Sun. Aug 14th, 2022

When Andrew Hines started Canvas Medical in 2015, he couldn’t have predicted that telehealth would move from niche to norm or that a pandemic would inspire entrepreneurs to launch a new fleet of digital health startups in need of new infrastructure. He just knew he wanted to build software for doctors like his wife, who wasted hours a day on data documentation.

“I thought there must be a better solution,” Hines told BestFitnessBands. “I started Canvas to design the software with the right data structure and workflow to positively impact patient health outcomes.”

Canvas, an electronic health record (EMR) startup, is helping 15 types of stakeholders ranging from physicians to insurance companies to social workers to better track their patient data through a workflow system that automatically populates information into a document — rather than through a series — down menus — making it faster and easier for users.

Andrew Hines, Canvas Medical

Andrew Hines started Canvas Medical after watching his wife waste hours on data documentation.

Now, the San Francisco-based startup has just raised $24 million in Series B funding in a round led by M13, with participation from existing investors including Inspired Capital, IA Ventures and Upfront Capital.

For Inspired Capital COO and partner Mark Batsiyan, the need for Canvas was immediately apparent, as his wife has also dealt with poor EHR systems in her career. Inspired invested in the company’s Series A round in April 2021 before doubling for Series B this year.

“One quote that has never gone out of my mind is one of their doctors calling Canvas the ‘Tesla’ of EMR,” Batsiyan said. “It’s an industry-leading product experience that has convinced us to invest in the A and really rethink EMR and healthcare infrastructure.”

Despite Canvas’s success to date, Hines originally had no intention of becoming an entrepreneur.

A year before founding the company, he held a role as a software engineer at Practice Fusion, a high-flying EMR firm that had raised more than $100 million in venture capital at the time. Hines said he learned a lot there, but the company made its money not from the EMR system, but through other channels it developed as well, and he felt that created a misalignment of where growth was focused.

The current version of Canvas’s software took five years to develop and was launched in Fall 2021. It allows users to track data and link to payment options, all with an open API that software developers can build on. The company has seen its customer base grow by 300% since its last product launch last year, but declined to share more specific metrics.

In addition to the funding news, the startup also announces that it has been federally certified by the Office of the National Coordinator for Health Information Technology (ONC). It’s the first EMR company in two decades to get the nod, thanks to its standardized healthcare API, meaning it can work with federal programs like Medicare, and it gives the company a leg up on the upcoming API enforcement by the 21st. Century Cares Act.

“What’s inspiring is the wide range of customer types we’re seeing coming in,” Hines said. “Lots of telehealth companies dealing with emergency care, mental health, behavioral health. We’ve seen a lot of new specific types of practices.”

While Canvas didn’t begin to serve the community of digital healthcare startups exclusively, Canvas has been able to capitalize on the wave of businesses that have started since the start of the pandemic, including mental healthcare startup Uplift and virtual reality. memory clinic Isaac Health. feed the digital additions of the traditional players.

“Software and medicine are entering a new era of collaboration and value creation,” Hines said. “How do software engineers work with doctors and nurses? That is our North Star.”

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