Wellvana Health announces $84 million capital raise to drive innovation in value-based care enablement

$140 million in funding raised since November 2020

NASHVILLE, Tenn., March 27, 2023 /PRNewswire/ -- Wellvana Health announced today that it has closed an $84 million capital raise to drive innovation in value-based care enablement for independent primary care physicians, specialists, and health systems. The investment is co-led by Nashville-based Heritage Group and Valtruis, a Welsh, Carson, Anderson & Stowe (WCAS) company, and joined by Memorial Hermann Health System, the largest not-for-profit health system in southeast Texas. This round brings Wellvana's total funding since November 2020 to approximately $140 million. Nashville-based Martin Ventures led former funding rounds with partnership from First Trust Capital Partners and Adam Boehler.

This investment comes as Wellvana has established presence in 22 states, partnering with physicians, home-health agencies, skilled nursing facilities and health systems to transition from traditional fee-for-service payment models to value-based or full-risk capitation contracting. The investment in Wellvana will support continued growth in existing markets and new U.S. geographies.

"Wellvana exists to help doctors deliver life-changing health care to their patients," said Kyle Wailes, Chief Executive Officer of Wellvana. "We are taking a differentiated value-based care approach that only succeeds when two things align: data-driven technology and high-touch human engagement. Our model is working; savings rates are strong for our physician partners with improved patient outcomes and reduced in-patient ER admissions across every market. Most importantly, our physicians and their patients feel heard, seen and valued, renewing trust in the American health care system."

The investment in Wellvana also deepens the company's commitment to assuming downside risk for partner physicians through a robust underwriting program, especially for practices in rural and underserved communities and health systems that experience tight margins.

"Wellvana's world-class leaders are addressing important challenges in the American health care system through an innovative, high-touch value-based care model," said Lauren Brueggen, Partner at Heritage Group. "Wellvana has a proven record of succeeding in full risk-based contracting with technology-enabled tools that empower physicians to focus on what matters most – better quality of care for patients."

"Wellvana's model is at the core of our mission at Valtruis to accelerate the growth and adoption of value-based care," said Karey Witty, Managing Director at Valtruis and Operating Partner at WCAS. "We are confident that Wellvana's solution-oriented model is best positioned to continue supporting physicians' transition to a modern value-based care system that lowers costs, expands access, improves the patient experience, and enhances outcomes for all."

Wellvana serves over one hundred thousand Medicare and commercial lives through multiple payors, Medicare Advantage and as manager of three (3) national contracts for the 2023 ACO REACH (Realizing Equity, Access, and Community Health) model through the Center for Medicare and Medicaid Services (CMS). Wellvana's participation in ACO REACH prioritizes the advancement of health equity and improving access to care for underserved populations, including social determinants of health, while promoting provider leadership, and improving Medicare beneficiary protections.

Devin Carty, Wellvana co-founder and board chair, and CEO of Martin Ventures said, "Wellvana has the best management team in the industry right now, and with this funding, Kyle and the team will take Wellvana to the next level and help high-performing physicians and health systems across the country transition to value-based care. Wellvana is deepening its presence in key markets of Texas, Arizona, Tennessee, across the Midwest and Southeast, while also growing partnerships in underserved regions where primary care physicians understand the needs of their communities."

"Memorial Hermann is committed to its transition to value-based care, which includes the delivery of safe, high-quality care and outcomes and exceptional experiences for all of the patients we serve," said Feby Abraham, Ph.D., Executive Vice President and Chief Strategy Officer at Memorial Hermann Health System. "We view our investment in Wellvana as an investment in that transition and in the future of health care."

About Wellvana

Wellvana Health helps doctors deliver life-changing health care with a high-touch value-based care model for high-performing partners across independent primary care physicians, specialists, and health systems. Transitioning providers from traditional fee-for-service payment models to risk-based contracting, Wellvana is on a mission to improve patient outcomes and quality of care while reducing medical costs. Wellvana believes value-based care is local care, offering providers a flexible model for partnership, including acquisition, joint ventures, or affiliate models. Founded in 2019, Wellvana currently serves health care providers in 22 states, manages lives across multiple payors, and continues to expand its footprint in new communities. For more information, visit www.wellvana.com and follow us on LinkedIn.

CONTACT: Carrie Moore
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SOURCE Wellvana Health