iRhythm Announces $1.5 Million Investment by California HealthCare Foundation
iRhythm Technologies, Inc., a medical device, service and technology company that develops and markets simple, innovative diagnostic monitoring solutions, today announced that the California HealthCare Foundation (CHCF) has made a $1.5 million investment in the Company to support the study and use of the Zio® Patch ambulatory cardiac rhythm monitor in public hospital, outpatient and rural settings. Alongside this investment, CHCF is also planning to fund studies at two California safety net hospital systems to research levels of patient and provider satisfaction, cost effectiveness and diagnostic efficacy of the iRhythm solution.
"iRhythm's Zio Patch technology has the potential to increase access to timely diagnosis and care for patient populations in both rural and urban environments," said Margaret Laws, director of the Innovations for the Uninsured Program at CHCF and manager of the CHCF Health Innovation Fund. "The simplicity of their approach to ambulatory cardiac monitoring minimizes logistics, promotes increased patient compliance, and streamlines the process for patients and clinicians."
The Zio Patch is a breakthrough approach to cardiac monitoring that optimizes and simplifies arrhythmia diagnosis. FDA-approved for up to 14 days of continuous monitoring, the Zio Patch is the smallest, lightest, least conspicuous cardiac arrhythmia diagnostic available and has been used on more than 85,000 patients since its commercial introduction in 2011.
"The Zio Patch also has the potential to reduce the cost of cardiac rhythm testing by reducing the number of times monitoring must be done before a diagnosis is obtained, which could result in overall reduction of costs to the healthcare system," said Laws.
"We are proud to add the California HealthCare Foundation to our list of respected venture and corporate investors, which includes Kaiser Permanente Ventures, and look forward to working with CHCF to demonstrate the access improvement and cost-savings potential of our solution," said Kevin King, president and CEO of iRhythm. "Their support will enable us to further develop our products and service offerings to meet the needs of underserved populations in California and beyond."
About iRhythm Technologies, Inc. iRhythm provides innovative and cost-effective diagnostic monitoring solutions that facilitate early diagnosis and treatment decisions, with the goal of ultimately improving patient health outcomes and reducing wasteful healthcare spending. Its flagship product, the Zio® Patch, is designed to optimize and simplify the diagnosis of cardiac arrhythmias. Zio® Patch is the smallest, lightest, least conspicuous cardiac arrhythmia diagnostic available and is indicated for up to 14 days of monitoring. For more information, please visit www.irhythmtech.com.
About the California HealthCare FoundationThe California HealthCare Foundation works as a catalyst to fulfill the promise of better health care for all Californians. It supports ideas and innovations that improve quality, increase efficiency, and lower the costs of care.