CLEVELAND — Vytalize Health, a New York-based medical technology company, announced it has completed raising $53 million in funding as part of its growth.
Last year, News 5 reported on how MedPilot, a Cleveland-based technology company that has streamlined medical billing, merged with Vytalize.
“We're hoping that this serves as a reminder for other people to grow and build companies in Ohio and show that a lot of growth can happen not just on the coasts,” MedPilot Co-Founder Matt Buder Shapiro said.
MedPilot was initially created to use technology and unorthodox approaches to nudge patients at specific times of the day to handle medical bills.
“I think the fact that we have the benefit of having such a strategic infrastructure in health care through the Cleveland Clinic, University Hospitals, and MetroHealth allows us to not just have an incredible customer base, but also that entire ecosystem that comes along with that," Buder Shapiro added.
The more than $50,000,000 in Series B funding, led by Enhanced Healthcare Partners, marks continued growth for the company which helps Medicare-focused primary care providers.
Vytalize Health Co-Founder and CEO Faris Ghawi told News 5 that the company has seen 150% growth over the past year, and recently entered the Ohio market as part of the merger with MedPilot.
“Ever since we partnered with MedPilot about a year and a half ago, it became very clear to us that this is a market to watch, not just for growth families for Vytalize, but for great talent, as well as great investors and capital that is smart capital looking to advance projects that are meaningful,” Ghawi said.
MedPilot was founded in 2015 in New York City, established its first customers in 2017 and specializes in medical billing. The company later relocated to Cleveland, where two of its three founders originally lived. By using technology like emails, texts, and phone calls, MedPilot can better communicate billing information to medical patients when they are most likely to respond.
"For us being able to see a year after that merger, this big of a win is really exciting for us," Buder Shapiro added.
Chris Berry serves as the President of OhioX, a statewide nonprofit working to build Ohio into a tech hub and told News 5 that announcements like these help fuel Northeast Ohio’s growth as a recognized health tech center, beyond its world-renowned hospitals.
“If you look at what our state's good at, it’s things like health care, insurance, financial services, manufacturing, and so the real opportunity comes in the next evolution of those spaces,” he explained. “We need innovation in these spaces and these are vitally important. They provide great jobs, but they also provide real services to Ohioans, to Americans, to people across the globe.”
OhioX will host its inaugural Ohio Tech Summit on Saturday, April 23rd at John Carroll University. To learn more about the event,click here.
