10 Jun, 2021, 10:03 ET
RICHMOND, Va., June 10, 2021 /PRNewswire/ -- Today AllyAlign Health (AAH), a Medicare Advantage insurance company that is improving the health and wellbeing of residents of senior housing communities, announced a new investment in the company led by global venture capital firm New Enterprise Associates, Inc. (NEA), with participation from Oak HC/FT, Town Hall Ventures, and existing investors Heritage Group and Ziegler. The new capital will enable AllyAlign to further invest in its employees, partners, and technology, to fuel growth and allow more seniors around the country to benefit from the clinical and technology-based AllyAlign model of care.
"Eight years ago, we set out on an audacious mission—to transform the care of frail, vulnerable seniors by leveraging a full risk model in partnership with high quality skilled nursing and senior housing partners," said Will Saunders, Founder of AllyAlign Health. "We're proud of the impact and improved health outcomes we've had within the senior community thus far and are thrilled at the opportunity to expand our offering."
In conjunction with the new investment, healthcare industry veteran, Mark Price, will take the helm as AllyAlign Health CEO. Price was formerly President of the Nevada region for Intermountain Healthcare, with previous senior leadership roles at DaVita, ChenMed, and Bain and Company.
"I'm elated to join the talented team at AllyAlign Health and be part of the mission to improve the quality of life of seniors around the country. AllyAlign has designed a care model for senior housing communities that is accessible, comprehensive, and compassionate with proven results," said Mark Price, AllyAlign Health CEO. "I'm also excited that NEA will be supporting us on this journey. NEA brings highly relevant expertise given it has helped create and scale hundreds of transformative healthcare and technology companies over the last 40 years."
AAH is working to establish a healthcare ecosystem in senior housing that creates better outcomes and experience for residents, the communities they live in, physicians, and other caregivers. Senior housing communities, physicians and other caregivers are provided an opportunity to thrive in a value-based care model that offers more support and also rewards them for providing high-quality, evidence-based care. A core component of AAH's model is building deep partnerships with senior housing communities. AAH customizes its approach based on what each community needs and it seeks to honor and reward senior housing communities and their employees for the important work they do.
"AllyAlign was pressure-tested during the COVID pandemic; their model had proven itself prior to 2020, however their exceptional services really went to work over the last year," said Mohamad Makhzoumi, General Partner and Head of Global Healthcare Investing at NEA. "We've closely followed the evolution of value-based care in the long-term care setting over the years and are thrilled to partner with AllyAlign to expand and scale their services. AllyAlign is poised to transform the senior living industry and we're excited to support this next phase of growth, allowing for better care for the U.S. senior population."
About AllyAlign Health
AllyAlign Health (AAH) began working to improve the long-term-care ecosystem in 2014 by helping leading long-term care (LTC) providers find success with value-based care models for their vulnerable senior populations. Today AAH manages Medicare Advantage (MA) institutional special needs plans (I-SNPs), chronic care special needs plans (C-SNPs) for dementia, and dual-eligible special needs plans (D-SNPs) to reduce healthcare costs and improve patient quality of life. Founded by Will Saunders in Richmond, Virginia, the innovative turnkey solutions and proprietary technology power health plans across the U.S. Learn more at www.allyalign.com or reach out by emailing AAH at [email protected].
New Enterprise Associates, Inc. (NEA) is a global venture capital firm focused on helping entrepreneurs build transformational businesses across multiple stages, sectors and geographies. With nearly $24 billion in cumulative committed capital since the firm's founding in 1977, NEA invests in technology and healthcare companies at all stages in a company's lifecycle, from seed stage through IPO. The firm's long track record of successful investing includes more than 230 portfolio company IPOs and more than 390 mergers and acquisitions. www.nea.com.
SOURCE AllyAlign Health
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