- Devoted Health Raises New Funding to Deliver On Its Mission to Improve the Health and Well-Being of Older Americans
Devoted Health Raises New Funding to Deliver On Its Mission to Improve the Health and Well-Being of Older Americans
WALTHAM, MA, December 29, 2023 — Devoted Health, an all-in-one healthcare company for Medicare beneficiaries, delivering health insurance, virtual-first medical care, and a world-class service experience, today announced that it has closed on $175 million of Series E funding. The round was led by a lead syndicate composed of The Space Between (TSB), Highbury Holdings, GIC, Stardust Equity, Maverick Ventures, and Fearless Ventures. Also participating in the funding round were Socium Ventures, Emerson Collective, Andreessen Horowitz, The Private Shares Fund and affiliated funds, F-Prime Capital Partners, General Catalyst, and GreatPoint Ventures.
“In a healthcare system that isn’t always accessible or easy to navigate, we at Devoted Health are profoundly honored to provide each member with the same quality of care and service we’d want for our own families,” said Ed Park, co-founder and CEO of Devoted Health. “It’s deeply gratifying to have so many others believe in the promise of our model, and we’re very excited to bring the love and world-class care that is Devoted to more and more Americans.”
Founded in 2017 by brothers Todd and Ed Park, Devoted Health is a new kind of healthcare company providing all-in-one care for older Americans. Members of the company’s best-in-class Devoted Health insurance plans receive comprehensive, tech-enabled preventive care services from Devoted Medical, the first virtual-first and in-home medical group built from the ground up to serve the specific needs of the Medicare population.
Further supporting members are Devoted’s full-service Guides, who help navigate each member through their health care journey. All of Devoted’s work is powered and rendered truly scalable by its groundbreaking, proprietary technology platform, Orinoco, the first modern software platform that can support the entirety of payor and healthcare provider operations, end to end, in a highly integrated way. Orinoco helps choreograph members getting the right care in the right place at the right time – the right care upfront that keeps members as healthy and well as possible. And underlying everything Devoted does is its unique culture, one that is profoundly focused on caring for every member like they are family.
The new funding round followed a year of rapid growth for Devoted Health, which serves over 140,000 members as of December 2023 (year over year growth of more than 70 percent) and expanded to serve a total of 299 counties across 13 states during this year’s Medicare Annual Enrollment Period. Along with this growth, the company’s clinical and service excellence was recognized by the Centers for Medicare and Medicaid Services (CMS) – the overall Medicare Advantage Star rating awarded by CMS to Devoted Health increased across the company’s membership in Star-eligible plans to 4.6, with 94 percent of all Devoted members in Star-eligible plans enrolled in a 4 Star, 4.5 Star, or 5 Star plan. This year, the company's HMO plans in both Florida and Ohio were awarded 5 out of 5 Star ratings.
Devoted Health’s patient population is experiencing better health outcomes. For example, at least 83 percent of members with diabetes have been able to get their HbA1c under control, with Devoted Medical diabetes program graduates achieving a remarkable average HbA1c reduction of 2.4 in 100 days. At least 80 percent of members with hypertension have gotten their blood pressure under control. In addition, at least 90 percent of Devoted members with high blood pressure, high cholesterol, or diabetes took their medications as directed. In May, Devoted was recognized by the Pharmacy Quality Alliance (PQA) and received the Laura Cranston Excellence in Quality Award, PQA’s highest award for performance on key measures of medication safety and appropriate use.
Over 2023, Devoted Health was also named to Fortune’s Best Workplaces in Health Care™ list and Fortune’s Best Workplaces for Women™ list and was a finalist for the Fast Company Best Workplaces for Innovators “Health and Wellness” list.
Devoted Health is a healthcare company on a mission to dramatically improve the health and well-being of older Americans by caring for every person like family. To accomplish this, Devoted has designed and built an integrated all-in-one healthcare solution that combines Devoted Health Medicare Advantage plans, access to high-quality local providers alongside virtual and in-home care delivered by Devoted Medical, full-service Guides, and world-class technology that powers it all. As a result of bringing all of these exceptional ingredients into one seamless offering, Devoted members find a trusted partner in Devoted to advance their health and well-being. To learn more, visit devoted.com.
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