Venture Capital: At Home Healthcare Provider DispatchHealth Lands $330M Funding
The funding was a mix of equity and debt.
DispatchHealth, the Denver-based in-home care provider has raised $330 million as it addresses the rapidly growing demand for at home care and works on a proprietary platform called the Last Mile Health Care Technology Platform. The platform aims to help with care delivery via logistics, clinical support and coordination with other parties in its ecosystem. (Home Health Care News)
The equity component of the raise was led by Optum Ventures, with support from current investors such as Humana (NYSE: HUM), Oak HC/FT, Echo Health Ventures and Questa Capital. New investors included Adams Street Partners, the Olayan Group, Silicon Valley Bank, Pegasus Tech Ventures and Blue Shield of California.
The debt component was led by Silicon Valley Bank and K2 HealthVentures.
After this funding, DispatchHealth has raised an aggregate of over $700 million since its launch in 2013. It now provides its services to more than 75% of Medicare Advantage (MA) members across the country. While previously it was focused on in-home urgent care, it now has extended its services.
The company seeks to save its patients from emergency room visits and readmissions by itself treating common injuries and illnesses. The company has, therefore, scaled up its hospital-at-home model. It also has an a SNF-substitution model and a diagnostic platform that supports moderate complexity lab.
The funding would enable the company to extend its entire bouquet of services to all of the 50-plus markets it serves across the U.S.
It would help boost the development of the Last Mile Health Care Technology Platform. “We have invested significantly in that over the last 18 months,” says Daniel Graf – the chief product officer. “We’re essentially building that platform, which will allow us to deliver the complexity of care that we do deliver – everything from the logistics, to the clinical support, to the coordination with others in the ecosystem.”
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