AllyAlign Health, a Richmond-based developer and administrator of Medicare Advantage special need plans that benefit long-term care providers has raised $10M in strategic funding led by McKesson Ventures. Existing investors Heritage Healthcare Innovation Fund, Health Enterprise Partners and the LinkAge Fund also participated in the financing. This brings the total capital raised to over $41 million.
AllyAlign Health Background
AllyAlign Health (AAH) began reforming the health system in 2014 by enabling leading long-term care (LTC) providers to launch provider-sponsored managed care plans for vulnerable senior populations. Today, AAH manages Medicare Advantage (MA) institutional special needs plans (I-SNPs), chronic care special needs plans (C-SNPs) for dementia, and dual-eligible special needs plans (D-SNPs) to reduce healthcare costs and improve patient quality of life. The company’s technology platform streamlines and coordinates care so that patients experience more seamless treatment without the usual concerns of falling through the cracks during transitions.
Offset Industry Pressures of Decreasing Reimbursement
AllyAlign Health helps offset the industry pressures of decreasing reimbursement by accepting and managing the full risk of aging patient populations. By providing the infrastructure, clinical protocols, proprietary technology, and expertise essential to success, AAH is helping make provider-sponsored managed care models – and its provider partners – profitable.
AAH launched its first health plan in 2016. Today, AAH manages plans in 17 states with more than 10,000 members and performs all the administrative and management services that any provider sponsored special need plan requires. This round of funding will accelerate AAH’s growth into assisted living facilities, memory care facilities, and independent living facilities as well as the support of Medicare Advantage patient-centered care models.
“Partnering with McKesson Ventures will speed up investment in our technology platform and infrastructure and will help us expand partnerships with valued long-term care providers in multiple markets,” said Will Saunders, founder and chief executive officer of AllyAlign Health.