Care management has become widely adopted by health systems to streamline healthcare for Americans. However, while these systems make optimize the experience for providers, patients may be overwhelmed by all the details and instructions provided to them for their care. This gets compounded for those that are elderly, underserved, and those suffering from chronic conditions. The pandemic and the subsequent shift to telehealth demonstrated a wide discrepancy in access for these groups. HeyRenee is a digital healthcare concierge platform that’s focused on centralizing all aspects of a patient’s care into a single platform that’s easy to use and navigate. There are 100M+ Americans that suffer from 2 or more chronic conditions and the startup plans to focus on this segment initially with the launch of the platform expected early next year. The company plans to eventually integrate all participants in the health system (payers, providers, patients) to ensure that the platform can ensure better outcomes for patients.
LA TechWatch caught up with Founder, serial entrepreneur, and CEO Nick Desai (cofounded Heal) to learn more about the upcoming launch, future plans, recent round of funding, and much more.
Who were your investors and how much did you raise?
We raised a $3.8M Series Seed let by Quiet Capital and with participation from Mucker Capital, Fika Ventures, Tau Ventures, Global Founders Capital, and SaaS Venture Capital.
Tell us about your product or service.
HeyRenee is a patient-centric care concierge that coordinates, communicates and connects all aspects of healthcare. HeyRenee is specifically designed for the complex, interrelated needs of older, underserved, and polychronic Americans.
What inspired the start of HeyRenee?
100M Americans suffer 2+ chronic disease and despite most having Medicare or other insurance coverage, they are not able to follow their doctors’ instructions to better health.
Despite its incredible promise, digital health has left most Americans behind – 85% of those who used telehealth in 2020 had a household income over $150,000.
HeyRenee is designed to truly unleash the transformative power of digital innovations by working as a “best friend” leading polychronic Americans to better health and outcomes at lower costs.
How is it different?
HeyRenee is different because it is patient-centric. We aren’t enterprise software, we’re a consumer service SPECIFICALLY designed to delightful to low health and tech literacy Americans.
What market you are targeting and how big is it?
Our initial focus is the 100M Americans who have 2+ chronic conditions – so we have a HUGE market opportunity.
What’s your business model?
Our model is to help risk-bearing payers lower costs and improve outcomes, and to share in the value we create.
What was the funding process like?
It was straightforward and took about 6 weeks from concept to closing. We are thrilled to work with the ideal investors perfect to help us grow and succeed.
What are the biggest challenges that you faced while raising capital?
Honestly, we had a great experience and were fortunate not to face any real challenges.
What factors about your business led your investors to write the check?
The vision, the market size and the founders’ backgrounds. Prior to HeyRenee, my cofounder Dr. Renee Dua was Chief Medical Officer and I was CEO of award-winning home-centric primary care market-leader Heal for the last 7 years.
What advice can you offer companies in Los Angeles that do not have a fresh injection of capital in the bank?
You’re in the best market in the world to raise capital. Because there are great local VC firms, you’re a 45-minute flight from Silicon Valley and there are TONS of high net-worth individual investors in LA, so you can find angel money from unexpected places.
You’re in the best market in the world to raise capital. Because there are great local VC firms, you’re a 45-minute flight from Silicon Valley and there are TONS of high net-worth individual investors in LA, so you can find angel money from unexpected places.
What are the milestones you plan to achieve in the next six months?
Define, build and launch the MVP 1.0 version of HeyRenee.
Where do you see the company going now over the near term?
Launching our MVP, getting early patient and customer traction and raising our A round.
What’s your favorite outdoor activity in LA?
The beach!
