Artificial intelligence-powered health platform Prosper Medical has secured $16 million in seed funding to make concierge medicine more accessible through AI-powered platform expansion.
FUSE led the funding round for Prosper Medical, with participation from Aurum Partners, Better.vc, Cal Innovation Fund, Fluent, Latitude Capital, Knoll Ventures, and Western Technology Investment.
The startup was founded by Ryan McQuaid and Dr. James Wantuck. He previously built PlushCare, one of the country’s first direct-to-consumer telemedicine platforms. PlushCare was acquired by Accolade in 2021 in a deal valued at $450 million.
“We’ve grown PlushCare to more than 1 million patient visits a year, and through those millions of interactions, we’ve really learned that there are some issues with just providing access to great doctors,” Wantuck told Fierce Healthcare.
Prosper Medical aims to fill that gap.
Prosper Medical app screenshot
Prosper Medical’s Concierge Care App (Prosper Medical)
The membership-based service is designed to reach more patients across the country and partners with many major insurance plans, executives said. Prosper’s platform maintains continuity across each interaction, aggregates data, and coordinates care. Patients also have access to Prosper’s physician and care concierge team.
According to the website, membership costs a flat $69 per month.
McQuaid, Prosper’s CEO, told Fierce Healthcare that the company does not take a “transactional” approach to care. “We provide every patient with a dedicated primary care provider trained at a top 50 medical school in the United States and with an average of 10 years of practice experience, where they can develop a genuine relationship with that individual.”
Additionally, Wantuck, who also serves as the company’s chief medical officer, said Prosper’s goal is not to replace healthcare workers with AI.
“We’re not looking at using AI to make healthcare cheaper or faster, or to remove doctors or other health care workers from the workflow,” Wantuck said. “I think we all have terrible experiences with the health care system, so it’s really important to make it better.”
McQuaid said Prosper plans to use the funding to expand its physician network, continue building its AI platform and accelerate growth to “deliver a ‘great’ patient experience.”
“Similarly, our philosophy is that if we can’t provide a ‘great’ experience for physicians, we can’t provide a ‘great’ experience for patients, so we’re going to invest in both provider and patient platforms,” McQuaid said.
