Startup Spotlight: healthtech firm Aledade
Aledade partners with practices and providers in 27 US states to form accountable care organisations - entities focused on reducing the cost of care.
The company has raised, across six funding rounds, nearly $200mn since its founding in 2014. Its latest Series C round, announced last month, saw Aledade raise $64mn in a round led by OMERS Growth Equity, with the participation of others including California Medical Association, Meritech Capital, Echo Health Ventures, CVF, and GV.
"When we started Aledade nearly six years ago, we believed that value-based care was the only path forward for our health care system and a sustainable business model for independent primary care practices," said Farzad Mostashari, MD, CEO and co-founder of Aledade in a press release. "Our uniquely resilient business model - built on years of hard work, innovation, and partnership - means that we have the resources during this difficult time to be able to support practices and help them not only to survive but to thrive. Aledade's mission of always doing the right thing for patients, for doctors, and for society is now, and will continue to be, the core of our success as a business."
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The company said it had achieved a larger than 60% annual growth in revenue alongside a nearly 50% growth in its patient base. 840,000 patients are cared for by the company’s accountable care organisations, managing over $7.5bn in health care spending.
"All across America, primary care physicians are in need of innovative ways to deliver better care at a lower cost, while simplifying the administrative burden that takes time away from their patients. As this shift from legacy models of reactive patient health management to proactive value-based care gains momentum, and interest in the ACO approach continues to grow, Aledade is working hard to support physicians through this positive change," said Teresa Lee, Managing Director, OMERS Growth Equity. "We are proud to have led this new investment in Aledade's team and business and look forward to helping the company build out its proven model, team, business, and vision of a better health care system built around trusted primary care providers."