Health tech platform Wheel is pursuing advancements in its virtual care platform and nationwide clinician network. A feat that’s certainly possible as the company raised $150 million to expand its telehealth services and solutions.
Last July, Wheel CEO Michelle Davey introduced new leaders that will usher in— and bolster— Wheel’s capacity to deliver quality virtual care across digital health companies, labs, and retailers. Brandon Castel (Vice President of Sales) and Daniel DeSantis (Vice President of Partnerships) are both equally entrenched in the healthcare industry. Castel’s history of leadership positions at healthcare companies and DeSantis’ long-standing advocacy for telehealth underscore their commitment to building and driving partnerships that will elevate Wheel’s services.
In line with the goal to further the company’s telehealth platform, Wheel announced a $150 million Series C round, which was led by Lightspeed Venture Partners and Tiger Global. Current investors such as CRV, Tusk Venture Partners, and Silverton Partners were also present, alongside new investors like Coatue and Salesforce. Wheel had already raised a notable $50 million Series B in May 2021, so its standing total known funding is now brought to an outstanding $216 million.
Globe Newswire reports that the global telemedicine market is expected to reach $324.38 billion by 2030, and with expansive funding, Wheel hopes to dominate the market as they broaden their platform and meet more patients’ care needs. Although patients will start with a telehealth visit, the company seeks to direct them to diagnostics, labs, and even in-person visits over time. Aside from setting new clinical protocols and employing a larger workforce, the company will focus on creating new software and infrastructure to make flexible and secure medical services a reality.
Currently, Wheel’s telemedicine software prioritises health solutions that are cost-effective and convenient. The software enables providers to create a robust virtual care platform that fosters seamless patient experiences. Through the platform, patients can access fluid video consultations wherein clinicians can answer their medical queries. Patient monitoring is also available to collect real-time blood pressure, blood glucose readings, and vital signs. Asynchronous options are possible as well with messenger chat services and out-of-consultation analysis of photos or scans, guaranteeing that patients can seek efficient feedback at all times.
Because the platform is digital, patient medical information is vulnerable. Fortunately, Wheel does its best to assure patients that their records are safe. Our previous article at Fintech News on disruption in the service sector discussed the need to invest in big data. Big data security is required as a preventive measure to eliminate security risks. As it is, patient privacy and data security are among the issues threatening patients’ safety across remote care platforms today. In a recent study on the privacy practices of health apps, UK-based telehealth company Babylon Health reportedly experienced a data breach. However, Wheel’s virtual care platform is HIPAA-compliant & infosec-certified for data security, ensuring that patient data remains guarded at all points.
Reducing patient burden has been at the forefront of Wheel’s goals in delivering accessible virtual care. That said, attaining more extensive funding will concretise measures to enhance the company’s healthcare infrastructure, especially for a more personalised and secure patient experience.