets of rural areas. In addition to unequal patient outcomes, unequal access to specialist care has significant financial costs, where research models show that removing inequities in care due to just one of the inequity drivers, racial disparities , would save $2.3 billion in direct care costs. The implications of addressing gaps in access to health care are imperative both financially and for improving patient outcomes.
2) The team
CEO Meena Mallipeddi had a background in consulting and moved into private investing in the technology and healthcare sectors before launching AmplifyMD. She has a background in International Relations and CS, and she was also a Gates Scholar. CPO and co-founder Anand Nathan’s past experiences include consulting at Bain, investing at KKR, corporate strategy at Engineering Systems Solution and Linkedin. He has a background in economics and electrical and biomedical engineering. CTO Nijay Patel had over 11 years in total at Epic and Redox, which focuses on EHR interoperability. His background is in biophysics with an emphasis on computational biology.
3) The product
The AmplifyMD platform aims to connect patients in hospital systems to specialists to continue their care. The platform solves the problem of lack of access to health care in many rural areas by creating networks of specialist doctors and primary care in order to meet the needs of a variety of patients ranging from patients with chronic diseases to diseases infectious. Their list of expanding specialties served includes, but is not limited to, Cardiology, Neurology, Psychiatry, Nephrology, and Oncology. With a diverse patient population in their partner facilities, rural communities, tertiary care centers and critical care hospitals, they are dedicated to providing a platform for video consultations to achieve results such as a Higher BMI and lower 30-day readmission rates, providing a win-win for hospitals, providers and patients. We believe AmplifyMD is well positioned in the telehealth market, along with its potential for aggregating data from typically siled centers, to leverage its platform to increase access to millions of patients in the States. -United.
We are honored and excited to be a part of AmplifyMD’s journey, leveraging technology to thoughtfully fill healthcare gaps. More than https://amplifymd.com/.
Thanks to Sharon Huang for helping with this article. Originally posted on “Data Driven Investor“, I’m happy to syndicate on other platforms. I’m a managing partner and co-founder of Tau Ventures with 20 years in Silicon Valley in companies, his own startup and venture capital funds. These are intentionally short articles focused on practical ideas (I call it gl; dr – good length; I read). Many of my writings are https://www.linkedin.com/in/amgarg/detail/recent-activity/posts and I’d love it if they got people interested enough in a topic to explore in more depth. If this article gave you useful information, comment and / or give a like on the article and on the Tau Ventures LinkedIn page, with our thanks for your support of our work. All opinions expressed here are my own.