Parachute Health Raises $5.5 Million

Healthcare technology platform Parachute Health announced it has raised $5.5 million. The company’s investors include Greater New York Hospital Association Ventures, Loeb Holding Corporation, Anthony Welters (former EVP for United Health Group), Fred Browne (former president of McKesson Extended Care) and leading healthcare innovators.

Parachute works to solve multiple enduring challenges in the healthcare system, among them lowering costs, eliminating fraud, increasing efficiency, and ensuring patients actually receive the medical equipment and services they need, such as oxygen tanks, hospital beds, walkers and wheelchairs.

Since launching in New York CIty in 2017, Parachute has rapidly expanded and currently covers 60 percent of the healthcare market in New York, according to the company. Its service is now available in hundreds of healthcare facilities in more than 20 states serving more than 100,000 patients, including the Hospital for Special Surgery, NYC Health & Hospitals Corporation and Stanford Hospital.