Medicare Advantage insurance company AllyAlign Health raises nearly $300 million

·1 min read

Virginia-based AllyAlign Health, a Medicare Advantage insurance company focused on senior housing, just raised a nearly $300 million funding round led by New Enterprise Associates.

Why it matters: It's the latest example of investor interest in the Medicare population, and more specifically, in Medicare Advantage.

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NEA officials said they were interested in targeting the quality of care coordination in senior living facilities using value-based care and tech-enabled tools seen in other care models.

  • "This is addressing a massive gap in care that the pandemic has exposed," Mohamad Makhzoumi, head of NEA's Global Healthcare Investing practice told Axios.

AllyAlign is still a relatively small company operating in 22 states with 24 Medicare Advantage Organizations and about 12,000 members.

  • The growth round included participation from Oak HC/FT, Town Hall Ventures, and existing investors Heritage Group and Ziegler.

  • Mark Price — formerly president of the Nevada region for Intermountain Healthcare, with previous senior leadership roles at DaVita, ChenMed, and Bain and Co. — was named CEO.

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