This morning, clinical-navigation platform Grand Rounds announced a whopping $175 million investment round led by the Carlyle Group. This brings the company’s total funding pot to over $270 million.
WHAT IT DOES
The California-based company was founded in 2011 and started out as a second opinions site, but then pivoted to the health navigation space.
Today the company makes deals with employers and payers in order to help its members find virtual care programs. It pitches itself as a navigator for all things healthcare related, including the clinical and financial sides.
Users can tap into the system to find doctors and medical offices that are in their insurance network. During COVID-19, the company added a slew of virtual care offerings. The health emergency has only seemed to have boosted the company’s business. It is boasting of increasing its membership reach by 55% over the last year.
WHAT IT’S FOR
According to the company, the new funds will go towards growing its “clinical navigation and virtual primary care.”
"We are at a turning point in American healthcare, a moment when healthcare has become virtual-first and data can be used to dramatically improve outcomes. Since our founding, Grand Rounds has helped millions navigate their way through the complex U.S. healthcare system, serving as the personal healthcare assistant to support whole-person care. This financing from a premier investment group … will deepen our ability to scale and provide the highest quality care and outcomes for our members," said Owen Tripp, cofounder and chief executive officer of Grand Rounds, said in a statement.
It’s no secret that the healthcare system can be complex. Various startups have looked to address this issue with navigation features. Even Amazon has looked at the space. In October of 2019, it purchased Health Navigator for an undisclosed sum. It offers digital health clinical content in the form of APIs that can be used by EHRs and telemedicine providers.
Additionally, Rightway Healthcare scored $8 million last year to expand its navigation tool for employee populations. Also last year, Eden raised $10 million for its primary care and insurance navigation platform.