Cambridge, Massachusetts-based Iora Health, a digitally-enabled primary care provider that focuses on the senior Medicare population, announced yesterday that it has closed $100 million in Series E financing. This brings the company’s total funding to at least $223.5 million.
Investors in the round included .406 Ventures, Devonshire Investors, F-Prime Capital, Flare Capital Partners, GE Ventures, Humana, Khosla Ventures, Polaris Partners, and Temasek. Iora said in a statement that it plans to use the new backing to continue expansion and further develop Chirp, the company’s mobile-friendly collaborative care IT platform.
"Last year we doubled our number of patients, and we are on track to do the same this year. Iora's vision since our inception has been to transform health care. To have truly transformative impact, we must continue to grow and care for more patients," Rushika Fernandopulle, CEO and cofounder of Iora Health, said in a statement. "With the support of our investors, this new funding will allow us to deliver our high quality care to more patients in new and existing markets.”
Iora works with self-insured employers and unions to create special private practices for high-risk, high-cost populations. The company offers these services at physical locations located across the US, and supports encounters outside of the office through phone calls, text messages, and email.
Each of the company’s patients receives a care team that includes a health coach, a behavioral health specialist, a nurse, a clinical team manager, and an operations assistant. These patients and their families are also supported through Chirp, which offers open communication between their care teams and the ability for patients to access their own medical records and share notes through the portal.
According to Iora, patients enrolled with the company report high levels of satisfaction, and experience a 40 percent reduced rate of hospitalizations as well as a 20 percent decrease in ER visits.
"What sets Iora Health apart is a combination of a laser focus on the consumer, the ability to scale, and a very compelling economic value that dramatically lowers the cost of care," Michael Greeley, general partner at Flare Capital Partners and an Iora Health board member, said in a statement. "The Iora care model is built on relationships and endorsed with positive patient satisfaction ratings at levels rarely found in health care. We see Iora Health as the clear leader in this space, and believe it is poised to scale rapidly.”
Prior to this investment, Iora enjoyed a $75 million funding round in October 2016, a $28 million round in January of 2015, a $14 million round in April 2013, and $6.3 million in private equity, according to Crunchbase.