Higher Well being Group, a value-based care supplier community with over 1,200 owned and affiliated suppliers, has obtained $175 million in financing. The most recent spherical of financing follows a $500 million fairness funding from Kinderhook Industries in December 2021.
The Tampa-passed firm mentioned the brand new funding would help new risk-based payer partnerships, strategic acquisitions as the corporate expands operations to new states, and continued openings of new clinics.
Over the 22 months because the Kinderhook financing, Higher Well being Group mentioned, it has doubled its affected person base to greater than 1 / 4 million, doubled the dimensions of its supplier community, and tripled the variety of company-owned medical facilities. Over the previous 12 months, Higher Well being Group generated $1.2 billion in income by its operations throughout eight states and Puerto Rico.
“Our payer, supplier, and funding companions acknowledge our lengthy observe report of success working a scalable, value-based care group,” mentioned Mike Polen, CEO of Higher Well being Group, in an announcement. “Since inception, the corporate has generated constant profitability and industry-leading care high quality. We’ve achieved so by counting on shut collaboration with our supplier companions and thru complete care administration that emphasizes early illness detection and prevention. The strategy helps our sufferers obtain higher well being, allows our suppliers to ship increased high quality and extra customized care, and offers our payor companions larger monetary stability. In brief, we’re offering actual value-based care.”
Earlier than becoming a member of Higher Well being Group, Polen served as senior vp and Medicare CEO at Centene Corp., the place he was liable for main the Medicare Benefit enterprise. Previous to Centene, he spent 15 years at WellCare Well being Plans serving final as govt vp of Medicare and Enterprise Operations.
The corporate mentioned its “two-pronged providing” has attracted 575 new suppliers to the community since 2022. These suppliers can preserve possession of their practices and associate with Higher Well being Group’s administration companies group and ACOs, or they’ll work as staff at one among its 162 company-owned medical facilities.
“Nearly 90 p.c of our suppliers ship financial savings in value-based preparations whereas additionally attaining the very best high quality scores,” mentioned Chris Michalik, managing director at Kinderhook Industries, in an announcement. “BHG’s outcomes converse for themselves.”
Michalik was the chairman of Wellcare Well being Plans previous to its acquisition by Centene in 2020.
“Over the previous two years, we now have proven the healthcare {industry} that not solely does our mannequin work, however it’s additionally scalable,” mentioned Sidd Pagidipati, Higher Well being Group’s founder and chairman, in an announcement. “With just one in 5 major care suppliers taking part in risk-based value-based care preparations, we see huge alternative to assist suppliers throughout the nation earn extra by delivering higher care to their sufferers.”
