Biofourmis Marks One Year Post-Series D with Major Milestones and Focused Go-Forward Growth Strategy
- Company has evolved from a technology platform company to a full-service technology-enabled care delivery enterprise
- Digital clinical trials and care delivery programs to drive U.S. expansion and a focus on growth, profitability and mission of access to care, anywhere
BOSTON, July 19, 2023 /PRNewswire/ -- Biofourmis, a leading global technology-enabled care delivery provider, is marking the first anniversary of the close of its $320-million Series D funding round with a look back at its major business and clinical milestones as well as a go-forward plan focused on an agile growth strategy across its digital clinical trials and care-at-home verticals.
Biofourmis, following its Series D funding last year, continues to build out its Biofourmis Care and Connect verticals with the expansion of health system, hospital, provider group and biopharma customers. The company has deployed its solutions with over 65 customers, including multi-year collaborations and strategic partnerships with leading pharmaceutical companies, health systems, hospitals and risk-based organizations.
At this stage in Biofourmis' growth trajectory, company leaders recognize that continuing to scale requires an agile approach and the right infrastructure.
"In a report last week, Rock Health indicated that 'digital health's course-correction is proving challenging but necessary to right-size the sector toward a sustainable future,' " said Kuldeep Singh Rajput, Biofourmis CEO and founder. "While Biofourmis remains well-capitalized and is positioned for success with a strong pipeline of new solutions and customers, we are executing our new strategic growth plan with an eye on the current market environment and a commitment to being good stewards of our funding."
In the year ahead, Biofourmis will be laser-focused on achieving key strategic objectives: optimizing its market-leading solutions; driving deeper market penetration within biopharma and healthcare; and increasing the volume of patients supported by the company's connected solution that spans the continuum from drug life cycle development to care-at-home.
"We will be intensely focused on growth, profitability and our mission of access to care, anywhere," Rajput said. "Additionally, we have assessed our organizational structure and strategically redesigned key areas to position us for growth. This next step in our corporate evolution will enable us to execute even more strongly in delivering innovative and value-added solutions to our life sciences and healthcare customers and their patients."
Well-Positioned for Accelerated Growth
Looking back at Biofourmis' milestones since last year's Series D as well as the overall trajectory since its inception in 2015, Rajput says his focus has always been on "solving problems no one else solves." The company does this with the market's only singular, connected platform that spans the full continuum from drug development to commercialization with the ability to scale as life science and healthcare partners grow their programs.
Since 2022, Biofourmis has:
- Evolved from a technology platform company to a full-service technology-enabled care delivery enterprise
- Launched a technology-enabled, scalable clinical research platform that supports trial decentralization, precision participant recruitment, and equitable access to treatment options
- Launched a comprehensive in-home services ecosystem to enable clinical trials at home and to help health systems build and scale care-at-home programs or discharge patients more promptly by continuing care in the home
- Begun offering 24/7 virtual clinical care teams comprised of nurses, health navigators and other providers to help extend care where labor shortages exist
- Expanded the development of care pathways that now apply to 70+ clinical conditions and include intervention protocols such as care team outreach, vital sign checks, and symptom-specific feedback
- Built out an expansive library of digital biomarkers and expanded and optimized AI-driven, FDA-cleared algorithms to treat broader conditions
- Enabled electronic health record (EHR) connectivity for Cerner, Epic and other systems for an embedded and seamless workflow experience
- Built out a virtual care delivery network across 25 states that fully integrates remote management tools into the care model
- Reached a milestone of enabling technology-enabled remote care for more than 100,000 patients worldwide, with a robust data lake fueled by the capture of more than 4 million data points per patient per day (for continuously monitored patients) to drive precise, personalized care
Biofourmis has also continued to work closely with its partners to deliver clinical and financial ROI, including:
- A 48% decrease in 30-day readmission rates, a 66% decrease in 90-day COPD readmission and a significant reduction in clinician resource demand1
- 3.7-day reduction in average length of stay2
- 64% lower Emergency Department (ED) utilization rate3
- 46% reduction in ICU admissions4
- 53% reduction in hospital days5
- $70.6 million saved in patient bed-day costs and 38% in overall cost reduction for patients enrolled in a hospital-level care-at-home program
The company also has prioritized expanding care access and reducing health disparities among underserved populations. Evidence of this dedication can be found in Biofourmis' involvement in the nationwide Rural Home Hospital Project, a multi-year clinical trial that will serve as a model for rural care in the home in the future.
"Biofourmis has remained focused on our vision to create a healthful future where equitable access to care is a reality for all," Rajput said. "Health equity, clinical validation, and making a difference for clinicians and patients are just as important as our business successes. As we focus on our path forward, I have never been more confident in our future and our team. Our success as a company relies on our ability to work together to deliver the right care to every patient—no matter where they are—and we are well-positioned to do that."
1 As of 12/12/22 all-time patients on Biofourmis platform. Data on file.
2 Outcomes data using Biofourmis solution, from health plan administrator providing managed care services to over 3.5 million beneficiaries
3 Outcomes data using Biofourmis solution, from health plan administrator providing managed care services to over 3.5 million beneficiaries
4 Outcomes data from health system partner that has used Biofourmis' remote patient management solution to manage 23,000 patients in their homes to decrease the risk of adverse health events for transitional care or complex conditions
5 Outcomes data from health system partner that has used Biofourmis' remote patient management solution to manage 23,000 patients in their homes to decrease the risk of adverse health events for transitional care or complex conditions
About Biofourmis
Biofourmis brings the right care to every person, no matter where they are. The company's AI-driven solution collects and analyzes patient data in real time and identifies shifts that require proactive interventions. This vital innovation provides people everywhere with connected access to hospital-level services, virtual provider networks for remote care, and life-changing clinical trials—all without leaving their homes. Trusted by leading health systems, payers, biopharma companies and patients alike, Biofourmis' connected platform improves patient outcomes, prevents hospital readmissions, accelerates drug development, and closes critical gaps in care—ultimately making science smarter, healthcare simpler, and patients healthier. Biofourmis is a global technology company enabling care delivery, with headquarters in Boston and key offices in Singapore and India. For more information, visit biofourmis.com and follow Biofourmis on LinkedIn, Twitter and YouTube.
Media Contact:
Tara Stultz
Amendola Communications for Biofourmis
440.225.9595
[email protected]
SOURCE Biofourmis
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