MiCare Path, a Memphis-based med tech firm, is looking to provide a much-needed solution to the challenges faced by the healthcare industry. The company’s digital health platform, designed to strengthen the connection between patients and providers, is growing and expanding in scope.
When I recently met with the startup’s leaders, their ability to think outside the box was evident in both their personal anecdotes and their approach to tackling healthcare’s shortcomings. CEO Scott Laster and his team have firsthand experience with the healthcare system’s flaws, which led them to create a platform that could bridge the communication gap between patients and providers.
MiCare’s platform connects over 17 types of high-quality medical devices with cellular or Bluetooth capabilities to patients. This real-time monitoring allows physicians and care practitioners to receive feedback on their patients, facilitating faster adjustments to treatment plans when needed.
The goal is to create a more comprehensive and efficient care process, while also improving communication between patients and care teams outside of office visits. Chief Commercial Officer Brian Childress explained, “We’re trying to give answers — and confidence in those answers — to people.”
MiCare Path initially focused on orthopedics but soon realized that their platform could address a broad range of specialties. Today, the platform is adaptable to work with various types of clients, making it versatile and accessible.
Since its founding, MiCare Path has grown considerably. In May 2021, the startup had only a few employees and pilot customers. Now, it boasts around 20 employees and partner clinics in over 30 states. The company is generating revenue and preparing to raise more seed funds to continue scaling its business.
MiCare Path has already completed an initial funding round of $1.28 million and a Series A round of $5 million. In April, the company plans to launch a bridge round, aiming to raise an additional $5 million. Later in the fall, MiCare expects to launch a Series B round, for which the target amount is yet to be determined.
Despite the challenges faced by startups outside major cities like Boston or San Francisco, the MiCare Path team remains confident in achieving their goals. Their vision is to enable efficient, asynchronous care that is meaningful for patients and providers alike. With their innovative approach and commitment to thinking outside the box, they’re well on their way.