What You Should Know:
– Grand Rounds raises $175 million in funding, led by The Carlyle Group, to accelerate clinical navigation and virtual primary care.
– Grand Rounds has raised over $270 million to date, allowing the business to continue scaling its operations across the country.
Grand Rounds, a San Francisco, CA-based healthcare company that matches employers and employees to high-quality healthcare, announced today it raised $175M in funding led by The Carlyle Group. The company plans to use the funding to scale its clinical navigation and virtual primary care operations nationwide.
Founded in 2011, the care coordination company covers six million lives across more than 130 large, self-insured employers, has undergone a period of rapid growth and improved member outcomes. In addition to launching several new virtual provider offerings to enable access to high-quality care amidst COVID-19, Grand Rounds has expanded its relationships with the nation’s most forward-thinking innovators in healthcare benefits such as The Home Depot, Walmart, Salesforce and Travelers.
Over the past year, the company has increased its covered lives by 55 percent. Grand Rounds recently launched several new solutions to expand the ways it connects and develops long-term relationships with members, as well as handle any healthcare need in the virtual setting, be it clinical, financial or administrative. Urgent Response, its 24/7 crisis response offering, was unveiled in April 2020 to support employees impacted by COVID-19 and employers navigating the challenges of workplace reopenings. Grand Rounds also enhanced its Premier Navigation solution to include telemedicine, becoming the first in the market to go beyond “tele-urgent” care and to transform virtual care into a comprehensive and integrated experience with both clinical navigation and specialty care.
For example, Grand Rounds’ telemedicine physicians can see member plan and coverage information and other relevant benefits to create personalized, effective and affordable care plans, ultimately reducing costs and improving outcomes.
“We are at a turning point in American healthcare, a moment when healthcare has become virtual-first and data can be used to dramatically improve outcomes. Since our founding, Grand Rounds has helped millions navigate their way through the complex U.S. healthcare system, serving as the personal healthcare assistant to support whole-person care. This financing from a premier investment group with a long history of success in healthcare will deepen our ability to scale and provide the highest quality care and outcomes for our members,” said Owen Tripp, co-founder and chief executive officer of Grand Rounds.