CareSync, a Florida-based care coordination business focused on Medicare patients, has discontinued operations as of June 21st, according to a recording on the company’s main phone number. The company, co-founded by CEO Travis Bond and James Grant, has cut most of its staff in its two offices, including Tampa and Wauchula. The Tampa Bay Business Journal was the first to report the story.
“These events occurred despite the company’s best efforts to raise additional capital or find a strategic partner to enable the company to continue operations,” the company recording stated.
Earlier in the week a syndicate of investors, including Shipt CEO Bill Smith, tried to save the company. A video on Tampa Bay Business Journal’s website showed interim CEO Bob Crutchfield and Smith address what appears to be a company meeting of CareSync employees Monday talking about Smith’s management style and interest in creating a new chapter for CareSync. But in an email in response to a request for comment, Smith explained that the effort ultimately failed.
“A syndicate of investors including The Smith Family Office had intentions to acquire CareSync. We were hopeful that our support could save the company and would ultimately lead to a successful outcome for everyone involved, including the employees. Unfortunately, a deal could not be reached due to time constraints,” Smith said.
HIStalk offered some analysis and Twitter messages from former staff, including Grant Garrison, whose LinkedIn profile identifies him as a graphic designer with the business.
The company helped enterprise customers and consumers manage medical records for Medicare patients, particularly those with chronic conditions. Although some services were free such as appointment planning and medication reminders, CareSync charged a subscription fee for keeping personal medical records up-to-date. It also provided technology to support annual wellness visits and transitional care management.
Three years ago CareSync closed an $18 million Series B round led by Graycroft Partners, Merck Global Health Innovation Fund, Harbert Venture Partners, with participation from existing investors Tullis Health Investors, Clearwell Group, CDH Solutions, and CareSync CEO Travis Bond. At that time, a news release from the company stated that it would use the new funding to hire 500 staff.
CareSync was one of many digital health companies that benefited from the expansion of Centers for Medicare & Medicaid Services’ chronic care management program as part of a broader shift to value-based care in what has become an increasingly crowded market.
A statement on CareSync’s main number and website also noted that the company would continue to keep patient information secure and accessible by company members and patients and that its servers would remain operational.
We intend to follow all applicable requirements under our agreements and applicable law regarding patient data in our possession, including, but not limited to, the secure transfer and/or ongoing maintenance and security of such patient data if transfer is not feasible.
The Fast 50 awards were created to shine the spotlight on local companies that are undergoing explosive revenue growth.
Companies on the List are privately held, for-profit companies headquartered in the Tampa Bay area. They all experienced three consecutive years of revenue growth, and had a minimum revenue of $1 million in 2014 or $5 million in 2016.
The Tampa Bay Business Journal honored the Fast 50 at a luncheon on Thursday at the Bryan Glazer JCC in Tampa.
This year’s List represents a wide variety of industries, from a craft brewery to general contractors to health care staffing. The companies on this year’s List had a combined 2016 revenue of $2.2 billion and employ 4,457 people in the Tampa Bay area.
While just over half of the companies on the List were founded within the last 10 years, some have been operating in the Tampa Bay area for decades. The oldest, Environmental Pest Services, was founded in 1958, followed by Power DesignInc., which was founded in 1989. Power Design is also the largest company on the List, with 2016 revenues of just under $400 million.
DAS Health is one of two companies that have appeared on the Fast 50 for eight of the last 10 years. For DAS Health, 2017 represents the eighth consecutive year on the List. DAS Health’s revenues have grown from $500,000 in 2008 to $11.97 million in 2016.
The other company, AgileThought, appeared on the List starting in 2008, but was not included in 2011 or 2012. With the exception of a drop in 2010, AgileThought has grown its revenue every year dating as far back as 2005. During that time, the company grew from approximately $1 million in revenue to over $35 million in 2016.
TAMPA — Health IT firm DAS Health plans to expand its Tampa headquarters.
DAS Health will add up to 30 positions in 2018 that are new to Florida, including positions in information technology and client services. The average annual wage of the jobs will be at least $55,130, according to a press release.
“Tampa has an exceptional talent pool, essential to delivering superior customer service and support to our clients,” says DAS Health CEO David Schlaifer in a statement. “The quality of our local workforce combined with the outstanding support we received from the Tampa Hillsborough EDC, the City of Tampa, Hillsborough County and the state confirmed that expanding here instead of a regional office was the right decision.”
DAS Health acquired ConXit Technology Group and three other companies in eight months in 2016, doubling the organization’s size.
The company provides services for over 1,500 clinicians and 5,000 users with more than 7 million patients.
Watch City of Tampa video coverage of DAS Health’s ribbon cutting ceremony.
TAMPA — DAS Health will add 30 jobs to its Tampa headquarters by 2018 with an average salary of $55,130, the health IT provider announced Wednesday morning.
“Tampa has an exceptional talent pool, essential to delivering superior customer service and support to our clients,” David Schlaifer, CEO of DAS Health, said in a release. “The quality of our local workforce combined with the outstanding support we received from the Tampa Hillsborough EDC, the City of Tampa, Hillsborough County and the state confirmed that expanding here instead of a regional office was the right decision.”
The company, which focuses on medical IT systems, medical billing and consulting on improving clinical outcomes has one regional office in Las Vegas.
In return for pledging higher-than-average paying jobs, DAS received an incentive package through Enterprise Florida totaling $90,000 in qualified target industry incentives. The city of Tampa and Hillsborough County chipped in $18,000 toward incentives with the state contributing the lion’s share of $72,000.
TAMPA, Fla. – October 2, 2015 – In line with the healthcare industry’s transition to the ICD-10 coding system, Doctors Administrative Solutions (DAS) today announced that it has acquired the revenue cycle management (RCM) business of Spectra Healthcare. Based in Tampa Bay, Spectra has oper...