- Alignment Healthcare announced it raised $135 million in Series C funding. And the company also revealed it is on track to hitting $1
Alignment Healthcare is a mission-based Medicare Advantage insurance company that announced it raised $135 million in Series C funding from Fidelity Management & Research Company, funds and accounts advised by T. Rowe Price Associates, and Durable Capital Partners L.P.
“Caring for our nation’s seniors has been Alignment’s mission since our founding seven years ago when we launched a new model designed to reduce waste in the system by coordinating quality care around the patient, no matter where they are,” said Alignment Healthcare founder and CEO John Kao. “The growth we’ve since experienced is a testament to the impact our model is having in improving outcomes for seniors every day, and we look forward to continuing to advance and transform the health care experience.”
This round of funding brings the company’s total funding to $375 million. And it will accelerate the growth of the company’s Medicare Advantage footprint while deepening its investments in its technology platform and plan offerings.
The company’s new capital partners join the company’s existing health care investors General Atlantic and Warburg Pincus. This funding comes at a time as the Medicare Advantage market expands, nearly doubling in enrollment over the past decade.
Alignment Healthcare’s differentiated approach has driven a 43% annual growth in revenue between 2014 and 2019 as the company now approaches $1 billion in projected 2020 revenue. Now Alignment Healthcare has over 600 employees and it is helping solve the gaps in chronic care for seniors via a combination of a personal care team and advanced analytics.
And Alignment’s ACCESS On-Demand Concierge gives members access to a care coordinator and clinicians 24-7 via a single phone number. Plus the company has also in the creation and development of AVA (Alignment Virtual Application), a technology-based “command center” — which houses over 100,000 unique data signals per member to help identify changing care needs in real-time.
This round of funding comes on the heels of the company seeing strong momentum from Alignment Healthcare in the past six months. The company also ranked as one of only four health plans in California as a Best Insurance Company for Medicare Advantage 2020 by U.S. News & World Report. And it received an overall 4.5-star rating out of a possible 5 stars from the Centers for Medicare & Medicaid Services in 2020.
The company is also doubling the footprint of the territories it covers and the number of plans it offers in 2020, including the debut of socially-conscious benefits for eligible members like “grandkids on-demand” non-emergency transportation services via an agreement with Uber Health and monthly grocery allowances.
