Upward Health Announces Growth Equity Financing Led by Heritage Group

HAUPPAUGE, N.Y.--(BUSINESS WIRE)--
Upward Health, a risk-bearing, in-home medical group, today announced the closing of its Series B capital raise. The round was led by Heritage Group, a healthcare-focused investment firm, and includes participation from existing investors, including Blue Venture Fund, Noro-Moseley Partners, and Windham Venture Partners.

Upward Health delivers in-home primary medical and behavioral care to high-risk, high-need patients. The company partners with health plans and takes on financial risk, guaranteeing outcomes in both quality and cost of care. Its whole-person approach fully integrates physical and behavioral health, while also intervening to solve challenges associated with social determinants of health.

“We are very grateful to have a strong, long-term relationship with Heritage Group and our other investors, and we are excited for the opportunities that lie ahead,” said Glen Moller, CEO of Upward Health. “We look forward to providing exceptional, in-person and technology-enabled care to an expanding number of patients across the county, all while lowering the total cost of care for our health plan partners.”

Within the last year, Upward Health has rapidly grown its partnerships with health plans and provider organizations. This led to significant growth across the country and a patient volume increase of over 600%. The company also expanded its work across new lines of business, now serving Medicare, Medicaid, and Dual Eligible members. Last month, Upward Health announced that it was among 22 organizations that were granted a contract to launch a High Needs Population ACO under the new Accountable Care Organization Realizing Equity, Access, and Community Health (ACO REACH) program launched this year by the Centers for Medicare and Medicaid Services (CMS). The ACO REACH model encourages healthcare providers to improve the coordination and quality of care offered to traditional Medicare beneficiaries.

“We have been thrilled to partner with Upward Health during this incredible period of growth. The company’s track record of improving patient outcomes is testament to their clinical staff who provide exceptional care,” said Lauren Brueggen, Partner at Heritage Group. “We look forward to continuing our partnership with Glen Moller and the rest of the Upward Health leadership team to support their mission of providing the highest quality care for complex patients throughout the nation and improving financial results for health plan partners.”

ABOUT UPWARD HEALTH

Upward Health is an in-home multidisciplinary provider that partners with health plans and other risk-bearing entities to address the unique needs of the most high-risk, high-need users of the health care system today. Using a unique, in-home community-based approach to meeting a patient’s needs, Upward Health facilitates and delivers care that improves outcomes and the quality of life for every patient it serves. Upward Health has a measured Net Promoter Score of 86, among the highest in the healthcare industry. For more information, visit www.upwardhealth.com.

ABOUT HERITAGE GROUP

Heritage Group is a Nashville, Tennessee based, healthcare-focused private equity firm with more than 35 years of experience financing and operating healthcare companies. Heritage has over $700 million of assets under management and seeks to make majority and minority investments in high-growth healthcare services and healthcare technology businesses that address the challenges of the U.S. healthcare system. The firm's limited partners include some of the leading healthcare organizations in the nation, including large provider systems, payers, and healthcare service providers, which collectively operate over 600 hospitals and insure more than 45 million lives. For more information, visit www.heritagegroupusa.com.

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Ashley Kurpiewski, [email protected]

Source: Upward Health