Aledade, a Bethesda, Md.-based company enabling doctors to control health care, closed a $100m Series D funding round.
Meritech Capital led the round, which included new growth investors Tiger Global Management and IVP, and returning investor OMERS Growth Equity.
The company intends to use the funds to expand its value-based care model with health plans across the country, with a particular focus on growing its strategic partnerships with Medicare Advantage (MA) plans.
Led by Farzad Mostashari, MD, CEO and co-founder, Aledade partners with independent practices, health centers, and clinics to build and lead Accountable Care Organizations (ACOs) anchored in primary care.
The company now partners with nearly 800 independent primary care practices, including more than 100 federally-qualified health centers, comprising more than 7,800 providers in 31 states. Through this nationwide network of independent practices, the company manages roughly $12 billion in health care spending through 35 Medicare and 51 other value-based contracts and Aledade ACOs care for nearly 1.2 million patients.