AvaSure, an acute virtual care provider, acquired Ouva's smart room technology to expand its services, CEO Adam McMullin tells Axios exclusively.
Why it's the BFD: Remote patient monitoring and virtual nursing help lower hospital readmissions by as much as 38% and significantly reduce cost of care.
Zoom in: Backed by Goldman Sachs Growth Equity and The Heritage Group since 2021, AvaSure is generating between $50 million and $100 million in revenue, with EBITDA north of $15 million, according to McMullin.
How it works: AvaSure's acute care services include virtual nursing, patient monitoring and clinical consults as well as inpatient services.
- Founded in 2008, the Belmont, Mich.-based company currently has 1,200 health system and hospital clients.
- San Francisco-based Ouva provides patient care automation, remote patient monitoring and patient flow automation.
- The combined company will expand the ambient AI capabilities of AvaSure's virtual care platform and double in-house AI engineering resources.
What's next: "We're going to be on the acquisitive side where it makes sense to bring in more value," McMullin says.
Catch up quick: Last year, AvaSure and Ouva established a partnership to integrate Ouva's comprehensive AI capabilities with the AvaSure platform.
State of play: Remote patient monitoring continues to rake in venture funding.
- Accuhealth received a $200 million investment from Sunstone Partners in April.
- HealthSnap raised a $25 million Series B in February.
- Resilience, a oncology RPM company, raised $25 million in May.
