Modernizing Healthcare Discovery & Delivery: Our Investment in DexCare

ICONIQ Growth invests in DexCare, a patient demand and care discovery platform empowering health commerce.

By: Adil Bhatia, Liz Mossessian, and Caroline Xie | June 21, 2023

DexCare co-founders Sean O'Connor and Derek Streat.

The COVID-19 outbreak and ensuing multi-year pandemic brought about profound shifts in healthcare. More than 100 million Americans today face some kind of care-access barrier. In addition, patients have increasingly shown a preference for convenience and flexibility in how they access healthcare, and health systems need controls to manage the supply of care and effectively meet the ever-growing patient demand. As such, health systems around the world are actively looking for advanced technology solutions to revolutionize the way they deliver care. These solutions aim to make healthcare more patient-centric, deliver a more intuitive, ecommerce-like patient experience, and break down the physical barriers of traditional care.

DexCare helps deliver that, and today, we are excited to announce our partnership with them as they make strides to modernize health commerce.

Having spun out from Providence in 2021, DexCare enables health systems to provide a highly discoverable, low-friction experience that meets patients where they search for care. DexCare helps healthcare systems attract new patients and optimally manage their resources to balance and maximize their capacity. Today, DexCare serves leading U.S. health systems like Kaiser Permanente, Mass General Brigham and others, and reaches more than 57 million patients across all 50 states. By leveraging DexCare, healthcare systems have witnessed a significant enhancement in their performance – a 30 percent surge in new patient bookings, a diversion of 350,000 hours from emergency room duties, and an eightfold increase in downstream revenue.

At ICONIQ Growth, our mission is to partner with exceptional entrepreneurs and leaders who drive deep impact and positive change – a fundamental reflection of this is our focus and excitement in healthcare technology. As part of these efforts to understand the most complex challenges in healthcare and where we should be partnering with innovative players, we leverage the extensive healthcare experience within our broader ICONIQ Growth network, including our Healthcare Advisory Council, led by Dr. Toby Cosgrove, former President and CEO of Cleveland Clinic.

We are thrilled to be partnering with innovators who enable health systems to utilize ground-breaking technologies like intelligent automation (Notable Health), workforce management (QGenda), and cross-sector collaboration (Unite Us) to digitally transform care delivery. We believe DexCare is addressing a pivotal challenge in the healthcare industry – making healthcare more accessible and consumer-friendly, while simultaneously equipping health systems to adapt swiftly to fluctuations in patient demand.

Alongside our friends at Define Ventures, Frist Cressey Ventures, Kaiser Permanente Ventures, Providence Ventures, SpringRock Ventures and Transformation Capital, we are delighted to join Derek, Sean and the entire DexCare team on their mission to modernize health commerce and care delivery.

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