Elation Health Announces $40M Series C To Power Independent Primary Care
Company will surpass a milestone this year of delivering more than 20 million in-office and virtual visits through their provider network
Generation Investment Management led the round, building on its commitment to invest in solutions creating a more sustainable healthcare system
10 Dec, 2020, 07:00 ET
SAN FRANCISCO, Dec. 10, 2020 /PRNewswire/ -- Elation Health, a clinical-first technology company powering the future of independent primary care, today announced a Series C financing round of $40 million. Generation Investment Management, a firm that invests in sustainable businesses accelerating the transition to a more healthy, fair, safe, and low-carbon society, led the round with participation from existing investors, including Threshold Ventures and Kapor Capital. The new funding will be used to expand Elation's purpose-built primary care platform, designed to help physician-led practices and groups thrive in a rapidly changing healthcare environment.
Independent primary care is one of the few areas in healthcare where upfront investment leads to significant savings in the long term. For every dollar spent on primary care, studies suggest that as much as $13 in downstream healthcare costs are avoided. Increased spending on primary care is also associated with fewer emergency department visits and reduced total hospitalizations and specialty interventions for chronic conditions such as diabetes, high blood pressure, and congestive heart failure.
"Effective, accessible primary care is critical to creating a more sustainable U.S. healthcare system — one that drives better patient outcomes while bending the cost curve," said Anthony Woolf, Partner at Generation Investment Management. "Elation Health stands out for its focus on delivering a clinical-first experience that providers love, enabling them to prioritize what matters most: spending quality time with patients."
Elation Health was founded after siblings Kyna and Conan Fong struggled to help their father transition his solo primary care practice from paper charts to a digital system. Born from that experience, today Elation Health powers the largest network for independent primary care, with 14,000 independent clinicians caring for seven million patients. The company surpassed a milestone this year of delivering more than 20 million in-office and virtual visits through their provider network. In addition to serving small practices, Elation has partnered with primary care innovators such as Crossover Health and Cityblock Health to provide the underlying clinical platform for technology-enabled, team-based care.
"We are investing in a future where primary care owns its powerful role in healthcare and every patient has a doctor they trust," said Kyna Fong, Ph.D., Co-founder and CEO of Elation Health. "The challenges of this pandemic have shown the resilience, dedication, and necessity of our independent practices. We've also seen an explosion in innovation, enabling our providers to care for patients in new ways, whether virtually or in-person. At a time when healthcare is reawakening to the importance of primary care, we are honored to partner with innovative providers delivering the highest-quality personalized care, at the lowest cost."
In 2020, Elation Health's customer base of independent practices has faced significant business challenges as primary care shifts to virtual settings and the pace of insurance and government policy change has accelerated. The company has responded by expanding its role as a critical technology partner — including adding HIPAA-compliant telehealth to its core offering, deepening support for Medicare and Medicaid quality programs, and delivering new patient engagement capabilities for patients to schedule appointments and interact with practices. Elation's API-enabled platform also allows organizations to transform the patient and provider experience and implement their own models of data-driven, value-based care.
In the year ahead, Elation Health will continue to invest in its core platform, while adding new capabilities to support business operations for independent primary care. The company has plans to develop solutions in billing and payment collection, patient population management, interoperability, and quality reporting — ensuring practices have the tools to drive high-quality patient outcomes and business success.
"Despite all the challenges we have experienced this year, my practice is still growing, and this has been our best year yet, thanks to Elation Health," said Dr. Natalia Southerland, President of Brand New Med, PLLC. "As an African-American physician, it has been more important than ever to serve my patient community and keep them healthy through this pandemic. I appreciate that Elation Health sees me as a person and all the extra support they have provided during recent times of stress and difficulty."
For more information about Elation Health's platform for independent primary care, visit elationhealth.com.
About Elation Health
Elation Health is the most trusted technology platform for independent primary care. Since 2010, the company has delivered clinical-first solutions — built on an award-winning collaborative electronic health record — that help practices start, grow, communicate, and succeed in delivering the highest-quality personalized care to patients. Elation Health is empowering primary care providers to uphold the craft of medicine, while thriving in an evolving healthcare landscape. Today, Elation Health serves 14,000 clinicians caring for seven million Americans. Learn more at elationhealth.com, LinkedIn, and Twitter.
About Generation Investment Management
Generation Investment Management LLP is dedicated to long-term investing, integrated sustainability research, and client alignment. It is an independent, private, owner-managed partnership established in 2004 and headquartered in London, with a U.S. office in San Francisco. Generation Investment Management LLP is authorized and regulated in the United Kingdom by the Financial Conduct Authority. www.generationim.com
SOURCE Elation Health
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