WASHINGTON--(BUSINESS WIRE)--Evolent Health, a leading provider of transformation solutions to health systems, today announced it has secured $100 million in Series B financing. With this funding, the company will further build out its population health and risk management platform, as well as broaden its national network of leading health systems and team of value-based care experts. This round brings Evolent’s total funding to $124.5 million and includes participation from Evolent’s two founding organizations, The Advisory Board Company and UPMC Health Plan, as well as new investor TPG Growth.
“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. “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.”
To serve market demand and to maximize benefits gained from shared innovation and infrastructure among its system partners, Evolent will expand its market-proven technology, operational platform and expert team. Evolent currently works with multiple leading health systems, including Piedmont Healthcare, WellStar Health System, Indiana University Health, MedStar Health and Premier Health.
“We are excited to partner with the founding investors, UPMC and The Advisory Board Company, and an excellent management team to support the continued growth and expansion of Evolent Health,” said Matt Hobart, Partner at TPG Growth. “The Company has already demonstrated compelling results for existing clients, has substantial momentum with new clients, and is at the forefront of the movement toward provider-led, value-based care.”
“Navigating toward a value-based care model is an incredibly complex process,” said Diane Holder, President and CEO of UPMC Health Plan. “There is no shortage of offerings for discrete parts of the equation, yet what’s most needed is a comprehensive solution for enterprise-wide adoption of value-based 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.”
Robert Musslewhite, Chairman and CEO of The Advisory Board Company, commented, “Evolent was established to pursue a differentiated approach to helping health systems make value-based care the standard and, as a result, dramatically improve the cost and quality of care for millions of Americans. This additional investment marks Evolent’s growth and success in pursuing that goal.”
Through clinical, financial and cultural transformation solutions—distinguished by a provider-led, physician-first orientation—Evolent Health is singularly poised to supply the needed strategies, operations and the team to ensure successful execution. Evolent is partnering in 15 markets across the nation to drive value-based care for its health system partners and the communities they serve.
About Evolent Health
Evolent Health partners with leading health systems to drive value-based care transformation. By providing clinical, analytical and financial capabilities, Evolent helps physicians and systems achieve superior quality and cost results. The Company's approach breaks down barriers, aligns incentives and powers a new model of care delivery resulting in meaningful alignment between providers, payers, physicians and patients. Evolent Health is a private, high-growth company headquartered in Arlington, Virginia. For more information, visit evolenthealth.com.