- GEM HEALTH is a nationwide virtual clinic providing timely,
convenient, and insurance-accessible specialty care services
- GEM SLEEP provides a focused and simplified end-to-end
solution, from diagnosis through treatment and support, for those
who may have obstructive sleep apnea
- GEM secured a Seed round of financing led by HealthTrend
Capital, with participation from Base10 Partners and Mairs &
Power Venture Capital
MINNEAPOLIS, Sept. 11,
2023 /PRNewswire/ -- Gem Specialty Health, Inc. (GEM
HEALTH), a nationwide digital specialty care clinic, announced
today it has successfully raised a Seed financing round led by
HealthTrend Capital, with participation from existing investor
Base10 Partners and new investor Mairs & Power Venture
Capital. GEM HEALTH has now raised over $5 million to date.
With this funding, GEM is expanding
coverage through more health plans, making convenient care
affordable to millions.
GEM HEALTH develops innovative specialty care models to remove
the complexity and accessibility gaps that cause millions to forego
essential care each year. The company's first offering, GEM SLEEP,
is tackling the fragmented path to getting diagnosis, treatment,
and support for sleep conditions including obstructive sleep apnea
(OSA). Thirty million Americans live with OSA today, but five out
of six individuals are not adequately treated. Instead, they get
stuck navigating the diagnosis process or struggle to start
treatment without support.
GEM SLEEP removes these barriers with a comprehensive digital
solution that is simple to use, is available on demand, and
provides personalized support. This approach gets patients to care
in days, rather than weeks or months, while
lowering costs for patients and insurers. GEM's patients also stick
with their care and get better: 70% of GEM's patients
continue with their treatment beyond 30 days, compared to the
national average of 40%-50%.
"We started in obstructive sleep apnea because we witnessed
firsthand the tradeoff many patients were making with regards to
their care – trying to decide if they should go to traditional
providers and wait 3-4 months for care or try an online option that
does not accept insurance and may not have clinical rigor. Millions
of patients just give up and continue to live with OSA," said
Brian Sauer, Founder and CEO, GEM
HEALTH. "Patients do not want to have to choose between
convenient, clinically sound, and insurance-covered. They want all
those things in a single experience. We are proud to say that GEM
has built this model and will be rapidly scaling it with the
support of our latest investment."
GEM HEALTH was founded in 2022 by Brian
Sauer. Prior to starting GEM, Sauer was the CEO at Sanvello,
a leading mental health application for health plans and businesses
looking to provide mental health and wellness services to members
and employees. The business grew to 3M+ users and $10M in annualized revenue and was sold in
2021.
With this funding, GEM is expanding payment options by offering
insurance coverage through more local and national health plans,
making convenient care affordable to millions.
In conjunction with the financing, HealthTrend Capital's
Managing Partner, Bill Brinkman, and
Sam Meckey, CEO of UpHealth (NYSE:
UPH) joined GEM HEALTH's Board of Directors. "I am excited to
partner with GEM in its mission to improve the sleep care
experience. The company's comprehensive approach streamlines
the journey for patients navigating complex conditions, ultimately
improving outcomes and reducing costs," said Brinkman. "I look
forward to working with Brian and the broader GEM team to support
their growth and success."
OSA sufferers and their bed partners can get started with GEM
SLEEP at www.mygemsleep.com. Health plans or employers that want to
offer GEM SLEEP to their members can email info@gem.health.
About GEM HEALTH
GEM HEALTH helps people live
healthier, happier lives by addressing their specialty conditions
from end to end. GEM HEALTH removes the confusion and frustration
of not knowing where to start or the next steps when navigating a
new condition. GEM's first product, GEM SLEEP, helps the estimated
30 million people with obstructive sleep apnea find relief. GEM
SLEEP provides a simple guided experience through diagnosis,
treatment, and ongoing support, reducing the time to relief from
months to weeks. GEM SLEEP treats patients in 48 states + DC and is
actively expanding reimbursement options through health plans and
employers to ensure broad access to care. To learn more about GEM
HEALTH's approach to obstructive sleep apnea, visit
www.mygemsleep.com or follow us on LinkedIn.
About HealthTrend Capital
HealthTrend Capital is a
healthcare-focused, stage-agnostic venture growth equity
firm. It makes investments in healthcare software and
services companies through a flexible model that allows it to lead
deals or co-invest alongside leading venture capital and private
equity firms in the pursuit of driving growth. HealthTrend
provides deep healthcare expertise and relationships, advisory and
operational networks of highly-specialized talent, experience in
both investing and company-building, and a genuinely collaborative
culture. Learn more at www.healthtrendcap.com.
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SOURCE GEM HEALTH