- Series A funding round of $45 million led by Dragoneer Investment Group
- UpStream Care aims to triple in size within a year with the goal of revolutionizing care for elderly people in the United States
GREENSBORO, N.C., Nov. 17, 2021 /PRNewswire/ -- UpStream Care, a $1B+ healthcare company founded and chaired by pharmacist and healthcare entrepreneur Fergus Hoban, has landed $45M in new funding after the closure of its Series A round. The funding round, led by Dragoneer Investment Group, is a landmark investment that has the potential to transform the care of older adults. With the support of this investment, UpStream expects to triple in size within a year.
UpStream Care's unique model offers support to practices of any size looking to participate in value-based care models. Traditionally, many practices do not have the experience or resources to take on the financial risks associated with value-based care models. Upstream's participating providers receive Guaranteed Advanced Payments for Quality or GAP-Q™ from UpStream based on their quality performance, reducing uncertainty for physicians in an otherwise unpredictable environment.
"We believe that primary care doctors are much more than deliverers of care to their older patients – they become themselves the instruments of care," said Hoban. "Supporting their practices with the enhanced UpStream infrastructure means that they can deliver better care to older, sicker adults, who experience reduced obstacles to optimal care. UpStream takes on the management and risk responsibility for physicians, so they can focus solely on their patients' care."
UpStream Care brings together medical professionals such as doctors, nurses, dieticians, case managers, pharmacists, mobile paramedics, and other support staff to bring care to frail, medically complex patients in their own homes.
"We are a marketplace solution for independent primary care physicians," said Dr. Sanjay Doddamani, UpStream CEO. "By focusing on patients living with chronic conditions, and physically embedding highly trained prescribing pharmacists and coordination nurses at each primary care physician office, we create the right infrastructure and resources for the whole-person care experience."
Doddamani continued: "This is a win-win model. Patients win through better outcomes, personalized experience, and lower spending including out-of-pocket costs. Primary care physicians win through a collaborative model, ensuring the highest care and safety standards are met for patients living with chronic conditions, and much more stable practice cash flow. Payers win through dramatic improvements in quality, publicly reported outcomes, performance ratings, and better value through optimally managed medical costs."
"We are thrilled to back Fergus, Sanjay and the broader team at UpStream," said Eric Jones, partner at Dragoneer Investment Group. "They have immense experience working with physicians in value-based care settings and have nailed an intervention model that improves outcomes, lowers cost and applies broadly across patient populations."
About UpStream Care
UpStream Care is a nationally expanding risk bearing organization capable of dramatically improving outcomes for older adults living with chronic conditions. UpStream embeds clinical teams to support primary care physicians and networks with what they need to achieve high quality care and outcomes. With currently over 270 physicians contracted and over 100,000 seniors supported, UpStream is transforming from a regional to a national market leader in value-based care.
About Dragoneer Investment Group
Dragoneer is a growth-oriented investment firm with over $21 billion in long-duration capital. Dragoneer has a history of partnering with management teams growing exceptional companies characterized by sustainable differentiation and superior economic models. The firm's track record includes public and private investments across industries and geographies, with a particular focus on technology-enabled businesses.
SOURCE UpStream Care
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