Consortium of investors close out round backing digital transportation marketplace as patient-focused transportation solution
PHILADELPHIA, PA (MAY 1, 2019) – Roundtrip, leaders in driving better health outcomes b y connection healthcare and transportation providers, announces the completion of a $5.14 million Series A fundraising round to catapult software capabilities and hire top sales, engineering, and account management talent. The round was led by Motley Fool Ventures, including major participation from a multi-billion dollar international healthcare software and medical device company. Existing Roundtrip investor Ben Franklin Technology Partners of Southeastern Pennsylvania doubled down on the company, adding to the already impressive list of investors, including Johns Hopkins University.
“The problem is real and it’s pervasive: the riders’ unique needs and medical transportation providers’ capabilities have been siloed and misrepresented, resulting in upwards of 30% missed appointments in the U.S. alone. Having provided medical transport care firsthand, we knew the solution is found by unifying data from three key sources: the patient’s medical record and healthcare provider, the current medical transportation options and rideshare companies, and the appropriate payer, while keeping the patient and care team at the center of our hub,” Roundtrip CEO and Founder Mark Switaj said. “Our partnership with Motley Fool Ventures was by design – their reach is wide, and their expansive base in healthcare and scaling marketplace models gives us the financial and knowledge reinforcement to eliminate transportation as the barrier to care.”
Founded in 2016, Roundtrip has built several impactful partnerships, spanning over 20 states, and has expanded and diversified its client base by adding a portfolio of Medicare Advantage plans as well as Geisinger, a leader in care innovation and integration. The web- and mobile-based software platform is now both provider- and patient-facing.
“It was clear to us early on that Roundtrip would be a perfect fit for our current investment thesis. The company’s initial traction, continuously expanding market, and the variety of expertise in Roundtrip’s management team were the key factors in our decision to lead their Series A,” Motley Fool Ventures venture partner John Keeling said. “We look forward to a successful partnership.”
According to a report from SCI Solutions, up to 30 percent of all patients nationally skip doctor appointments, with transportation being a major factor. Dubbed “no-shows”, these high percentages hurt healthcare providers on an annual basis, with an estimate of $150 billion in lost revenue. Roundtrip’s efforts are designed to reduce this number. The company’s technology is currently used at over 275 facilities nationwide.
The company is actively recruiting talent to join the team of 26 employees between their Philadelphia, Pennsylvania and Richmond, Virginia locations, with plans to more than double in size.
About Roundtrip
Roundtrip is the leading digital transportation marketplace for better health outcomes. Roundtrip provides a simple, comprehensive patient ride ordering software that makes available a community of ride providers who complete the transport. The company is leading in reducing patient no-shows – 5x better than benchmarks — through improved ride management.
Roundtrip is built for healthcare professionals — care coordinators, social workers, nurses, and other transport requestors —and offers easy-to-use online and mobile platforms that connect patients, care managers, and loved ones with non-emergency medical transportation (NEMT) options. Roundtrip is a comprehensive solution which supports all levels of transport: Lyft, facility-owned vehicles, volunteer drivers, medical cars, wheelchair vans, stretcher vehicles, ALS/BLS/SCT, all payors, and all trips delivered when and where they are needed.
Roundtrip is doing more than expanding access to care; we are changing how people manage their health in their everyday lives. As we address social determinants of health and aging in place, Roundtrip is driven to deliver engaged and empowered transportation experiences for all riders and those involved.
Learn more at https://roundtriphealth.com.
About Motley Fool Ventures
Based in Alexandria, Va., Motley Fool Ventures brings The Motley Fool’s investing principles and member community to venture capital. Launched in 2018, Motley Fool Ventures invests in early-stage companies that leverage technology to create a clear competitive advantage in their industry. Its dedicated team, investor community, and robust network aim to provide value to entrepreneurs beyond just capital.
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