Evolent Health, a US-based provider of value-based care delivery technology and payment models for healthcare systems, has secured $100m in series B financing from Evolent’s two founding organizations, research and consultancy firm The Advisory Board Company and health insurer UPMC Health Plan, as well as new investor, private equity firm TPG Growth.
This round brings Evolent’s total funding to $124.5m.
With this funding, the company will further build out its population health and risk management platform, as well as broaden its national network of health systems and team of care experts.
Frank Williams, chief executive officer of Evolent, said: “In an environment of rising costs and wide variations in care quality, creating clinical value is challenging but critically important–and readily achievable with the right partner. With our physician and provider partners, Evolent is able to fully align with the clinical and financial imperatives of the health care system. With this investment, we can extend our reach to serve even more systems in more markets.”
Matt Hobart, partner at TPG Growth, said: “We are excited to partner with the founding investors, UPMC and The Advisory Board Company, and an excellent management team to support the continued growth and expansion of Evolent Health. The Company has already demonstrated compelling results for existing clients, has substantial momentum with new clients, and is at the forefront of the movement toward provider-led, value-based care.”
Evolent Health was founded in 2011 by UPMC Health Plan and The Advisory Board Company.