MENLO PARK, Calif.--(BUSINESS WIRE)--WelbeHealth, a healthcare services company delivering coordinated and value-based care to medically frail seniors, today announced that it raised a $15 million Series B financing. The financing was co-led by Longitude Capital and Ulysses Diversified Holdings (Ulysses) with participation from former Medicare Chief Andy Slavitt’s Town Hall Ventures, as well as existing investors F-Prime Capital and .406 Ventures. In conjunction with the financing, Gregory Grunberg, M.D., Managing Director of Longitude Capital, and Errik Anderson, Founder and Managing Partner of Ulysses, joined WelbeHealth’s board of directors.
“We are thrilled to have the support of our new and our existing investors,” said Si France, M.D., co-founder and CEO of WelbeHealth. “The healthcare expertise Longitude and Ulysses bring to the company will be incredibly valuable as we seek to execute our mission of serving the most vulnerable seniors with greater quality and compassion in a value-based model.”
The proceeds from the financing will be used to support the launch of WelbeHealth’s Programs of All-Inclusive Care for the Elderly (PACE), which deliver comprehensive healthcare to the most vulnerable elderly patients. PACE serves medically frail, Medicare-Medicaid eligible seniors who would otherwise qualify to live in state-funded nursing homes. WelbeHealth’s model of care leverages industry leading technologies to support highly coordinated interdisciplinary care teams and cultivates a service-oriented mentality in attending to each individual patient’s health and social needs.
WelbeHealth plans to open its first PACE organization to serve the Stockton and Modesto, Calif. area, the largest region in California without a PACE program. The program will provide thousands of medically frail seniors in the region with access to a suite of high quality healthcare services, including primary care, physical therapy, occupational therapy, social services, and dentistry. WelbeHealth’s coordinated and interdisciplinary approach helps keep patients in their homes and out of hospitals, nursing homes, and other care facilities, which benefits all stakeholders.
“WelbeHealth’s commitment to delivering the highest quality, value-based care to the most frail and vulnerable seniors in underserved communities addresses a critical unmet need in the healthcare system,” said Dr. Grunberg. “The company’s novel approach aligns incentives between payors and providers to improve access to care and quality of life for elderly patients while reducing system costs. We look forward to working with Si and the WelbeHealth team to expand patient access to PACE.”
WelbeHealth was founded by a seasoned group of physician entrepreneurs to serve our most vulnerable seniors with higher quality, compassionate, and value-based care. From the very beginning, the Silicon Valley-based company was envisioned as a 'social enterprise' that melds the mission-driven focus of a non-profit with the scaling potential and innovative spirit of a Silicon Valley startup. With a diverse leadership team from leading payor and provider organizations such as GoHealth, AirStrip, Evolent Health, On Lok, and BAYADA, WelbeHealth aspires to expand a proven national model into our nation’s critically underserved communities. For more information, please visit www.welbehealth.com.
About Longitude Capital
Longitude Capital is a private investment firm that makes venture growth investments in healthcare companies that seek to improve clinical outcomes, enhance quality of life, and/or reduce system costs. Longitude Capital invests in both privately held and publicly traded life science companies through a variety of investment approaches. Since 2006, Longitude Capital has raised over $1.2 billion across three funds and has offices in Menlo Park, CA and Greenwich, CT. For more information, please visit www.longitudecapital.com.