RALEIGH, N.C. & OKLAHOMA CITY--(BUSINESS WIRE)--Lumata Health, a technology-driven healthcare startup on a mission to prevent blindness and address ophthalmology staffing challenges through its human-led, intelligent eye care management platform, announces $4MM in new venture funding to scale its impact throughout the United States. The funding round was led by Cortado Ventures, joined with participation by the Wolfpack Investor Network and 30 practicing ophthalmologists across the US.
Lumata Health currently serves thousands of patients suffering from vision-threatening chronic eye conditions through partnerships with ophthalmology clinics and health systems. Lumata Health’s intelligent eye care management platform incorporates clinical and psychosocial elements to empower patients to manage their chronic condition throughout their care journey, particularly between visits with their ophthalmologist. Patients are connected with an experienced eye care coordinator that works with them to ensure adherence to their care plan through ongoing education and addressing barriers to care. Data shows patients supported by Lumata’s platform miss an average of 30% fewer clinic appointments.
“Our innovative, relationship-driven approach to eye care management—combining our data and technology with the skill and expertise of our team of JCAHPO-Certified Ophthalmic Assistants and Technicians—is moving the needle on the well-known patient adherence challenge that puts tens of millions of adults at risk for serious vision loss. The right combination of data, technology, and people ensures greater patient adherence, satisfaction, and clinical outcomes, while also addressing the staffing shortages that continue to plague ophthalmology clinics,” said Landon Grace, CEO and Co-Founder at Lumata Health. “We’re able to predict and prepare for obstacles and accommodate issues from arranging transportation and coordinating medication refills, to addressing anxiety triggered by ongoing injections and keeping patients on track with their treatment. It's a huge help to these patients as well as to the in-office staff and the physicians.”
More than 90% of vision loss caused by chronic conditions including diabetic retinopathy, macular degeneration, glaucoma, and dry eye is preventable, yet these conditions remain leading causes of blindness in the US and abroad—largely due to poor adherence to recommended care. The CDC estimates 93 million adults in the U.S. are at high risk for serious vision loss.
Funding from the Series A round will be used to advance Lumata’s pioneering approach through new enhancements to its platform, including developing further predictive analytics and incorporating automated patient communication pathways to power business growth. Driven by customer demand, Lumata is also using its platform to offer pre-visit intake, prior authorization assistance, and pre-operative cataract education. The startup previously received more than $2MM in research funding through the National Eye Institute.
“Lumata Health offers out-sized value in the eye care marketplace that is long overdue. Now is the right time, with the right cutting-edge machine learning technology, and the right team of eye care insiders who understand the patient journey. As our focus at Cortado Ventures is to support and drive innovation to provide real solutions to today's problems, we believe that Lumata will break down barriers and reduce thousands of heartbreaking preventable blindness cases each year,” said Nathaniel Harding, Cortado Ventures Managing Partner. “We’re proud to invest in the company’s vision to preserve eyesight for all, and are confident that this team will deliver.”
Eye care practice costs for Lumata Health’s service are reimbursed by most payers, including Medicare, and often fully reimbursed for patients with supplemental insurance.
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About Lumata Health
Lumata Health is a technology-driven healthcare startup company focused on preventing blindness from chronic eye conditions, managing thousands of people at risk of vision loss across the United States. Founded in 2017 by an ophthalmologist and retina specialist in practice for over 30 years, Stephen R. Fransen, MD, and supported by more than 30 industry luminaries and influencers on its Advisory Board, Lumata Health aims to stop preventable blindness with a human-led, intelligent care coordination and management platform that’s almost always free to the patient. The company partners with physicians, payers and health systems to offer turnkey care management services provided by eye care experts who are supported by cutting edge technology and data science. Lumata Health’s programs improve clinical outcomes, patient satisfaction, and clinic staff efficiency by providing between-visit patient assistance and care coordination for patients with chronic eye diseases such as diabetic retinopathy, macular degeneration, glaucoma, and dry eye.
