WALTHAM, Massachusetts—Devoted Health, an all-in-one health care company for Medicare beneficiaries, delivering health insurance and virtual-first medical care announced that it has closed on $175 million of Series E funding. The round was led by a lead syndicate composed of The Space Between (TSB), Highbury Holdings, GIC, Stardust Equity, Maverick Ventures and Fearless Ventures. Also participating in the funding round were Socium Ventures, Emerson Collective, Andreessen Horowitz, The Private Shares Fund and affiliated funds, F-Prime Capital Partners, General Catalyst and GreatPoint Ventures.
“In a health care system that isn’t always accessible or easy to navigate, we at Devoted Health are profoundly honored to provide each member with the same quality of care and service we’d want for our own families,” said Ed Park, co-founder and CEO of Devoted Health. “It’s deeply gratifying to have so many others believe in the promise of our model, and we’re very excited to bring the love and world-class care that is Devoted to more and more Americans.”
Devoted Health
Founded in 2017 by brothers Todd and Ed Park, Devoted Health is a new kind of health care company providing all-in-one care for older Americans. Members of the company’s Devoted Health insurance plans receive comprehensive, tech-enabled preventive care services from Devoted Medical, the first virtual-first and in-home medical group built from the ground up to serve the specific needs of the Medicare population.
Further supporting members are Devoted’s full-service Guides, who help navigate each member through their health care journey. All of Devoted’s work is powered and rendered truly scalable by its proprietary technology platform, Orinoco, a modern software platform that can support the entirety of payer and health care provider operations, end to end, in a highly integrated way. Orinoco helps choreograph members getting the right care in the right place at the right time – the right care upfront that aims to keep members as healthy as possible.
The new funding round followed a year of growth for Devoted Health, which serves more than 140,000 members as of December 2023 (year-over-year growth of more than 70%) and expanded to serve a total of 299 counties across 13 states during this year’s Medicare Annual Enrollment Period. Along with this growth, the company’s clinical and service excellence was recognized by the Centers for Medicare and Medicaid Services (CMS)—the overall Medicare Advantage Star rating awarded by CMS to Devoted Health increased across the company’s membership in Star-eligible plans to 4.6, with 94% of all Devoted members in Star-eligible plans enrolled in a 4 Star, 4.5 Star or 5 Star plan. This year, the company's HMO plans in both Florida and Ohio were awarded 5 out of 5 Star ratings.
Devoted Health’s patient population is experiencing better health outcomes. For example, at least 83 percent of members with diabetes have been able to get their HbA1c under control, with Devoted Medical diabetes program graduates achieving a remarkable average HbA1c reduction of 2.4 in 100 days. At least 80% of members with hypertension have gotten their blood pressure under control. In addition, at least 90% of Devoted members with high blood pressure, high cholesterol or diabetes took their medications as directed. In May, Devoted was recognized by the Pharmacy Quality Alliance (PQA) and received the Laura Cranston Excellence in Quality Award, PQA’s highest award for performance on key measures of medication safety and appropriate use.
