Eleanor Health – an outpatient addiction treatment provider working to transform the quality, delivery and accessibility of substance use disorder care – announced it raised a $30 million Series D funding round led by General Catalyst, with participation from existing and new investors, including Town Hall Ventures, Echo Health Ventures, Northpond Ventures, Rethink Impact and Emerson Collective.
The company will use the new funding round to continue scaling its whole-person care model for substance use disorder, which has delivered improved clinical outcomes and total-cost-of-care reduction across large populations.
Eleanor offers in-person and virtual substance use disorder care rooted in a harm-reduction clinical model. Eleanor’s clinical model includes Medications for Addiction Treatment, such as Suboxone and Vivitrol; psychiatry; therapy; and peer recovery coaching.
Eleanor’s model is built on value-based payment structures that align incentives around total cost of care reductions and improvements in key quality metrics. Eleanor currently has contracts with 17 payors – including five with national payors – and its care is available in seven states (LA, MA, NJ, NC, OH, TX, and WA).
KEY QUOTES:
“This funding represents a significant vote of confidence from our investors that our model works and our team is well positioned to scale that model across the country. By meeting people where they are, Eleanor’s approach opens the door for individuals to receive care who may not otherwise seek help, or who may face barriers that prevent their illnesses from responding well to traditional methods of treatment. We are thrilled to partner with investors that share our vision for transforming the way addiction treatment is delivered and paid for.”
-William McKinney, CEO of Eleanor Health
“Eleanor’s approach is a much-needed departure from many traditional recovery programs that are fee-for-service, short-term and abstinence-based – modalities that can be notoriously costly and ineffective. By employing longitudinal care for addiction treatment, along with innovative payment structures, we believe that Eleanor is transforming the quality, delivery and accessibility of substance use disorder care, and look forward to continuing to support their journey.”
-Chris Bischoff, Managing Director at General Catalyst
