It didn’t take long for Biofourmis to spend some of the $300 million funding it secured last month. On Wednesday, the Boston-based virtual care and digital medicine firm inked a deal with Texas-based Wise Health System to launch a continuum wide care-at-home initiative in the Dallas-Fort Worth market.
Biofourmis will provide clinical and nonclinical support for Wise’s hospital-at-home program, which allows patients who are medically eligible for in-patient hospital care to get treated at home.
“Organizations across the country such as Wise Health System are recognizing that care virtualization and inpatient-level care-at-home are gaining acceptance as preferred options by providers and patients due to improved outcomes,”Kuldeep Singh Rajput, Biofourmis co-founder and CEO, said in a statement.
Funding to broaden footprint
Last month, Biofourmis announced it had secured $300 million in Series D funding from private equity firm General Atlantic, CVS Health and a number of other investors. At that time, Rajput told McKnight’s Home Care Daily Pulse that CVS Health’s end-to-end assets including retail pharmacy services, a pharmacy benefits manager and Aetna insurance would help the Biofourmis broaden its footprint.
Biofourmis developed its hospital-at-home technology with Brigham and Women’s Hospital in Boston for its hospital-at-home program. The firm is also providing support to Blessing Health System in rural Quincy, IL which is taking part in a three-year rural hospital-at-home pilot. 218
Hospital-at-home gained traction during the COVID-19 pandemic when the Centers for Medicare and Medicaid Services extended waivers to hospitals for in-home care as part of its Hospitals Without Walls program. More than 200 hospitals and hospital systems in the U.S. are now taking part in that program.
There is no certainly that CMS will extend the waiver program beyond the COVID-19 public health emergency which expires in mid-July. However, the bipartisan Hospital Inpatient Services Modernization Act would extend the waiver program two years beyond the end of the PHE.