Alignment Healthcare, a Medicare Advantage insurance company, has secured $135 million funding in a Series C round to bring its model for enhanced care to more seniors.
The funding came from Fidelity Management & Research Company, Durable Capital Partners, and funds and accounts advised by T. Rowe Price Associates. The new capital partners join Alignment Healthcare’s existing preeminent health care investors – Warburg Pincus and General Atlantic.
According to the Medicare Advantage insurance company, the support of its investors underscores the critical need and scope for better care coordination for seniors.
So far, Alignment Healthcare, which was founded in 2013, has raised $375 million. The California-based insurance company plans to speed up the growth of its Medicare Advantage footprint apart from deepening its investments in its plan offerings and technology platform.
John Kao – founder and CEO of Alignment Healthcare said: “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.
“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.”
Currently, Alignment Healthcare has over 600 employees. The insurance company is said to help address the gaps in chronic care for seniors through a combination of a personal care team and advanced analytics.
The company’s ACCESS On-Demand Concierge offers members access to a care coordinator and clinicians round-the-clock through a single phone number. The Medicare Advantage insurance company has also invested in AVA (Alignment Virtual Application), a technology-based command center that has over 100,000 unique data signals per member to help identify changing care requirements in real-time.