Medmo Raises $15M to Fix the Broken Medical Imaging Referral Process

Medmo Raises $15M to Fix the Broken Medical Imaging Referral Process – AlleyWatch

Healthcare’s shift to value-based care has exposed a critical gap: while providers are increasingly measured on patient outcomes and cost efficiency, they still coordinate care through fax machines and phone calls. This disconnect is particularly acute in medical imaging, where a single missed MRI can delay cancer diagnosis, or a patient traveling to an out-of-network facility can add thousands to healthcare costs. Medmo has built an orchestration platform that gives value-based care organizations, specialists, and health plans the digital infrastructure they need to manage radiology referrals at scale. By tech-enabling the existing referral workflow rather than trying to replace it, the platform has facilitated over 1 million patient journeys across all 50 states, helping providers achieve 30% higher completion rates while steering patients to higher-value imaging centers that reduce costs by up to 35%. The company’s focus on foundational healthcare services positions it to capture a significant portion of the $100B annual radiology and care coordination market.

AlleyWatch sat down with Medmo CEO and Cofounder Lucas Takahashi to learn more about the business, its future plans, recent funding round that brings total funding to $30.9M, and much, much more…

Who were your investors and how much did you raise?

Critical care pathways start with radiology exams, and our Series A raise of $15M, which builds upon $9M in 2023, is a further proof point of our efforts to tech-enable our providers’ existing workflow, enabling them to gain visibility into patient journeys, improving overall performance, and ensuring patients receive the right care and a positive experience.

The Series A was led by Covera Health, with participation from existing investors Origin Ventures, Lerer Hippeau, Digital Health Venture Partners, and Toppan Global Venture Partners.

Tell us about the product or service that Medmo offers.

Medmo is an all-encompassing medical imaging workflow solution for ordering providers. From patient engagement and scheduling to insurance verification and retrieving results, Medmo creates a consistent loop for providers, staff, and patients for enhanced referral management of diagnostic imaging exams, including MRIs, CTs, Mammograms, Ultrasounds, and X-Rays.

How is Medmo different?

Medmo is unique in its approach to the market; instead of a marketplace connecting patients and imaging centers directly together, we partner and create value for ordering providers to capture patient journeys from the start and ensure that identifying the best facility for the patient is powered by our care navigation technology each time. This allows Medmo to drive significant change downstream for patients and imaging centers at scale.

What market does Medmo target and how big is it?

Medmo targets the medical imaging market, which is estimated to generate over 100 million orders a year in the U.S. and represents over $100B of radiology and care coordination spend annually.

How are you preparing for a potential economic slowdown?

Positioning our business model to focus on foundational healthcare, like radiology, provides some protection in economic downturns. In addition, running a lean operation is important and keeps us flexible when opportunistic events arise.

What was the funding process like?

Our process was focused on finding partners that could bring strategic value and accelerate growth alongside like-minded organizations. Covera Health was a perfect fit from a partnership and financing perspective. With its focus on AI-enabled diagnostic technology for radiology performance measurement and patient impact, Covera Health sees the strategic value in Medmo’s ability to orchestrate imaging exams as the final mile of care.

Together, Medmo will be able to navigate further by leveraging Covera quality data and insights, while Covera can offer orchestration of exams to its clients.

What are the milestones you plan to achieve in the next six months?

Our focus is on commercial acceleration and further integrated solutions with Covera Health to maximize value for our existing and future clients.

What’s your favorite fall destination in and around the city?

A walk through Central Park or a quick trip to the Hudson for some fresh air.