OnlineMedEd Raises $20M Led by Lumos Capital Group to Address the Global Healthcare Delivery Shortage
AUSTIN, Texas, April 7, 2021 /PRNewswire-PRWeb/ -- OnlineMedEd, a digital healthcare learning platform, today announced a $20M financing round to continue its purpose to raise the quality of education for healthcare delivery providers globally.
Bootstrapped since its inception for six years, this is the first institutional raise for the company. The $20M growth round was led by Lumos Capital Group.
Today, OnlineMedEd is the learning ecosystem of choice for a broad spectrum of healthcare students, with over 86% of the medical students in the United States using the platform. Aspiring physicians and healthcare professionals use OnlineMedEd to gain the knowledge needed not just to excel on licensure exams, but also on the wards in everyday practice. The company has monthly active users in every country in the world.
"Our users recognize our quality and share our purpose: to create great healthcare professionals that in turn provide better care for patients. We're excited to further develop their skills and our reach," said Jamie Fitch, CEO and co-founder of OnlineMedEd.
The funds will be used to support the expansion of the platform globally, specifically focusing on healthcare needs that vary based on geography.
"While we're utilized internationally, the partnership with Lumos allows us to create and tailor region-specific material to local healthcare systems and standards, specializing it to their needs." added Fitch.
The funding comes at a time when OnlineMedEd is leveraging its full-service platform to support health care professionals beyond medical school in the fight against COVID-19. In 2020 the launched Crash Course, a suite of free online video tutorials that has helped over 30,000 redeployed healthcare professionals get up-to-speed on the clinical knowledge they need to provide critical care in today's environment.
OnlineMedEd has seen an acceleration of adoption since the pandemic, growing its international monthly active users by over 50% over the past year. These users have accelerated the company's pursuit of providing high quality, accessible healthcare training regardless of location.
"The OnlineMedEd team has built a proven platform that is truly changing not just education, but outcomes for millions of patients downstream, "said James Tieng, Co-Founder and Managing Partner of Lumos Capital Group, a growth equity firm investing in the future of learning and work. "We are excited to support the company's vision of bringing quality medical education online, wherever you are in the world."
OnlineMedEd is one of the most widely used medical education platforms in the world, playing a key role in creating the next generation of healthcare professionals. It is an end-to-end learning solution for both learners and institutions.
Used by over 300,000 learners in 193 countries, the learning platform is built around a proven four-step process that includes priming with written material, acquiring knowledge through video, challenging concepts through questions and cases, and enforcing it through flashcards with spaced repetition. Its library is proprietary, created in partnership with world-leading universities, specialists, and laboratories.
The material is developed by teams of educators focused on student-centered learning, with retention and understanding as the ultimate goal leveraging different learning modalities for their optimal purposes. The pedagogy and quality of content, combined with smart technology, creates effective, efficient, and personalized experiences for the users. It frees them to spend their time using what they've learned to practice actual medicine, with the focus always coming back to patient care.
In addition to its core curriculum and the Crash Course, OnlineMedEd provides key learning modules including:
- CaseX – An immersive, online platform that provides learners real-life cases to apply and train clinical reasoning. It features interactive videos of real-life patients and is supplemented with test results, imaging and interactive media, and other case details. CaseX was made free to students and institutions during COVID-19 to provide a proxy for continued patient encounters.
- Nutrition – a program that provides all providers with practical knowledge and counseling tips to utilize food as medicine. Team-focused, it pairs knowledge with the importance of developing relationships between patients and providers. Nutrition has been made free to institutions to highlight the importance of preventive care.
OnlineMedEd was founded in 2014 and is headquartered in Austin, TX. The digital medical education platform is currently used in all 193 UN member countries.
To learn more about OnlineMedEd, please visit: https://onlinemeded.org.
Jamie Fitch, OnlineMedEd, 2179531638, email@example.com
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