NEW YORK--(BUSINESS WIRE)--Vesta Healthcare, a 24/7 clinical provider group and digital health platform, dedicated to supporting high needs members at home and connecting their caregivers’ insights to the rest of the care team, announced the raise of $65M in growth capital. The financing was led by Deerfield Management Company with participation from existing investors Oak HC/FT, Kaiser Permanente Ventures, Lux Capital, Generator Ventures, Nationwide, CareCentrix and Epstein Partners as well as new participation from K2 HealthVentures and an unnamed investor.
Vesta previously raised $30M in 2019, bringing total funding to $95M. The additional investment enables the company to further grow into new geographies, launch new program offerings and expand its ability to take on population health programs and risk contracts.
“We are thrilled at the opportunity to continue our mission-driven approach to delivering care for those who need it most. Our physicians, nurses, and entire clinical team, backed by innovative technology, are truly changing the way care is delivered in the home every day. Through this additional investment, we will be able to rapidly expand our presence as well as continue building novel care models and data-driven technology solutions for the home,” said Randy Klein, CEO of Vesta Healthcare.
Vesta was founded in 2018 with the mission of enabling better health outcomes for members with significant healthcare needs, who wished to remain at home with the support of their caregivers. Vesta’s unique “Homecareist” model establishes a specialized provider team who manage and coordinate in-home care between patients aging at home and their caregivers (both paid and unpaid) and the rest of care delivery.
By working with home care agencies, professional aides and unpaid caregivers such as family and friends, Vesta recognized the ability to reduce avoidable hospitalizations, emergency room visits and other facility-based care. Vesta Homecareists empower caregivers and care teams to improve health outcomes and keep members healthy and cared for at home. The Vesta program has shown that 88% of urgent alerts can be managed and resolved in the home, in partnership with caregivers, resulting in an over 30% reduction in emergency room visit and hospital admission rates.
“The past year has highlighted the critical nature of engaging caregivers in their homes as they work to keep members and loved ones safe and healthy at home. Vesta’s ‘Homecareist’ model and technology-enabled caregiver engagement have resulted in differentiated health outcomes and care for Vesta’s members,” shared Julian Harris, M.D., a Partner at Deerfield. “We could not be more excited about the trajectory of Vesta and what comes next as the team empowers more caregivers and improves the aging at home experience.”
“We’re thrilled to continue our partnership with Vesta in this next phase of growth,” said Annie Lamont, Co-Founder & Managing Partner of Oak HC/FT. “The COVID-19 pandemic put a new focus on the importance of home care as well as the strain on caregivers and the people who rely on them. With proven tech-enabled clinical programs designed to support patients and caregivers through all circumstances, Vesta is making a meaningful impact on people's daily lives.”
Over the past year, Vesta has expanded its footprint and now has presence in five states, with additional expansion planned for this year. Vesta has nearly nationwide coverage through its affiliated medical group. With rapid expansion of network participation, Vesta has quickly scaled its ability to deliver virtual chronic care management and remote health monitoring to members from the comfort of home.
"As the U.S. population ages and more care moves into the home, Vesta is demonstrating the impact of a technology-enabled care model that both responds to the unique needs of each member and also integrates their surrounding home support system. This investment follows our commitment to supporting innovative management teams that are driven to dramatically improve the lives of patients," added Parag Shah, Founding Managing Director and Chief Executive Officer at K2HV.
The new funding allows Vesta to expand its Sales, Marketing, Operations and Technology teams as it expands into new states over the next few months. Additionally, it will allow Vesta to further expand partnerships with home care agencies as it takes increasing clinical and financial risk for the populations they serve.
About Vesta Healthcare
Vesta Healthcare is an industry-leading clinical provider and technology services organization dedicated to connecting caregiver insights to the rest of the care team. Vesta Healthcare proactively identifies the need for additional resources in the home and delivers 24/7 telehealth for caregivers and care recipients, with a focus on high-need, frail senior populations. Vesta partners with home care agencies, health plans, and providers to create value-based population health programs that emphasize clinical quality, improved health outcomes, and personalized engagement. Vesta Healthcare is headquartered in New York, NY. To learn more, visit www.vestahealthcare.com and follow us on LinkedIn and Twitter.
About Oak HC/FT
Founded in 2014, Oak HC/FT is the premier venture growth-equity fund investing in Healthcare Information & Services ("HC") and Financial Services Technology ("FT"). With $3.3 billion in assets under management, we are focused on driving transformation in these industries by providing entrepreneurs and companies with strategic counsel, board-level participation, business plan execution and access to our extensive network of industry leaders. Oak HC/FT is headquartered in Greenwich, CT, with offices in Boston and San Francisco. Follow Oak HC/FT on Twitter, LinkedIn, and Medium.
