Devoted Health Raises Additional Funding to Support World-Class Healthcare Services for Older Americans
WALTHAM, MA, August 2, 2024 — Devoted Health, an all-in-one healthcare company for Medicare beneficiaries, today announced that it has completed a $287 million Series E funding round with $112 million funded in closings during 2024 in addition to the $175 million of funding closed in December 2023.
Participating in the 2024 closings are investors dedicated to Devoted’s mission to dramatically improve the health and well-being of older Americans by caring for every person like family, including The Space Between (TSB), Cox Enterprises, Inc., and White Road Capital. The funding will support Devoted’s continued growth as it expands delivery of its unique brand of integrated health insurance, virtual-first medical care, and a world-class service experience across the country.
“At Devoted Health, we put our members at the center of everything we do and are dedicated with every fiber of our being to protecting and advancing their health and well-being,” said Ed Park, co-founder and CEO of Devoted Health. “It is always a profound honor to have the support and trust of remarkable investor partners in our work to bring Devoted love and care to more and more of our fellow Americans, and we look forward to continuing to innovate our care and service for our members as we grow.”
Devoted Health has grown from serving 142,124 members in December 2023 to 227,141 members as of July 2024 – up 60 percent in just seven months.
Along with this growth, the company’s clinical and service excellence has been recognized by the Centers for Medicare and Medicaid Services (CMS). In the most recent Medicare Advantage Star ratings awarded by CMS, the overall ratings of Devoted Health’s Star-eligible plans increased to a weighted average of 4.6 Stars, with 94 percent of all Devoted members in Star-eligible plans enrolled in a 4 Star, 4.5 Star, or 5 Star plan. Additionally, the company's HMO plans in both Florida and Ohio were awarded 5 out of 5 Star ratings.
Devoted Health, founded by brothers Todd and Ed Park in 2017, provides all-in-one care for older Americans, offering members benefits they actually need and will use. This includes comprehensive, tech-enabled preventive care services from Devoted Medical, the first virtual-first and in-home medical group designed specifically to serve the unique needs of the Medicare population.
Further supporting members are Devoted’s full-service Guides, who help navigate each member through their health care journey. All of Devoted’s work is powered and rendered truly scalable by its groundbreaking, proprietary technology platform, Orinoco, the first modern software platform that can support the entirety of payor and healthcare provider operations, end to end, in a highly integrated way. Orinoco helps choreograph members getting the right care in the right place at the right time – the right care upfront that keeps members as healthy and well as possible. And underlying everything Devoted does is its unique culture, one that is profoundly focused on caring for every member like they are family.
This approach has enabled Devoted Health’s member population to experience industry-leading service and significantly better health outcomes, and has gained the company recognition for its innovation and unique culture of care. In this calendar year alone, Devoted has been named to Forbes’ list of America’s Best Startup Employers 2024 and Fast Company’s list of Most Innovative Companies 2024.
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About Devoted
Devoted Health is a healthcare company on a mission to dramatically improve the health and well-being of older Americans by caring for every person like family. To accomplish this, Devoted has designed and built an integrated all-in-one healthcare solution that combines Devoted Health Medicare Advantage plans, access to high-quality local providers alongside virtual and in-home care delivered by Devoted Medical, full-service Guides, and world-class technology that powers it all. As a result of bringing all of these exceptional ingredients into one seamless offering, Devoted members find a trusted partner in Devoted to advance their health and well-being. To learn more, visit devoted.com.
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