March 21, 2022 -- New York, NY
Recora today emerged from stealth to announce $20M in Series A funding while also unveiling Recora's Cardiac Recovery Program for health systems, medical groups and health plans. The heavily oversubscribed round was led by SignalFire with participation from Valor Equity Partners and existing investor Pear VC.
"Today, one in three people die of heart disease. Although cardiac rehabilitation is considered the standard of care, just 16 percent of eligible patients start the program and 26 percent finish all sessions. It's time to change that," said Recora CEO and co-founder, Abhishek Chandra. "At Recora, we believe that the future of heart health centers on cardiac recovery. We need to go beyond cardiac rehab to build a deep, continuous relationship with heart disease patients. With our initial partnerships showing the strength of engaging patients virtually at home, we look forward to further supporting health systems and health plans."
Currently serving Geisinger and several regional insurance plans covering over 30,000 cardiac patients, Recora’s Cardiac Recovery Program moves beyond 12 weeks of rehabilitation to deliver comprehensive care management that focuses on a patient’s overall health and wellness. Through virtual tools and on-demand access to care teams and other resources, the program empowers patients to manage their heart health from home while enabling providers and plans to provide comprehensive cardiac care and strengthen patient relationships.
Recora's Cardiac Recovery Program includes:
- Recora Recovery Kit: The kit includes an Internet-enabled smart tablet and other tools such as resistance bands and blood pressure monitor that can be used by patients of all ages.
- Recora Program: A personalized program that goes beyond virtual sessions to include educational tools, support groups, and 24/7 chat with the Recora Care Team.
- Recora Care Team: A dedicated team of multidisciplinary providers including physicians, nurses, exercise physiologists, health coaches, dietitians, and other specialists.
"Recora's virtual-first approach allows us to further scale the reach and impact of Geisinger's outstanding cardiac rehabilitation program to patients. Enabling patients to recover from the comfort of their own home will certainly increase the uptake of cardiac rehabilitation," said Bryan Martin, MD, director of cardiac rehabilitation, Geisinger.
Recora’s Cardiac Recovery Program has already garnered industry-leading results including:
- 11% hospital readmission rate for Recora patients, versus the national average of 43% across Medicare patients with heart failure at six months
- 87% Recora cardiac recovery program completion rate, versus the national average of 26%
- 95% of Recora patients with hypertension improved into normal blood pressure ranges
- 94% of Recora patients adhere to their cardiac medication
- 80% improvement of distance and strength gains among Recora patients
"Heart disease is one of the leading causes of death in the U.S., yet the majority of heart attack survivors do not participate in a single cardiac rehab session due to high costs and lack of access. Unlike most cardiac rehab programs, Recora is meeting members where they are. We're excited to use our recruiting technology to support their value-based home cardiac recovery program that eliminates patient barriers to care while improving cardiovascular outcomes and reducing spend," said Taylor Barada, venture partner, SignalFire.
Recora's Cardiac Recovery Program is currently available nationwide. For more information, visit recora.com.
Headquartered in New York City, Recora’s mission is to redefine the future of heart health. Recora’s Cardiac Recovery Program for health systems, medical groups and health plans, makes it easy to recover from a cardiac event through immersive programs delivered online. To date, 87 percent of Recora members complete their recovery program compared to the national average of 26 percent, adding five years to their life expectancy. With Recora, healthcare providers are able to establish a longitudinal relationship with patients and help them live longer, fuller lives. To learn more, visit recora.com.