CHICAGO & GREENWICH, Conn.--(BUSINESS WIRE)--VillageMD, a management services company that partners with leading healthcare providers to improve care delivery and optimize population health outcomes, has announced the closing of a $36M Series A financing round. The round was led by Oak HC/FT with additional participation from other new and existing investors.
“We are at an exciting time in our nation’s healthcare history, a time when primary care providers will unequivocally demonstrate that a system led by their efforts will yield the best clinical results for their patients and, along the way, significantly improve the cost of healthcare,” said Tim Barry, CEO of VillageMD. “VillageMD is thrilled that the team at Oak HC/FT recognizes the value of our primary care partnership model and has chosen to be our growth capital partner, as we write this critical chapter of our company’s story.”
Ann Lamont, Managing Partner of Oak HC/FT and the leading healthcare investor on the 2015 Forbes Midas List, will join the VillageMD Board of Directors. “The cost of healthcare in the United States continues to rise at unsustainable levels. With its focus on enabling primary care providers to deliver superior clinical results for patients, while simultaneously collaborating with health plans to bring a financial model that supports this clinical model, VillageMD is uniquely positioned to improve the quality and cost of healthcare across many markets in this country. We are excited to invest in their continued growth and to support a company with such a broadly impactful mission.”
“As complex as the American healthcare system can be, the VillageMD model is quite simple. We partner with leading primary care providers in targeted geographies; we bring health plan relationships that reward primary care providers for practicing higher quality, lower cost medicine; and we bring a proven operating model that features the right mix of people, processes, and technology to help our partner providers be successful in this model,” said Dr. Clive Fields, Co-Founder of VillageMD. “Everybody wins because we focus on what’s best for the patient.”
VillageMD currently partners with over 400 primary care providers across markets in Texas and Indiana. The investment from Oak HC/FT will propel the company into several new states across the Midwest, Northeast, and Southeast.
About VillageMD
VillageMD (www.villagemd.com) is a leading provider of management services for healthcare organizations moving toward a primary care-led, value-oriented clinical model. The VillageMD model provides the tools, technology, and support needed to drive the highest quality clinical results across a population. Headquartered in Chicago, IL, VillageMD partners with physician groups, IPA’s, and health systems to improve quality, increase patient satisfaction, and lower costs in the communities they serve.
About Oak HC/FT
Oak HC/FT (www.oakhcft.com) is the premier venture growth-equity fund investing in Healthcare Information & Services (“HC”) and Financial Services Technology (“FT”). Oak HC/FT is focused on driving transformation in these industries by providing entrepreneurs and companies with strategic counsel, board-level participation, business plan execution, and access to their extensive network of industry leaders.