Company positions for growth with additional Series B funding and expert team of advisors.
SOMERVILLE, Mass., Dec. 10, 2019 — Podimetrics, a care management company with the leading solution to help prevent costly and deadly diabetic foot ulcers (DFU), announced that Kenneth W. Kizer, M.D., M.P.H., and Ronald Geraty, M.D. are joining the company’s advisory board, and board of directors, respectively. The announcement comes as the company closes an extension of its Series B funding round with an investment from Polaris Partners, a multibillion-dollar healthcare and technology investment firm with a 20-plus-year history of partnering with entrepreneurs and world-class innovators. The investment is part of additional capital that puts the total Series B funding at $16.55 million.
“We thrilled to bring on Dr. Kizer, Dr. Geraty, and Polaris Partners to the Podimetrics’ team,” said Dr. Jon Bloom, Podimetrics co-founder and CEO. “We have a huge year of growth ahead of us, and their expertise will be invaluable as we bring our solution to more at-risk patients within the Veterans Health Administration – who just announced national expansion of our platform – and the private payer market.”
Dr. Kizer previously served as the VA’s Undersecretary for Health where he is credited with engineering an internationally acclaimed transformation of the Veterans Healthcare System in the late 1990s that dramatically improved the quality of care veterans receive. Among his other senior health executive positions, he was the founding president and CEO of the National Quality Forum, a consensus standards setting organization that promotes health care quality through performance measurement and public reporting. He also has served as Chief Medical Officer for the California Department of Managed Health Care and currently serves as the cochair of the National Quality Task Force.
Dr. Ronald Geraty is a healthcare executive and entrepreneur with an expertise in the technology-enabled healthcare services industry. He is known for founding, developing, and transforming multiple healthcare companies over his professional career. Importantly, his companies have helped to change the delivery of care to meet the Triple Aim. Currently, he serves not only as an Operating Partner with Varsity Healthcare Partners where he sits on the boards of companies owned by Varsity but is also Chairman of the Board and an advisor to Aduro (Redmond, WA).
Podimetrics plans to use this new funding to continue its growth within the VA and with commercial payers. In addition to Dr. Kizer and Dr. Geraty, Podimetrics’ board of scientific and health care industry advisors includes:
- – Dr. David Armstrong, Professor of Clinical Surgery at the University of Southern California, and Professor of Surgery and Director, Southwestern Academic LimbSalvage Alliance;
- – Dr. Paul Manberg, former executive of regulatory and clinical development programs at CSA Medical Inc. and Covidien, Aspect Medical Systems, and EMD Serono;
- – Dr. Larry Lavery, Professor of Plastic Surgery, Orthopaedic Surgery, and Physical Medicine & Rehabilitation at UT Southwestern Medical Center, Medical Director of UT Southwestern’s Comprehensive Wound Care Center, and director of the amputation prevention program at Parkland Memorial Hospital.
To utilize the Podimetrics system, patients simply stand on a cellular-connected SmartMat for just 20 seconds a day. The data is then seamlessly and automatically sent to the Podimetrics care team, which helps address any concerning findings to help patients receive appropriate, preventive treatments under the direction of their clinician. While DFU are but one complication of diabetes, they have a devastating effect on patients’ lives, leading to debilitating injuries and amputations, and they are a significant driver of health care costs — a single DFU-related amputation costs on average $100,000.
Podimetrics is a care management company with the leading solution to help prevent diabetic foot ulcers (DFU), one of the most debilitating and costly complications of diabetes. On behalf of payers and at-risk providers, we send high-risk patients our FDA-cleared, cellular-connected SmartMat. After placing their feet on the mat for just 20 seconds a day, patients’ data are automatically sent to our care management team that helps address any concerning findings. By combining cutting-edge technology with best-in-class care management, Podimetrics earns high engagement rates from patients and allows clinicians to achieve unparalleled outcomes saving limbs, lives, and money. Founded in 2011 by a physician and engineers from MIT and Harvard, Podimetrics is headquartered in Somerville, MA and backed by Norwich Ventures, Scientific Health Development, and Rock Health. For more information, go to www.podimetrics.com or follow us on Twitter @podimetrics.