Healthcare Quality Company Grand Rounds Raises $175 Million

By Annie Baker ● September 16, 2020
  • Grand Rounds — a leader in healthcare quality and clinical navigation — recently announced it has secured a $175 million round led by The Carlyle Group

Grand Rounds — a leader in healthcare quality and clinical navigation — recently announced it has secured a $175 million round led by The Carlyle Group. With this funding round, Grand Rounds will accelerate clinical navigation and virtual primary care.

Currently, the company covers 6 million lives across more than 130 large self-insured employers and has undergone a period of rapid growth and improved member outcomes. Along with launching several new virtual provider offerings to enable access to high-quality care amidst COVID-19, Grand Rounds expanded its relationships with some of the nation’s most forward-thinking innovators in healthcare benefits like The Home Depot, Walmart, Salesforce and Travelers. Over the past year, the company has increased its covered lives by 55%.

Grand Rounds has recently launched several new solutions to expand the ways it connects and develops long-term relationships with members as well as handle any healthcare need in the virtual setting whether it is clinical, financial or administrative. And Urgent Response (the company’s 24/7 crisis response offering) was unveiled in April 2020 to support employees impacted by COVID-19 and employers navigating the challenges of workplace reopenings.

Plus Grand Rounds also enhanced its Premier Navigation solution to include telemedicine, becoming the first in the market to go beyond “tele-urgent” care and to transform virtual care into a comprehensive and integrated experience with both clinical navigation and specialty care. For example, Grand Rounds’ telemedicine physicians are able to see member plan and coverage information and other relevant benefits to create personalized, effective, and affordable care plans, ultimately reducing costs and improving outcomes.

Including this round, Grand Rounds has raised over $270 million to date, allowing the business to continue scaling its operations across the country.

KEY QUOTES:

“We are at a turning point in American healthcare, a moment when healthcare has become virtual-first and data can be used to dramatically improve outcomes. Since our founding, Grand Rounds has helped millions navigate their way through the complex U.S. healthcare system, serving as the personal healthcare assistant to support whole-person care. This financing from a premier investment group with a long history of success in healthcare will deepen our ability to scale and provide the highest quality care and outcomes for our members.”

— Owen Tripp, co-founder and chief executive officer of Grand Rounds.

“Digital health has grown rapidly in recent years due to the significant disruption and innovation it brings to the healthcare industry. Healthcare navigation, in particular, is playing a pivotal role in addressing every facet of an individual’s healthcare journey, at scale, by increasing access to high-quality care while reducing overall costs. We are excited to support Owen and his team at Grand Rounds, given their impressive track record of improving patient outcomes, as they build, grow and seek to improve the quality of healthcare for everyone, everywhere.”

— Robert Schmidt, a Principal specializing in healthcare at The Carlyle Group.