Series A investment will expand company's reach with independent pediatricians facing costly, manual and complicated operational duties related to crucial vaccine programs

NEW YORK: Canid, the healthcare technology company dedicated to streamlining pediatric vaccine management, today announced it has raised $10 million in Series A funding led by Telescope Partners with participation from FJ Labs, Brooklyn Bridge Ventures, SeedtoB and others. The investment, which brings Canid’s total funding to $12.9 million, will fuel the company's expansion as it serves a growing number of independent pediatricians across the United States.

Vaccinations represent the second-largest expense for most pediatric practices after staff salaries, but 69% of pediatricians either break even or lose money on their vaccine programs due to issues with insurance reimbursement, inventory management and administrative overhead. Canid works to solve these problems through its integrated platform, which replaces manual workflows with an automated system that takes just seconds to use.

By simply scanning a vaccine barcode, pediatricians delegate all related administrative work, financial risk and public health compliance requirements to Canid, whose platform integrates directly with electronic health records (EHRs) and executes them automatically using a combination of AI, software and economies of scale. The platform then manages the entire lifecycle of vaccines, giving pediatricians:

• Automated logistics: automatic ordering, reporting and billing
• Guaranteed payments: no inventory risk, clear reporting and fast payment
• Data-driven patient outreach: smart vaccination tracking for identifying under-vaccinated children to improve completion rates

“Pediatricians spend years training to provide exceptional care for children, not to become experts in revenue cycle management or inventory systems,” said Canid CEO and founder Pedro Sánchez de Lozada. “By handling all the business-side tasks and operations, our platform frees them up to focus on treating patients. We believe Canid will be the technology backbone that allows independent pediatric practices to thrive.”

Pediatric vaccine management is one of the biggest challenges for independent practices, which are undergoing a wave of consolidation across the industry. The amount of time pediatricians must devote to administrative tasks — an average 15 hours per week today, up from nine hours weekly in 2012, according to Medscape's annual physician compensation report — negatively impacts a practice’s bottom line and contributes to physician burnout.

“When you run an independent practice, all the little costs add up. Vaccine management is full of those little costs,” said Dr. Julie Capiola, partner at Premier Pediatrics, which joined Canid’s platform in January 2023. “Canid is a true partner for us, embedding themselves in our practice so they can fully handle everything related to our vaccine program on our behalf. This saves the practice money but, most importantly, gives me back time to spend doing what matters most: caring for patients.”

Founded in 2021, Canid now partners with more than 150 pediatricians in 12 states, with over 300,000 children in patient panels. The company has facilitated vaccinations for 121,000 patients — and counting.

“Canid is addressing a major pain point for a critically important population: the doctors who take care of our children,” said Nicole Naidoo, Partner at Telescope Partners. “Canid’s platform transforms their vaccination programs from financial burden to efficient operation. We’re excited to support the company as it brings pediatric vaccine management into the modern era.”

About Canid

Canid is revolutionizing pediatric vaccine management by turning the complex and expensive process of giving a vaccine into a simple scan-and-go workflow. Canid’s platform integrates directly with electronic health record systems and uses AI, software and economies of scale to drastically reduce the time and money pediatricians must spend on this crucial but burdensome process. Learn more at www.canid.io

Fonte: Business Wire