Digital chronic disease management company Omada Health has added onto June’s $73 million funding round with a new strategic investment from Intermountain Ventures. The terms of the deal were not disclosed.
WHAT THEY DO
Omada pitches its digital coaching programs as a scalable and convenient approach to chronic disease management. The company’s products address hypertension, Type 2 diabetes, mental health conditions and other health needs. The company also implements connected technology to track participants and hold them accountable — for instance, a wireless scale, a pedometer, and a mobile app to track food and activity for its diabetes program.
Worth noting is that the relationship between Omada and Intermountain isn’t a new one. The two aligned with the American Medical Association back in 2016 on a project delivering diabetes prevention services via physician referral in Utah. Additionally, the not-for-profit system made Omada’s service a covered benefit for its employees and their adult dependents earlier this year.
“As we work to reconceptualize Omada as a provider of ‘21st Century healthcare,’ there’s a huge opportunity when it comes to digital health solutions integrating with some of the world’s most innovative health systems,” Omada CEO Sean Duffy told MobiHealthNews. “This investment further solidifies Omada’s position to provide a roadmap for large healthcare organizations seeking to integrate digital health solutions.”
WHAT IT’S FOR
“We’ll leverage this investment to accelerate the expansion of the company’s integrated digital care program, as well as deepen our collaborations with Intermountain, aiming to bring patients the very best in digital care,” Duffy said.
The company also noted earlier this year that it would be putting a major focus on scaling its programs and accelerating their development.
MARKET SNAPSHOT
Omada’s funding earlier this year already brought its total backing to more than $200 million, and the company has had plenty of other partnerships, hires and other updates to share over the course of this year alone. Each of these have put the company is an advantageous position to compete with some of the other digital health companies eyeing chronic disease management, a field that includes Livongo, Solera Health, Virta Health and others.
ON THE RECORD
“The Omada Program has been an important addition to our portfolio of diabetes prevention programs for Intermountain Healthcare patients and caregivers. This strengthened partnership will help us further our shared goals to not only prevent and manage diabetes, but also to improve the experience, outcomes, and overall health of our patients,” Dr. Liz Joy, medical director for Health Promotion and Wellness at Intermountain Healthcare, said in a statement.
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