Earlier this week, TigerText closed its Series C equity funding round having attracted a further $50 million in investment for the company’s secure texting platform for the enterprise.
The latest round of investment has seen further pledges made by previous investors from the company’s Series B equity funding round. Orbimed, Shasta Ventures, and Reed Elsevier have pledged further funding, and join new investors such as Accolade Partners, Invus Group, and Norwest Venture Partners; the latter having led the latest investment round.
Norwest Venture Partners is a global venture capital and growth investment company responsible for managing a fund of over $5 billion. The company has assisted over 575 firms with capital injections to facilitate continued growth and increase service uptake. Following the latest investment pledge, Norwest Venture Partners’ principle Dr. Robert Mittendorff will be joining TigerText’s board of directors.
The investment pledges will allow the company to continue to develop its TigerConnect platform-as-a-service and increase market adoption of the TigerText messaging app. The company has been confirmed as the industry’s market leader by KLAS in the organization’s September 2015 report. The additional capital is expected to see the company strengthen its position further, while improving the service provided to customers.
A Universal Secure Messaging Service for all Healthcare Professionals
Many HIPAA-covered entities have already adopted TigerText, allowing their physicians, nurses, and other healthcare professionals to communicate securely without falling afoul of HIPAA regulations. The secure SMS service is being used to communicate Protected Health Information while remaining fully compliant with HIPAA Privacy & Security Rules. Full end-to-end encryption prevents the interception of transmitted data, and robust authentication controls ensure only the intended recipients are able to access messages.
By implementing the secure communication platform providers are able to coordinate care around patients, sequencing the numerous steps required to provide an exceptional level of patient care. Information can also be communicated rapidly and efficiently, while reducing the potential for errors during patient consults and care handoffs. The platform has proved to be an invaluable tool that can be used to coordinate care within a facility, as well as with members of the care team providing in-home and other off-site services.
The versatility of the secure messaging platform has been improved significantly thanks to the introduction of TigerText Anywhere. The service is available for use on Android Smartphones, iPhones, and tablets, and has recently been extended to wearable devices such as the Apple Watch.
According to Brad Brooks, CEO of TigerText, “Our scale has further unlocked enormous opportunity for TigerConnect as many of our customers look to incorporate our TigerConnect iOS, Android and JavaScript SDKs into their applications as well.” TigerText can also be used on desktop computers, allowing entire organizations to adopt the platform.
Many organizations only allow physicians and a select few individuals to use mobile phones in the workplace, having not extended BYOD to nurses and laboratory staff. By providing the secure message service for desktop users, all healthcare professionals can be allowed to communicate securely, greatly improving communication between all members of the care team.
Improvements to Coverage and Speed of Message Transmission
One potential problem foreseen and addressed by TigerText was the provision of the service in areas with poor connectivity. This has now been addressed with the incorporation of Low Connectivity Protocol (LCP). TigerText is the first provider of secure text messaging for the enterprise to incorporate this solution, which facilitates faster message exchange between users. If coverage in a particular area is poor, or if bandwidth use is heavy, messages can still be delivered without the delays experienced by other service providers. The company has also recently introduced a number of new functions and controls to make communication much faster and easier, regardless of the platform or device used.
Benefits of TigerText Adoption for Healthcare Providers and the Healthcare Industry
While the cost of implementation can be seen as a barrier, many providers that have already adopted the secure SMS platform have enjoyed a significant ROI. Some HIPAA-covered entities have reported an ROI as high as 30 times the initial investment. This return is achieved thanks to the improvements that have been made to hospital workflows, efficiency, and productivity.
Brad Brooks believes “secure, real-time messaging could save the healthcare industry $30-$50 billion a year.” However, it is not only healthcare providers who stand to benefit.
One hospital has reported a 56% reduction in the required length of stay as a direct result of the improvements made to response times. One Remote Nursing Group reported it was possible to see more than 15 additional patients an hour following the adoption of TigerText, while an ACO customer has reduced readmission rates by over 65% thanks to the secure messaging platform.
The TigerText secure SMS platform has now been adopted by four of the country’s top five for-profit healthcare providers and over a quarter of a million paying users, across more than 5,000 facilities in the United States, are now using the service to improve communication, efficiency, productivity, and patient outcomes.