Crossover Health Secures $168 Million in Series D Financing to Fuel Expansion of National Primary Health Service
SAN CLEMENTE, Calif., March 29, 2021 /PRNewswire/ -- Crossover Health, a relationship-based, tech-enabled, national healthcare organization that integrates both virtual and in-person care for employers and health plans, today announced that it has raised $168 million in an oversubscribed Series D financing led by Deerfield Management Company. Additional new investors include Perceptive Advisors, OrbiMed Advisors, Foresite Capital, Avidity Partners, SharesPost100 Fund, Irving Investors, and PFM Health Sciences. The capital will be applied to continuing the national expansion of Crossover's Connected System of Health for employers and payers.
"Today's financing signifies confidence in our vision and ability to address the evolving healthcare needs of self-insured employers and traditional payers who are looking for more care delivery accountability that achieves lower cost, higher quality, and a consistently exceptional experience for their employees and members," said Scott Shreeve, MD, Founder and Chief Executive Officer of Crossover Health. "We have always been driven by a clear and compelling vision for how healthcare should be - comprehensive, simple, and above all, engaging. We achieve this with a value-based approach that includes team-based primary care, physical medicine, mental health, and care navigation as part of our in-person and online Primary Health service."
Founded in 2010, Crossover Health currently services over 400,000 eligible employees and dependents throughout the country. Crossover's Connected System of Health creates a national network that delivers online care in all 50 states, as well as in-person care in 48 health center in 11 states. These health centers are located either on employer campuses, near employer campuses, or in the neighborhoods where eligible members and their families live.
"Crossover Health has created a comprehensive and highly coordinated connected system of health for employers," said Adam Grossman, Partner at Deerfield Management. "Our interest in backing health technology, care services, and innovative reimbursement models that have helped transform the industry aligns with the commitment of the Crossover team."
Crossover is well known throughout the industry for its innovative design methodology that includes unique aesthetics and neighborhood-based themes, and architectural elements designed to support efficient workflows, care team coordination, and an improved overall member experience. Crossover's Primary Health technology platform promotes online interaction with its members, provides members access to their health data, and encourages an everyday approach to managing member health and well-being. As a result, members experience "surround sound and streaming" health services, whenever and wherever they need care.
Goldman Sachs & Co. LLC acted as the exclusive placement agent for the financing and Latham & Watkins LLP served as legal counsel to Crossover Health.
About Crossover Health
Crossover Health, a Gurnet Point Capital portfolio company, is a relationship-based, tech-enabled national healthcare organization that provides comprehensive and coordinated healthcare to self-insured employers and health plans. We represent a next generation primary health model, inclusive of primary care, physical medicine, mental health, health coaching, and care navigation to control healthcare costs while enhancing both quality and experience. Combining onsite, nearsite, and virtual health services, Crossover delivers personalized care from a dedicated, collaborative care team with access to a curated network of specialist providers, a sophisticated enterprise data warehouse that aggregates a vast array of permissioned health data, and a suite of analytics to help companies actively manage their healthcare spend. Crossover Health was founded in 2010 and is headquartered in San Clemente, California. To learn more, visit crossoverhealth.com or follow us on Twitter @crossoverhealth.
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SOURCE Crossover Health Inc
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