MADISON, Wis. (October 21, 2021)—RehabPulse, a technology marketplace for medical equipment, announced that it has secured $4.5 million in its latest funding round. The company also announced it has become the first ever online marketplace in the durable medical equipment (DME) sector to offer integrated online insurance claims processing.
Participants in the funding round include existing investors WISC Partners and high net worth investors active in the digital healthcare space.
RehabPulse provides a wide range of DME, from wheelchairs and scooters, to walking aids and respiratory equipment. The company will use the funds to further build its team, continue to innovate the artificial intelligence and deep tech that underpins its platform, further develop its insurance claims processing service, and grow the company’s distribution model for medical products and services to improve the accessibility of DME at an affordable price.
“In RehabPulse we created a one-stop shop for medical products and services, and our insurance integration now presents an unprecedented opportunity to reduce the complexities involved with the insurance claim process and allow best access at the lowest price,” said Gaurav Mishra, CEO of RehabPulse. “DME has existed in the U.S. for more than a century, but this has not been possible until now.”
“Not only do we offer the best medical products and services at the best price, we now also reduce the complex steps involved in the insurance claims process, with a dedicated team and technology platform to help our customers process their claims from the comfort of their home,” added Mishra. “This has far-reaching potential to revolutionize access to home care in the future.”
By 2050, nearly one in four Americans will be over 65 years old, the number aged 85 and above will triple, and the country will add a half million centenarians. Figures also show an increasing proportion of the population being diagnosed with chronic conditions, and the associated medical spend is rising. As a result, an increasing number of DME products will be required to help aging and ailing people to maintain an independent lifestyle.
By providing a single platform that brings patients together with medical professionals, DME manufacturers, providers and insurers, RehabPulse aims to provide greater access to these products and services, while significantly reducing their cost.
“RehabPulse has the opportunity to revolutionize an area of healthcare that is cumbersome and antiquated,” said Dr. Juliet Breeze, one of the lead investors in the round. “An update to the process of prescribing and obtaining durable medical equipment for patients in a cost-effective and convenient manner is long overdue.”
RehabPulse provides access to many of the biggest brands in DME, including Invacare, Pride Mobility, Drive Medical and DonJoy, as well as specialist innovators, including Rowheels and Foldawheel.
“Until now there has been no way for my insured patients to select, custom-order, and receive white glove delivery of medical equipment,” said Houston-based physician, John Vanderzyl, MD. “Incorporating online processing of insurance creates a better healthcare solution for my patients.”
Visit rehabpulse.com for more information.