On Friday, May 24, Boulder Care announced it had closed on $35 million in Series C funding, bringing total funding to $85 million. Boulder Care is a private startup headquartered in Portland, Oregon, that is a pioneer in telehealth care for addiction treatment.

According to an article in GeekWire, Boulder Care specializes in telehealth treatment for substance use disorders, including opioid use disorder and alcohol use disorder. Boulder Care “helps patients shift from brick-and-mortar clinics to the company’s app-based program.”

You can see the advantages of not needing to have a clinic in a city to treat persons in that city, assuming telehealth services can achieve similar or superior results. One of the keys to perfecting telehealth for addiction treatment is to enable access to high-quality healthcare providers on little notice through texting, video calling, and audio calling.

Two other important supporting factors for telehealth to work smoothly are coordination with a lab service for the pick up of lab tests and coordination with a pharmacist for the delivery of prescriptions. Changes in federal and state laws have made it easier for Boulder Care to prescribe buprenorphine through the app, making the recovery drug more readily available in rural communities that lack 24-hour healthcare facilities. 

Boulder Care, founded in 2017, grew exponentially during the COVID-19 pandemic, reaching a staff of over 100 people, including physicians, nurse practitioners, peer recovery specialists, social services support, application design, and engineering.

With 85% of patients below the poverty line, services are paid for primarily by health plans. Boulder Care provides social services through the app: “We partner with jails, emergency departments, safe-use spaces, needle exchanges, housing services, and more.” They also provide Peer Recovery Specialists who help patients use the app to set life goals, track their progress, and “learn tactics to make lasting change.”

The new funding will allow Boulder Care to expand its offerings related to Medicare and Medicaid services in remote rural locations.

The new capital will fuel Boulder Care’s mission to address the growing need for accessible addiction treatment… Boulder Care specifically targets underserved communities, including those covered by Medicaid. These populations face unique challenges, including poverty, unstable housing, and limited access to resources in rural areas. Boulder’s program is specifically designed to address these obstacles.

The company has treated more than 10,000 patients, operates in more than 15 states, and has contracts with many large employers and large insurance groups. Founder and CEO, Stephanie Strong, was a Forbes 30 under 30 in healthcare honoree in 2019 and GeekWire‘s Young Entrepreneur of the Year in 2021.

Written by Steve O’Keefe. First published May 29, 2024.

Sources:

“Boulder Care Secures $35M to Expand Telehealth Addiction Treatment for Underserved Communities,” HIT Consultant, May 24, 2024.

“Boulder Care raises $36M to grow telehealth platform to treat opioid addiction,” GeekWire, June 10, 2022.

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