Iora Health Raises $100 Million in Series E Financing
Funding to fuel further development of technology and care model and growth in current and new markets
BOSTON, May 21, 2018 /PRNewswire/ -- Iora Health, a high-growth, value based primary care provider with a focus on Medicare patients over 65 years of age, announced today that it has secured $100 million in funding to support continued growth and improved technology. The Series E financing is funded by global investors including .406 Ventures, Devonshire Investors, F-Prime Capital, Flare Capital Partners, GE Ventures, Humana, Khosla Ventures, Polaris Partners and Temasek.
Iora Health currently serves patients across the country with a high impact, relationship-based care model that is proven to delight patients, improve health, and reduce costs.
"Last year we doubled our number of patients, and we are on track to do the same this year. Iora's vision since our inception has been to transform health care. To have truly transformative impact, we must continue to grow and care for more patients," said Rushika Fernandopulle, Co-Founder and CEO of Iora Health. "With the support of our investors, this new funding will allow us to deliver our high quality care to more patients in new and existing markets."
The United States continues to spend more than other countries on health care despite experiencing consistently worse outcomes, underscoring the importance of consumer centric, value based care. Iora Health's patients overall see a 40% decrease in hospitalizations and a 20% decrease in ER visits while also reporting high rates of satisfaction; Iora Health patients report an average 90 Net Promoter Score.
"There is a pressing need in our country for new solutions to our current health care crisis. What sets Iora Health apart is a combination of a laser focus on the consumer, the ability to scale, and a very compelling economic value that dramatically lowers the cost of care," said Michael Greeley, General Partner at Flare Capital Partners and Board Member at Iora Health. "The Iora care model is built on relationships and endorsed with positive patient satisfaction ratings at levels rarely found in health care. We see Iora Health as the clear leader in this space, and believe it is poised to scale rapidly."
Iora Health's care model focuses on relationships to improve health outcomes. Care teams, made up of a provider, Health Coach, Behavioral Health Specialist, Team Nurse, Clinical Team Manager and an Operations Assistant, work together to treat the whole person.
Iora will also use the new capital to drive further investment in Chirp, its proprietary collaborative care technology platform that enables Iora's teams to care for their patients as individuals and as a population.
About Iora Health
Iora Health is building a different kind of health system to deliver high impact, relationship based care. With a mission to restore humanity to health care and a goal to transform health care, Iora Health's care model provides extraordinary service to patients to ensure improved outcomes while lowering overall health care costs. Our patients enjoy the benefits of better access to care, office and non-office based encounters (e.g. phone, text messages, and email), an accessible and transparent medical record and robust educational offerings. Our practices across the U.S. enjoy the benefits of smaller panel sizes, closer relationships with patients and the opportunity to lead systemic change in health care delivery while working with a true team. For more information, please visit www.iorahealth.com.
Iora, Iora Health and Iora Health and the Flying Bird design are trademarks or registered trademarks of Iora Health, Inc.
SOURCE Iora Health
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