Vytalize Health raises $50 million in funding to expand senior care
Vytalize Health, a value-based care platform for seniors, has raised $50 million from investors in a Series B funding round.
Enhanced Healthcare Partners, a healthcare-focused private equity firm, led the funding round. Vytalize Health, which is based in New York, aims to use the new funding to invest in care delivery infrastructure, partner with Medicare Advantage and commercial plans and expand its team.
In addition to Enhanced Healthcare Partners, Kittyhawk Ventures –– which led the Series A funding –– Kawn Ventures, North Coast Ventures and other existing investors also participated in the Series B.
Vytalize health has already partnered with 280 primary care practices across 16-states and grew its patient base 150% year-over-year. The company’s platform is responsible for $2 billion in healthcare spending.
"Our goal is to strengthen the special relationship between patients and their primary care doctors, which becomes the foundation for realizing the full potential of value-based care," Vytalize Health CEO Faris Ghawi said in a statement. "We're witnessing new frontiers that were previously unimaginable in healthcare, and we're excited to enable our doctors to be at the cutting edge of this next chapter."
Vytalize Health plans to continue expanding into new markets and increase the concentration of practices in existing ones. The company has already begun contracting with regional and national Medicare Advantage plans.
“We have been actively searching for the right Medicare at-risk platform for the past 18 months. We are very excited to back Faris and the team as they continue to activate value-based care across the healthcare market,” Samarth Chandra, Enhanced Healthcare Partners general partner, said in a press release. “Vytalize Health and its network of practices have repeatedly demonstrated they can improve the quality of care for patients while also better managing healthcare spending overall.”
Vytalize Health was founded in 2014 as a Medicare-focused primary care practice. The company then developed a vertically integrated solution combining a risk-bearing entity, virtual and in-home clinic, and broad technology platform that it began offering to other primary care practices in 2017. Currently, the company supports care for 130,000 senior patients.
Vytalize Health acquired MedPilot, an AI-driven patient experience platform, last year to manage the last mile of patient care. The company is still integrating the rest of the downstream network, including hospitals, specialty networks, ancillary providers and digital health companies.
Amy joined TriMed Media as a Senior Writer for HealthExec after covering home care for three years. When not writing about all things healthcare, she fulfills her lifelong dream of becoming a pirate by sailing in regattas and enjoying rum. Fun fact: she sailed 333 miles across Lake Michigan in the Chicago Yacht Club "Race to Mackinac."