Crossover Health, a tech-boosted provider of in-person and virtual care services, has brought in $168 million in Series D funding.
Announced today, the raise was led by Deerfield Management Company and brought on several new investors including Perceptive Advisors, OrbiMed Advisors, Foresite Capital, Avidity Partners, SharesPost100 Fund, Irving Investors and PFM Health Sciences.
WHAT THEY DO
Founded in 2010, Crossover offers primary care and other services such as mental health care and health coaching to health plan and self-insured employer members. Alongside its care teams and a network of specialist providers, the San Clemente, California-based company also touts data and analytics capabilities that it says will spot and engage high-risk or high-cost patients to reduce clients' healthcare spend.
The company said it's serving more than 400,000 members and dependents across 48 in-person locations in 11 states – although its current website only lists officers in California, Idaho, New York, Massachusetts, Texas and Washington.
These are supported by synchronous and asynchronous virtual care options that the company describes as longitudinal, rather than episodic. Members who message the service will receive responses from their designated care team, can schedule future check-ins and review their health data.
Also of note, the company kicked off a high-profile pilot program with Amazon last summer, in which the tech giant's Dallas-Fort Worth area employees would receive in-person and digital care through the startup. The company said it was aiming to set up 20 such centers around the country by the end of the pilot.
WHAT IT'S FOR
Crossover said it will continue expanding its Connected System of Health platform across the U.S.
“Today’s financing signifies confidence in our vision and ability to address the evolving healthcare needs of self-insured employers and traditional payers who are looking for more care delivery accountability that achieves lower cost, higher quality and a consistently exceptional experience for their employees and members,” Dr. Scott Shreeve, founder and CEO of Crossover Health, said in a statement.
“We have always been driven by a clear and compelling vision for how healthcare should be – comprehensive, simple, and above all, engaging. We achieve this with a value-based approach that includes team-based primary care, physical medicine, mental health and care navigation as part of our in-person and online Primary Health service.”
Whether they're designed for employers, payers or individual customers, several startups blurring the lines between traditional and digital care delivery services are signaling major growth as of late.
Just a few weeks ago, San Francisco-based Forward Health announced a $225 million Series D round of funding of its own to open new locations and expand the breadth of its digital-physical health programs. Similarly, Carbon Health announced multiple funding rounds during 2020 to support a reported sixfold increase in patient volume, while recently IPO'd One Medical said during a late-February earnings call that it had outperformed its expectations for the year.