Medicare Benefit insurtech firm Devoted Well being secures $175M



Tech-enabled Medicare Benefit firm Devoted Health introduced it scored $175 million in Collection E funding on the finish of 2023.

Enterprise capital corporations Fearless Ventures, Highbury Holdings, Stardust Fairness, GIC, Maverick Ventures and The House Between led the spherical.

Andreessen Horowitz, Emerson Collective, Socium Ventures, The Non-public Shares Fund, and affiliated funds, Common Catalyst, F-Prime Capital Companions and GreatPoint Ventures additionally participated within the spherical. 

WHAT THEY DO

The insurtech firm affords a stack of healthcare providers to older adults, together with Medicare Benefit well being plans, partnerships with suppliers, and its in-house digital and at-home care supplier, Devoted Medical. 

The corporate was based in 2017 by Todd Park, who beforehand cofounded Athenahealth and Castlight Well being, and his brother Ed Park, who held prime positions at Athenahealth. 

“In a healthcare system that isn’t at all times accessible or simple to navigate, we at Devoted Well being are profoundly honored to supply every member with the identical high quality of care and repair we’d need for our personal households,” Ed Park, CEO of Devoted Well being, stated in a press release.

“It’s deeply gratifying to have so many others consider within the promise of our mannequin, and we’re very excited to deliver the love and world-class care that’s Dedicated to an increasing number of Individuals,” 

MARKET SNAPSHOT

In 2021, Devoted Well being scored $1.15 billion in Series D funding to assist nationwide growth. The corporate stated in a press release that as of December 2023, it served greater than 140,000 members in 299 counties throughout 13 states within the U.S. 

Devoted was one in every of quite a few corporations, reminiscent of OpenAI and Google, that signed on to affix President Biden’s commitment to making sure the secure improvement of synthetic intelligence.

In October, Devoted Health was one of 31 contracts that obtained a five-star score from the Facilities for Medicare and Medicaid Companies’ Medicare Benefit, Half C and Medicare Half D Star Rankings, which charge MA plans by the standard of well being and drug providers obtained by customers. 

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