Greater Good Health Raises $20.5 Million in Series B Funding
Greater Good Health, headquartered in El Segundo, California, has successfully raised $20.5 million in a Series B funding round. This round was led by Allumia Ventures and included participation from a mix of new and existing investors such as DaVita Venture Group, Granite Financial Holdings, Flare Capital Partners, Optum Ventures, LRVHealth, Health Velocity, Martin Ventures, and Epsilon Ventures. The company, founded by Sylvia Hastanan, is focused on improving senior healthcare through comprehensive primary and preventive care, including behavioral health.
Expanding Value-Based Care
Greater Good Health aims to tackle the challenges of rising healthcare costs and a shortage of primary care physicians by employing a value-based care model. This approach emphasizes nurse practitioners leading care teams, with a particular focus on Medicare patients in underserved areas. The company currently provides services to over 200,000 patients through its primary care clinics and integrated clinical services platform. By partnering with health plans, hospital systems, and provider organizations, Greater Good Health seeks to manage complex patient populations proactively.
Strong Performance and Growth
The company reports significant achievements from its model, including high-quality performance ratings, a notable increase in preventive care engagement, and a reduction in unnecessary acute admissions. These outcomes have contributed to a patient Net Promoter Score exceeding 90. Greater Good Health initially launched its services in Montana through a partnership with Humana and has since expanded to Idaho with Blue Cross of Idaho.
Strategic Use of Funds
The newly secured funds will be directed towards further developing Greater Good Health's value-based care platform. This includes enhancing partnerships with payers and expanding geographically into more underserved markets. Such initiatives are expected to bolster the company's ability to deliver efficient and effective healthcare solutions to a growing senior population.
Leadership Perspective
Sylvia Hastanan, CEO and founder, emphasized the importance of adapting to the evolving healthcare landscape: "As the country’s population ages, the traditional primary care model simply isn’t keeping up, clinically or financially." She highlighted the dual challenges of a physician shortage and escalating medical costs, which the company's model aims to address effectively.
With this significant infusion of capital, Greater Good Health is well-positioned to continue its mission of elevating senior healthcare across the United States.