THANK YOU FOR SUBSCRIBING
Alignment Healthcare has more than 600 employees and helps solve the gaps in chronic care for seniors via a combination of a personal care team and advanced analytics
Fremont, CA: Alignment Healthcare, a mission-based Medicare Advantage insurance company founded in 2013, raised $135 million in new funding round. The Series C round of financing was led by Fidelity Management & Research Company, funds and accounts advised by T. Rowe Price Associates, Inc., and Durable Capital Partners L.P. The latest financial round brings Alignment's funding to-date to $375 million and will accelerate the growth of the company's Medicare Advantage footprint while deepening its investments in its technology platform and plan offerings.
"Caring for our nation's seniors has been Alignment's mission since our founding seven years ago when we launched a new model designed to reduce waste in the system by coordinating quality care around the patient, no matter where they are," said John Kao, founder, and CEO, Alignment Healthcare. "The growth we've since experienced is a testament to the impact our model is having in improving outcomes for seniors every day, and we look forward to continuing to advance and transform the health care experience."
Stay ahead of the industry with exclusive feature stories on the top companies, expert insights and the latest news delivered straight to your inbox. Subscribe today.
Alignment's new capital partners join the company's existing preeminent health care investors, General Atlantic and Warburg Pincus - both leading global private equity firms focused on growth investing. Collectively, the support of these world-class investors underscores the critical need and opportunity for improved care coordination for seniors, a reality many on Alignment's leadership team have experienced in their families first hand. It also comes as the Medicare Advantage market expands, nearly doubling in enrollment over the past decade. Within this competitive category, Alignment Healthcare's differentiated approach has driven a 43 percent annual growth in revenue between 2014 and 2019 as the company now approaches $1 billion in projected 2020 revenue.
[vendor_logo_first]Alignment's ACCESS On-Demand Concierge gives members access to a care coordinator and clinicians 24-7 via a single phone number. The company has also invested in the creation and development of AVA (Alignment Virtual Application), a technology-based "command center" that houses more than 100,000 unique data signals per member to help identify changing care needs in real-time.
The funding comes on the heels of strong momentum from Alignment Healthcare in the past six months, including:
• Ranking as one of only four health plans in California as a Best Insurance Company for Medicare Advantage 2020 by U.S. News & World Report.
• Receiving an overall 4.5-star rating out of a possible five stars from the Centers for Medicare & Medicaid Services in 2020 - comprising four stars for its Part C and a perfect five stars for its Part D offerings, and putting Alignment in the 90th percentile of all Medicare Advantage Prescription Drug plans nationwide.
• Doubling both the footprint of the territories it covers and the number of plans it offers in 2020, including the debut of socially-conscious benefits for eligible members such as "grandkids on-demand," non-emergency transportation services via an agreement with Uber Health, and monthly grocery allowances.
•Forging key relationships with high-quality regional providers and physician groups through its co-branded offering with Sutter Health
See Also :Top Healthcare Solution Companies
More in News