Greater Good Health Raises $20M to Address Primary Care Crisis and Advance Value-Based Care for Seniors
Aligning with industry trends and policy, we are doubling down on Nurse Practitioners and value-based care to address the needs in underserved, often rural, markets
Greater Good Health, a healthcare organization enabling and expanding access to value-based care for seniors through a Nurse Practitioner-led model, announced that it has closed a $20M Series A financing led by Flare Capital Partners. Greater Good Health received participation from existing investors including LRVHealth, Health Velocity Capital, Martin Ventures, and Optum Ventures, as well as participation from new strategic investors.
Greater Good Health’s funding announcement comes during a historic primary care crisis in the United States exacerbated by the COVID-19 pandemic. According to a recent report from the Association of American Medical Colleges, the demand for primary care will continue to grow faster than supply, resulting in an estimated primary care physician shortage of 17,800 to 48,000 by 2034. By this time, the population of Americans over age 65 is projected to grow by 42%, leading to an even greater lack of access to care for seniors, particularly in rural communities.
In addition to drastic gaps in primary care access, Centers for Medicare & Medicaid Services (CMS) has established a goal to have 100% of Medicare beneficiaries in a value-based care relationship by 2030. This has resulted in a growing and urgent need to transform care delivery strategies and shift care to providers that are responsible for the quality and total cost of care.
Aligning with industry trends and policy, we are doubling down on Nurse Practitioners and value-based care to address the needs in underserved, often rural, markets,” said Greater Good Health Founder and CEO, Sylvia Hastanan. “Nurse Practitioners are the fastest growing profession in the United States and are inherently well-positioned to succeed in value-based care. Today, 80% of seniors have at least one chronic illness and 50% have two or more. With the senior population growing older and sicker, access to value-based, comprehensive primary care is imperative, and we are here to make that a reality.”
Greater Good Health will use the newly raised funding to grow and scale the organization's private-labeled, integrated clinical solutions while also fueling the development of its own primary care clinics, starting first with a value-based partnership with a national Medicare Advantage health plan to open clinics serving seniors in Montana later this year. With the opening of these clinics, Greater Good Health will be delivering a differentiated, senior-centric experience that includes an outcomes-focused care model, prompt access to care, focus on relationship-building and treating the whole person, investment in community and social connection, and support navigating Medicare plans and benefits.
“Building solutions to address the primary care demand and supply imbalance is imperative to address the growing needs of senior populations, particularly in communities that are underserved,” said Vic Lanio, Partner, Flare Capital Partners. “The Greater Good model is built to address physician shortages and significantly expand access to quality cost-effective care. With the leadership from Sylvia and a proven value-based approach, Greater Good Health is well-positioned to become an industry leader
Published on : 30th October, 2023