AllyAlign Well being, a Medicare Benefit insurance coverage firm, has raised $300 million in a brand new funding spherical, in keeping with Axios.
The spherical was led by international enterprise capital agency New Enterprise Associates, and included participation from Oak HC/FT, City Corridor Ventures, in addition to current traders Heritage Group and Ziegler.
Richmond, Virginia-based AllyAlign Well being works with long-term care suppliers and senior dwelling services to create value-based care fashions for the populations they serve. It manages Medicare Benefit, institutional particular wants plans, power care particular wants plans for dementia and dual-eligible particular wants plans.
The corporate will use the brand new funds to gas its development and spend money on its staff, companions and expertise.
“We’ve carefully adopted the evolution of value-based care within the long-term care setting through the years and are thrilled to companion with AllyAlign to increase and scale their companies,” stated Mohamad Makhzoumi, common companion and head of worldwide healthcare investing at New Enterprise Associates, in a information launch. “AllyAlign is poised to rework the senior dwelling business and we’re excited to help this subsequent section of development, permitting for higher look after the U.S. senior inhabitants.”
Along with the funding information, AllyAlign introduced a change in management.
Mark Worth will take over as CEO of the corporate, succeeding founder Will Saunders. Worth was previously president of the Nevada area for Salt Lake Metropolis-based Intermountain Healthcare, and he has prior senior management expertise at DaVita, ChenMed and Bain and Firm.
Medicare Benefit enrollment has almost doubled over the past decade, with 26 million — that’s, 42% of all Medicare beneficiaries — enrolled in these plans as of early 2021, in keeping with a report by Higher Medicare Alliance. That determine is predicted to rise to 51% by 2030 per Congressional Price range Workplace projections.
Because of this promising development, exercise within the Medicare Benefit market has been heating up. Insurance coverage startups, like Oscar Well being and Brilliant Well being, that supply Medicare Benefit plans have made main strikes in latest months, together with going public.
Not solely that, final week Medicare Benefit insurance coverage supplier Zing Well being Enterprises, introduced plans to amass Lasso Healthcare Insurance coverage Co., giving Zing a nationwide footprint.
Image: Feodora Chiosea, Getty Photographs