Greater Good Health – a healthcare organization enabling and expanding access to value-based care for seniors through a Nurse Practitioner-led model – recently announced it has closed a $20 million Series A financing led by Flare Capital Partners. And Greater Good Health received participation from existing investors, including LRVHealth, Health Velocity Capital, Martin Ventures, and Optum Ventures, as well as from new strategic investors.
This funding announcement comes during a historic primary care crisis in the United States exacerbated by the COVID-19 pandemic. And according to a recent report from the Association of American Medical Colleges, the demand for primary care will continue to grow faster than supply – resulting in an estimated primary care physician shortage of 17,800 to 48,000 by 2034. By this time, the population of Americans 65+ is projected to grow by 42%, leading to an even greater lack of access to care for seniors, particularly in rural communities.
Along with drastic gaps in primary care access, the Centers for Medicare & Medicaid Services (CMS) has established a goal to have 100% of Medicare beneficiaries in a value-based care relationship by 2030. This resulted in a growing and urgent need to transform care delivery strategies and shift care to providers that are responsible for the quality and total cost of care.
Greater Good Health will use the new funding round to grow and scale the organization’s private-labeled, integrated clinical solutions while also fueling the development of its own primary care clinics, starting first with a value-based partnership with a national Medicare Advantage health plan to open clinics serving seniors in Montana later this year. And with the opening of these clinics, Greater Good Health will be delivering a differentiated, senior-centric experience that includes an outcomes-focused care model, prompt access to care, focus on relationship-building and treating the whole person, investment in community and social connection, and support navigating Medicare plans and benefits.
KEY QUOTES:
“Aligning with industry trends and policy, we are doubling down on Nurse Practitioners and value-based care to address the needs in underserved, often rural, markets. Nurse Practitioners are the fastest growing profession in the United States and are inherently well-positioned to succeed in value-based care. Today, 80% of seniors have at least one chronic illness and 50% have two or more. With the senior population growing older and sicker, access to value-based, comprehensive primary care is imperative, and we are here to make that a reality.”
— Greater Good Health Founder and CEO, Sylvia Hastanan
“Building solutions to address the primary care demand and supply imbalance is imperative to address the growing needs of senior populations, particularly in communities that are underserved. The Greater Good model is built to address physician shortages and significantly expand access to quality cost-effective care. With the leadership from Sylvia and a proven value-based approach, Greater Good Health is well-positioned to become an industry leader.”
— Vic Lanio, Partner, Flare Capital Partners
