Digital-backed care supplier Crossover Health hauls in $168M Series D

by akoloy



Crossover Health, a tech-boosted supplier of in-person and digital care companies, has introduced in $168 million in Series D funding.

Announced in the present day, the increase was led by Deerfield Management Company and introduced on a number of new traders together with Perceptive Advisors, OrbiMed Advisors, Foresite Capital, Avidity Partners, SharesPost100 Fund, Irving Investors and PFM Health Sciences.

WHAT THEY DO

Founded in 2010, Crossover gives main care and different companies akin to psychological well being care and well being teaching to well being plan and self-insured employer members. Alongside its care groups and a community of specialist suppliers, the San Clemente, California-based firm additionally touts knowledge and analytics capabilities that it says will spot and interact high-risk or high-cost sufferers to cut back shoppers’ healthcare spend.

The firm mentioned it is serving greater than 400,000 members and dependents throughout 48 in-person places in 11 states – though its present web site solely lists officers in California, Idaho, New York, Massachusetts, Texas and Washington.

These are supported by synchronous and asynchronous digital care choices that the corporate describes as longitudinal, fairly than episodic. Members who message the service will obtain responses from their designated care staff, can schedule future check-ins and assessment their well being knowledge.

Also of observe, the corporate kicked off a high-profile pilot program with Amazon final summer time, through which the tech large’s Dallas-Fort Worth space staff would obtain in-person and digital care by means of the startup. The firm mentioned it was aiming to arrange 20 such facilities across the nation by the top of the pilot.

WHAT IT’S FOR

Crossover mentioned it is going to proceed increasing its Connected System of Health platform throughout the U.S.

“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,” Dr. Scott Shreeve, founder and CEO of Crossover Health, mentioned in an announcement.

“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.”

MARKET SNAPSHOT

Whether they’re designed for employers, payers or particular person clients, a number of startups blurring the traces between conventional and digital care supply companies are signaling main development as of late.

Just just a few weeks in the past, San Francisco-based Forward Health introduced a $225 million Series D spherical of funding of its personal to open new places and broaden the breadth of its digital-physical well being packages. Similarly, Carbon Health introduced multiple funding rounds during 2020 to assist a reported sixfold improve in affected person quantity, whereas recently IPO’d One Medical mentioned throughout a late-February earnings call that it had outperformed its expectations for the 12 months.



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