Bengaluru: Chicago-based leading management services for healthcare providers VillageMD raises $36 million in a series A round of funding led by the premier venture growth-equity fund Oak HC/FT along with its existing investors. The company will utilize the fund to enlarge its market in several new states within Midwest, Northeast, and Southeast. As per the funding, the leading healthcare investor on the 2015 Forbes Midas List – Ann Lamont- Managing Partner, Oak HC/FT will be joining the company’s Board of Directors.
Incorporated in 2013 by area experts – Tim Barry and Dr. Clive Fields, VillageMD is a healthcare organization that aims to provide a better world that begins with primary care. The company delivers the finest physicians, health plans and system along with the model that provides the tools, technology, and support needed to drive the highest quality clinical results across a population. Today, the company is partnered with more than 400 physician groups, IPAs, and health systems to advance quality, amplify patient contentment and lower costs in the communities they serve.
Speaking about the company, Tim Barry, CEO, VillageMD says, “We are at an exciting time in our nation’s healthcare history, a time when primary care providers will unequivocally demonstrate that a system led by their efforts will yield the best clinical results for their patients and, along the way, significantly improve the cost of healthcare. VillageMD is thrilled that the team at Oak HC/FT recognizes the value of our primary care partnership model and has chosen to be our growth capital partner, as we write this critical chapter of our company’s story”.
He also added, “The cost of healthcare in the United States continues to rise at unsustainable levels. With its focus on enabling primary care providers to deliver superior clinical results for patients, while simultaneously collaborating with health plans to bring a financial model that supports this clinical model, VillageMD is uniquely positioned to improve the quality and cost of healthcare across many markets in this country. We are excited to invest in their continued growth and to support a company with such a broadly impactful mission”.
Dr. Clive Fields, Co-Founder, VillageMD says, “As complex as the American healthcare system can be, the VillageMD model is quite simple. We partner with leading primary care providers in targeted geographies; we bring health plan relationships that reward primary care providers for practicing higher quality, lower cost medicine; and we bring a proven operating model that features the right mix of people, processes, and technology to help our partner providers be successful in this model. Everybody wins because we focus on what’s best for the patient”.