Bethesda, Md.-based Aledade garnered $20 million in a Series B1 funding round, which it plans to channel toward growing its provider network and expanding its partnerships with Medicare Advantage and commercial plans, the company announced Tuesday.
Aledade helps independent physicians band together to participate in ACOs. The company nearly doubled its scope last year, and it now spans more than 200 physician practices across 15 states. It also ventured into commercial payer partnerships and a state employee health plan last year, after working primarily to establish Medicare Shared Savings Program ACOs.
"Aledade is about providers taking the lead on delivering better care at lower cost, and this funding round is an emphatic statement that we are more than just Medicare Shared Savings Program ACOs. In the last six months alone, we have gone from zero to 100,000 commercially insured patients in our network," Farzad Mostashari, MD, CEO and co-founder of Aledade, said in a statement. "With this new funding, we will push ahead to bring the Aledade model of care to all patient and payer populations across the healthcare system, including Medicare Advantage."
With its new funding, the company has now raised $55 million to put toward diversifying its partnerships.
More articles on accountable care:
Medicare ACO hospitals faster at reducing readmissions, study finds
65 accountable care, shared savings agreements in 2016
CMS releases Track 1+ ACO model details: 5 things to know