Aledade, a Bethesda, Md.-based provider of primary care practices, raised $64m in Series C funding.
The round, which brought the total amount raised to date to approx. $195m, was led by Omers Growth Equity with participation from Echo Health Ventures and California Medical Association, and returning backers Meritech Capital and GV.
Founded in 2014 by Dr. Farzad Mostashari, CEO, Aledade partners with independent practices, health centers, and clinics to build and lead Accountable Care Organizations (ACOs) anchored in primary care. The company offers a comprehensive range of capabilities that includes data analytics, guided workflows, regulatory expertise, payer relationships, and local, hands-on support from attentive experts.
Aledade now partners with more than 550 independent practices and 7,300 providers in 27 states. Its ACOs care for more than 840,000 patients and manage more than $7.5 billion in health care spending through 38 Medicare and 42 other value-based contracts.
The company plans to use the funds to continue growing its existing and new ACOs as well as its value-based contracts with Medicare, Medicare Advantage, Medicaid, and commercial health plans.