Devoted Well being, a next-generation Medicare Benefit plan and tech-enabled startup, made a monetary leap to the top of 2023, saying $175 million in new funding.

Massachusetts-based Devoted Well being is an all-in-one healthcare firm that gives digital main care and insurance coverage to primarily Medicare Benefit sufferers. It’s considered one of many payers additionally prioritizing dwelling care.

Based in 2017 by brothers Todd and Ed Park, Devoted was one of many first organizations to popularize the time period “payvidor.”

The corporate supplies dwelling well being care by combining Medicare Benefit protection with its digital and residential well being care supplier – Devoted Medical – and by partnering with different dwelling well being care suppliers.

The corporate has skilled important development not too long ago, with a year-over-year membership improve of greater than 70%, the corporate mentioned. Devoted Well being now serves greater than 140,000 members.

In 2023, Devoted Well being additionally expanded its service choices, increasing its attain to a complete of 299 counties in 13 states over the last annual Medicare enrollment interval.

“In a healthcare system that’s not at all times accessible or straightforward to navigate, we at Devoted Well being are deeply honored to supply each member with the identical high quality of care and repair that we’d need for our personal households,” mentioned Ed Park, co-founder and CEO of Devoted Well being, mentioned in an announcement. “It is rather gratifying that so many others consider within the promise of our mannequin, and we’re very excited to supply the world-class love and care that’s being given to an increasing number of People.”

Based on Pitchbook, digital well being funding remained low within the third quarter of 2023, with $800 million in funding and solely 60 new offers, each the bottom multi-year ranges since a minimum of 2020. Digital well being offers have fallen since 2020.

Devoted Well being's $175 million was one of many highest funding rounds of any firm, notably behind Monogram Well being's $375 million Collection C financing in January 2023.

The funding will assist Devoted increase its attain throughout the nation. Based on an organization spokesperson, it’ll assist strengthen its technological, medical and operational capabilities.

“This contains persevering with to innovate our dwelling care program and our proprietary expertise platform,” the spokesperson mentioned in an e-mail to Residence Well being Care Information. “By providing members digital care and residential well being care to complement the care they obtain from their main care doctor, we are able to guarantee members obtain the appropriate care after they want it to remain wholesome.”

As the corporate grew, recognition from the Facilities for Medicare & Medicaid Providers (CMS) additionally got here within the type of greater star scores.

In 2023, 94% of all devoted members on a star-eligible plan enrolled in a 4-star, 4.5-star or 5-star plan, the corporate mentioned.

Devoted Well being was additionally named to Fortune's Greatest Workplaces in Well being Care record and the Greatest Workplaces for Ladies record.

The financing was led by a lead syndicate consisting of The House Between (TSB), Highbury Holdings, GIC, Stardust Fairness, Maverick Ventures and Fearless Ventures.