Value-based care platform Vytalize Health has landed $53 million in series B funding to power its virtual and in-home primary care offerings for seniors.
The company partners with primary care practices, now boasting 280 partners across 16 states, to offer its “all-in-one” value-based care solution, supporting care delivery for Medicare patients, data analytics and network management.
Vytalize’s virtual and in-person clinic options, designed to fill care gaps rather than to replace the care practices are already providing, include services for chronic disease management, remote monitoring, behavioral health, post-discharge planning and coordination, annual wellness exams and house calls.
As an accountable care organization, Vytalize aims to connect physicians and specialists to wrap care around Medicare patients, working to improve preventive health services and reduce avoidable costs like those associated with unnecessary visits to the emergency room.
The company’s target market is growing rapidly. Medicare enrollment is projected to increase by 1.5 million beneficiaries each year through 2029, and Medicare spending is expected to double between 2019 and 2029, according to the Commonwealth Fund.
“Our goal is to strengthen the special relationship between patients and their primary care doctors, which becomes the foundation for realizing the full potential of value-based care,” said Vytalize CEO Faris Ghawi in a statement. “We’re witnessing new frontiers that were previously unimaginable in healthcare, and we’re excited to enable our doctors to be at the cutting edge of this next chapter.”
While Vytalize was founded in 2014 in New York as a Medicare-focused primary care practice, the company then developed a tech platform supporting virtual and in-home clinic options for other practices. The solution also includes data analysis tools for clinical notes, claims, social determinants of health data and hospital feeds to produce actionable insights for providers as well as downstream network management to coordinate care between hospitals, specialists and ancillary service providers.
Vytalize began offering its risk-bearing solution to other primary care practices in 2017.
The total $53 million in series B funding includes $47 million in equity and $6 million in debt, the company confirmed to Fierce Healthcare.
Enhanced Healthcare Partners led the round, joined by Kittyhawk Ventures, Kawn Ventures, North Coast Ventures and other existing investors.
“We have been actively searching for the right Medicare at-risk platform for the past 18 months. We are very excited to back Faris and the team as they continue to activate value-based care across the healthcare market,” said Samarth Chandra, general partner at Enhanced Healthcare Partners. “Vytalize Health and its network of practices have repeatedly demonstrated they can improve the quality of care for patients while also better managing healthcare spending overall.”
The company plans to put the series B funding toward further developments in its care delivery infrastructure, Medicare Advantage and commercial partnerships, and hiring.
Vytalize expanded its data-centric service offerings last year with its acquisition of MedPilot, a startup leveraging patient data and machine learning to personalize patient outreach.