Vytalize Health, a provider enablement platform focused on value-based care, has closed $100 million in funding.
The series C round was led by Enhanced Healthcare Partners and Monroe Capital with participation from North Coast Ventures. The funding will be used to reach more patients, invest in technology and integration and build out the team, executives told Fierce Healthcare.
Vytalize Health partners with hundreds of primary care practices across 36 states serving more than 250,000 patients. The company’s solution includes value-based incentives, smart technology and a virtual clinic that aims to enable practices to succeed in value-based care arrangements.
“We’re grateful by the opportunity to continue to invest in Vytalize Health’s strategy and applaud the work they’ve done to support those who provide care to vulnerable and underserved populations,” Samarth Chandra, general partner at Enhanced Healthcare Partners, told Fierce Healthcare in a statement. “Value-based care is the future of medicine. By putting the patient-clinician relationship at the forefront and making care more accessible, affordable, and sustainable, Vytalize Health will help improve patient outcomes and the overall health of our communities.”
Primary care physicians influence much of downstream healthcare utilization, so it’s critical for them to deliver data-driven, effective care to patients, the company argues. Rewarding providers who improve outcomes is the way to “deliver high-value care in a responsible way,” co-founder and CEO Faris Ghawi told Fierce Healthcare. It’s also why the company will use the latest round to streamline integration with other downstream healthcare players like hospitals, specialists and ancillary providers.
Initially founded in 2014 as a virtual and in-home clinic, Vytalize Health has since launched initiatives like its priority care program, which leverages data to identify patients with the greatest needs and keep them away from hospitalization. The program sends nurse practitioners into patients' homes and helps them manage and monitor conditions, and can refer them out to other resources or specialists.
In 2021, Vytalize Health saved more than $400 a patient, and those savings have grown since then, Ghawi said. 2022 figures will be released by the Centers for Medicare & Medicaid Services later this year.
Ghawi believes the market and investors are receptive to value-based care because it is a way to participate in building a better healthcare system for all.
“In the past, we paid for services, and as a result, we got a lot of services. And I think the future is paying for better outcomes, and hopefully getting better outcomes,” Ghawi said.