Iora Health Raises $28 Million Series C Financing

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Four new investors support mission to restore humanity to health care

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Iora Health today announced it has secured $28 Million in its Series C funding round from four new investors: Foundation Medical Partners, Rice Management Company, GE Ventures and Khosla Ventures, and its existing investors, including .406 Ventures, Fidelity Biosciences and Polaris Partners. Iora Health will use the additional financing to fund rapid expansion to continue delivering transformative health care. Already in six states, Iora expects to double in size in 2015.

Iora Health has developed a dramatically different health care operating system that starts with primary care, driving best-in-class patient experience, engagement and clinical outcomes, while reducing overall health care costs. Iora’s model is powered by its proprietary collaborative care system. The technology enables the teams to better care for their entire patient populations -- patients who come to see them and those who don’t.

“The health care industry is undergoing unprecedented change and Iora is one of the true leaders driving that change,” said Michael Greeley, general partner at Foundation Medical Partners. “Iora’s industry-leading team has created the culture, tools, systems and infrastructure needed to revolutionize health care.”

“Since .406 Ventures’ initial investment in Iora Health in 2011, Iora has scaled significantly without losing any focus on its important mission. We’ve seen Iora transform its care delivery model into a unique sustainable model resulting in relationships with some of the most important and influential health care companies.” said Liam Donohue, co-founder and managing partner, .406 Ventures. “We are excited to continue on this journey to transform health care with complementary and like-minded new partners.”

The model is radically simple, allowing the care teams to focus on what patients need most - care - to deliver outcomes. Serving over 10,000 patients in their existing practices, Iora’s Net Promoter Scores (patient satisfaction) are consistently over 85%, well above the industry average, and their clinical outcomes in areas including managing diabetes and hypertensives continue to surpass national averages.

“We’re humbled by the great interest in our Series C financing and we are honored to have such a great group of new investors join our current ones.,” said Rushika Fernandopulle, M.D., M.P.P., co-founder and CEO of Iora Health. “In the last four years, Iora Health has grown from a start up with an idea of how to improve health care to serving and improving the lives of thousands of patients across the U.S.. We are excited to grow with this round to continue to deliver on our mission to restore humanity to health care.”

Iora Health currently manages eleven primary care practices across the U.S. for distinct patient populations including employers, Medicare Advantage insurance plans, commercial insurance plans, and Taft Hartley Trust funds. Iora's sponsors are organizations that share our passion to transform the healthcare system. The practices have different brands but the same Iora culture. Iora sponsors include the Culinary Health Fund, Dartmouth College, the Freelancers Union, Grameen PrimaCare, Humana, King Arthur Flour, Lahey Health, the New England Carpenters Benefits Fund and Turntable Health.

About Iora Health
Iora Health is restoring humanity to health care by providing a radically different model of primary care built from the ground up. Iora Health’s care model provides extraordinary service to patients to ensure improved health outcomes while also lowering overall plan costs. Our patients enjoy the benefits of better access to care, office and non-office based encounters (e.g. phone, text messages, and email), an accessible and transparent medical record, and robust educational offerings. Our practices, across the U.S., enjoy the benefits of smaller sizes, closer relationships with patients, and the opportunity to lead systemic change in health care delivery while working with a true team. For more information, please visit http://www.iorahealth.com.

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Kathleen Haley
Iora Health
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since: 01/2011
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