OpenLoop Raises $15 Million to Grow White-Label Telehealth Support Platform

OpenLoop Raises $15 Million to Grow White-Label Telehealth Support Platform PYMNTS

OpenLoop has raised $15 million in Series A funding for its white-label telehealth support platform.

The firm has also begun enabling clients to offer reimbursable services to patients via a nationwide insurance payer network, complementing the existing cash pay options, OpenLoop said in a Thursday (March 16) press release.

“Our commitment to providing virtual care services that focus on supporting superior and meaningful patient care at every touchpoint is what’s driven that success,” OpenLoop CEO and Co-Founder Jon Lensing said in the release. “We look forward to the opportunities this next round of funding will bring to the company and our clients.”

Forty-seven percent of patients used telehealth services for the first time during the pandemic, up from just 17% who had done so before the pandemic began.

While patients have flocked to telehealth services in record numbers, payments for these services can be incredibly complex, according to the “Telehealth Digital Payments Report,” a PYMNTS and American Express collaboration.

The report found that providers can improve the payment process for telehealth services by increasing its transparency, offering payment choice, enabling payments through a website, offering payment plans, and deploying payment innovations that make telehealth access and bill payment easier for patients.

OpenLoop’s white-label telehealth support services power both virtual and hybrid care for pharmacies, retailers, hospitals and health systems across the United States. Its network includes 6,000 certified clinicians, 30 digital health specialties and 15 languages, according to the press release.

Through the platform, clinicians can manage appointments, write prescriptions, chart notes, and handle bookings and payments, the release said.

With its new Payer Coverage & RCM service, OpenLoop also enables clients to reach more patients by serving those covered by 600 of the nation’s top payers. Its revenue cycle management (RCM) services ease the reimbursement and payment process, per the release.

The company’s latest funding round was led by Nava Ventures.

“We are excited to partner with OpenLoop because of our confidence in the team and their ability to build a truly differentiated telehealth platform that streamlines virtual care while making it simple,” Nava Ventures Founder Freddie Martignetti said in the release.