- Wayspring (formerly axialHealthcare) announced it raised a $75 million round of funding. These are the details.
Wayspring (formerly axialHealthcare) announced it raised a $75 million round of funding from Valtruis, Centene Corporation, CareSource, HLM Venture Partners, and several other leading investors. And Wayspring plans to use the capital to scale its value-based care solution, a full-risk medical home model for substance use disorder (SUD).
With data analytics to drive high-touch, high-impact outreach to the most at-risk individuals, Wayspring’s SUD home model delivers community-based peer support, behavioral health services, and primary care. And Wayspring also partners with existing provider networks to refer members to high-quality treatment, facilitate care transitions, and improve adherence to evidence-based medicine. Since launching its member-facing SUD management solutions with 3 health plans in 2020, Wayspring has driven significant savings through the reduction of inpatient treatment readmissions, hospital admissions and emergency department visits.
Valtruis — the newly formed value-based care portfolio company of Welsh, Carson, Anderson, and Stowe (WCAS) — led the $75 million investment alongside Centene Corporation, CareSource, and HLM Venture Partners. And the funding also includes existing investors Highmark Ventures, .406 Ventures, the Blue Venture Fund, and Oak HC/FT.
KEY QUOTES:
“We are extremely excited to announce this important investment by some of the leading investors in healthcare. The team at Valtruis has a strong track record of investing in and scaling transformational healthcare companies. Together, we are building an innovative solution that holistically addresses the complex and heartbreaking challenges that individuals with SUD and their families face daily.”
— Carter Paine, Chief Executive Officer of Wayspring
“We are thrilled to back the Wayspring team to help solve the enormous issues confronting the SUD community. This investment marks the second time that Carter and I have partnered with Welsh Carson to build a value-based care platform to tackle a pervasive and growing healthcare issue, in this case substance use disorder. Incredibly, more than $90 billion is spent annually on the SUD population by Medicaid and Medicare Advantage managed care organizations and other risk-based, delegated entities. And, unfortunately, only 10 percent of the population receives treatment.”
— Karey Witty, Managing Director with Valtruis and an Operating Partner at WCAS
