Higher Well being Group Will get $175M to Develop Worth-Based mostly Care Community

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 newest spherical of financing follows a $500 million fairness funding from Kinderhook Industries in December 2021.

The Tampa-passed firm stated the brand new funding would assist 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 for the reason that Kinderhook financing, Higher Well being Group stated, it has doubled its affected person base to greater than 1 / 4 million, doubled the scale 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 means of its operations throughout eight states and Puerto Rico.

 “Our payer, supplier, and funding companions acknowledge our lengthy monitor report of success operating a scalable, value-based care group,” stated 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 accomplished 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, permits our suppliers to ship increased high quality and extra customized care, and offers our payor companions better 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 chargeable 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 stated its “two-pronged providing” has attracted 575 new suppliers to the community since 2022. These suppliers can keep possession of their practices and associate with Higher Well being Group’s administration companies group and ACOs, or they’ll work as workers at one in every of its 162 company-owned medical facilities.

 “Nearly 90 % of our suppliers ship financial savings in value-based preparations whereas additionally reaching the best high quality scores,” stated 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,” stated Sidd Pagidipati, Higher Well being Group’s founder and chairman, in an announcement. “With just one in 5 main care suppliers collaborating in risk-based value-based care preparations, we see monumental alternative to assist suppliers throughout the nation earn extra by delivering higher care to their sufferers.”