LYNDHURST, N.J.--(BUSINESS WIRE)--Vitals, a leader in providing health care price transparency and consumer engagement solutions, today announced that the company secured $41 million in funding from the Merchant Banking Division of Goldman Sachs and existing investors. The capital will support the continued expansion of the company’s platform and products that will transform the way consumers shop for health care providers.
Since its inception in 2007, Vitals has expanded from its initial provider search website for consumers into a full transparency and engagement platform that helps millions of consumers understand their health care choices and reduce overall spend. Vitals distributes its solutions through health plans, employers and its market-leading website, vitals.com.
This round of funding comes at a time when health plans and employers are increasing investment in engagement solutions that will have a long-term and significant impact on the economics of health care. Vitals partners with these organizations to reduce health care spend and to create a competitive health care marketplace for consumers, which is a “win-win” for consumers and payers.
“We chose to partner with Goldman because they have deep experience and understanding of the health care market and have a track record of being strategic partners for growth,” said Heyward Donigan, CEO of Vitals. “Their investment and guidance will help us advance our solutions and deliver on our mission to empower everyone to shop for health care like an expert.”
“We believe Vitals’ model of engaging and incentivizing consumers to shop for health care can produce truly compelling results and ROI for its customers,” said T.J. Carella, a Managing Director and global head of health care investing in the Merchant Banking Division of Goldman Sachs. "We are excited to support Heyward and her talented management team as they build Vitals into the leading platform consumers rely on to shop for care online.”
New-York based Allen & Company LLC acted as Vitals’ financial advisor for the transaction. Lowenstein Sandler LLC provided legal counsel to Vitals on the deal. Goodwin Procter provided legal counsel to Goldman Sachs.
Vitals empowers everyone to shop like an expert for their health care. Vitals does this by creating an efficient health care marketplace for consumers – making them aware of the cost, quality and availability of health care provider options. Vitals leads the market with the first transparency and engagement platform that achieves measurable savings for consumers through a retail-like approach to purchasing health care services. Through health plan and employer clients and leading consumer websites, Vitals helps more than 120 million people each year access better, more affordable care.