Friday August 24, 2018 0 comments
DENVER -- Paladina Health, a physician-access model of health care, today announced it closed a $165 million growth equity funding round led by existing investor New Enterprise Associates (NEA), with participation from new investors Oak HC/FT, Alta Partners, Greenspring Associates and other strategic investors.
The company said it plans to use the funding to further scale operations, grow its executive team and expand in new and existing markets.
In addition, Paladina Health said it will continue to enhance the quality of care by investing in ground-breaking technology aimed to improve patient outcomes.
"Paladina Health continues to differentiate itself as a national leader in championing the Direct Primary Care model as a means to better health outcomes," said Mohamad Makhzoumi, NEA general partner and head of healthcare services investing.
"NEA had a front row seat witnessing Paladina's tremendous progress since their inception inside of DaVita in 2011, and we are thrilled to support the company's expansion as it meets patient needs by delivering excellent care while driving down costs."
Paladina Health said its business model tackles the main causes of poor quality and escalating costs in the healthcare system, including lack of physician access, care coordination, cost transparency and quality of care.
"As pre-existing care and cost models continue to undergo universally beneficial change, Paladina Health is uniquely positioned to lead growth within the direct primary care market," said Annie Lamont, co-founder and managing partner at Oak HC/FT.
"We look forward to partnering with the Paladina Health team to support the company's continued expansion and its mission to deliver better patient care and satisfaction."
Paladina Health operates more than 50 physician offices in Colorado, Washington, Wisconsin, Ohio, North Carolina, South Carolina, Kentucky, New Jersey and Florida, with plans for continued expansion.
"The issues of high-cost care and low patient satisfaction have plagued medicine for decades," said Dr. Pete Hudson, managing director of Alta Partners.
"Paladina Health is not only striving to address these issues, the company has shown consistent, positive results. They are a critical part of the solution for the U.S. healthcare system and we are excited to help them continue to scale."
"We are excited about our new partners and this additional funding as it will accelerate growth into new markets and help scale our operations across the country," said Chris Miller, Paladina Health's CEO.
"As a national leader in direct primary care, our focus continues to be on providing greater access to high-quality healthcare and delivering an exceptional patient experience. This drives better health outcomes for more people."