Arlington-based Evolent Health secured a $100 million Series B round of funding today with plans to build upon its current population health and risk management platform and expand its network and team. This huge round will bring the company's current funding to a total of $124.5 million, with backing from Evolent's two founding organizations The Advisory Board Company and UPMC Health Plan, as well as new investor TPG Growth.
The funding comes at a great time, as Evolent needed to expand its technology, operational platform and team to keeps up with market demand, according to a press release, and help its clients adjust to the coming changes of Obamacare.
“In an environment of rising costs and wide variations in care quality, creating clinical value is challenging but critically important—and readily achievable with the right partner,” said Frank Williams, CEO of Evolent, in the release. “With our physician and provider partners, Evolent is able to fully align with the clinical and financial imperatives of the health care system. With this investment, we can extend our reach to serve even more systems in more markets.”
Evolent is currently partnered with 15 leading healthcare providers, such as Piedmont Healthcare, WellStar Health System, Indiana University Health, MedStar Health and Premier Health. The hope is to add to that roster.
The company will additionally see new challenges arise as the Obamacare insurance exchanges are set to go live Tuesday. Hospitals and healthcare providers will rely upon Evolent to help them adjust to the new policies.
“Navigating toward a value-based care model is an incredibly complex process,” said Diane Holder, President and CEO of UPMC Health Plan, in the release. “There is no shortage of offerings for discrete parts of theequation, yet what’s most needed is a comprehensive solution for enterprise-wide adoption of valuebased care similar to what we have been doing at UPMC for more than a decade. We remain incredibly proud of our role in creating Evolent and are excited for what this investment says about the Company’s future and the future of health care in the U.S.”
Evolent will have their hands full with the growing market demand and new changes slated ahead of them. But this new funding should be a huge help in getting them where they need to be to do that.
