Providence Health Tech Incubator has launched Praia Health as an independent company, with new funding of $20 million. Praia has developed a platform that powers patient portals, allowing users to track appointments, test results, medications, and communications with healthcare providers across different institutions. The goal is to enhance the patient experience by providing personalized information based on the patient’s interactions with the portal. The system can quickly adapt to incorporate new features for patients, improving their overall healthcare experience.
Providence, a Catholic nonprofit health system based in Renton, Wash., operates in seven states and runs its own startup incubator called Providence Digital Innovation Group. Praia was developed within this program, launched internally in early 2022. The innovation group has previously spun out three additional ventures during its first decade of operation. Praia’s CEO, Justin Dearborn, has a background in leading companies such as PatientBond, Tribune Publishing Company, and Merge Healthcare. The startup is set to emerge from the incubator with 27 employees.
The Series A funding round for Praia Health was led by Frist Cressey Ventures, a healthcare-focused firm, with backing from SignalFire, Epsilon Health Investors, and Providence Ventures. Providence will continue to utilize Praia’s technology, and Indiana’s Community Health Network has become the first external customer for the Praia Health Consumer Platform. Currently, the tech is serving over 3.5 million users, providing personalized healthcare services and improving patient outcomes.
Praia’s platform aims to connect the dots and offer a personalized experience across a wide ecosystem of healthcare institutions. Sara Vaezy, Providence’s chief strategy and digital officer, highlighted the speed at which the system can be updated with new targeted features for patients, ensuring that their needs and preferences are met. This personalized approach to healthcare is designed to enhance the patient experience and provide them with the information they require for their care.
Providence’s focus on health tech incubation has enabled the creation of innovative companies like Praia Health, which are dedicated to improving patient outcomes and experiences. With a strong leadership team and support from prominent investors, Praia is poised to expand its platform to serve more users and institutions. The collaboration with Community Health Network in Indiana demonstrates the potential for Praia’s technology to transform healthcare delivery and provide personalized care to a broader audience.
Overall, Praia Health’s emergence as an independent company with substantial funding highlights the growing importance of personalized healthcare services and patient portals in improving healthcare access and outcomes. With its innovative platform and strong backing, Praia is well-positioned to make a significant impact in the healthcare industry, providing patients with the tools they need to track their health information and engage with healthcare providers effectively. The partnership with Providence and other healthcare institutions bodes well for the future of Praia Health and its mission to revolutionize healthcare delivery.
