Evolent Health Raises the Bar, Secures $100 Million in Series B
Evolent Health has been building technology-based services to help providers transition from fee-based-care to outcome-based-care service model. Today, it raised $100M in Series B funding from its founders The Advisory Board, UPMC Health Plan, and new investor, private equity group TPG Growth. Just two years in, Evolent’s key clients include MedStar Health, Piedmont Healthcare, WellStar Health System, Indiana University Health, and Premier Health.
In terms of venture capital, this round contributed to a quarter with more than $800m in venture funding. It took over the top spot for the quarter from Sharecare ($91m) and Practice Fusion, ($70M), both just last week. Other notable investments have been Fitbit, with $48M in private equity (August); Oscar with $40M in seed funding (July); and Withings, with $30M in venture funding (July).
Of course this week the 7th Annual Health 2.0 Fall Conference is underway in Santa Clara, CA. The best and brightest minds, working at the confluence of health care and technology, are addressing some of the key issues surrounding the delivery of health care. The news about one of the biggest investments in a healthIT company could not have come at a more opportune time.
Health care providers are gearing to adopt the changes needed in their delivery system for meeting the requirements of the ACA. Evolent Health is providing these organizations with a comprehensive set of payer-neutral solutions that will allow physicians and health care providers to deliver the right care to their patients, without the impediments caused by using a third party insurance payment system. Employing big data and analytics, Evolent identifies the best treatment options for each patient, and enables better collaboration among the all members of the patient’s care circle. The tools span from data analytics all the way through care management programs.
Frank Williams, CEO of Evolent Health, will be sharing more about the company during the ‘Big Data: Tools and Applications for Transforming Care’ panel at the Health 2.0 Conference on Wednesday, October 2nd.