September 25, 2024 Newswires

Zing Health Raises $140 Million to Expand Access to Its Integrated, Chronic Special Needs Focused Medicare Advantage Plans

Business Wire

CHICAGO--(BUSINESS WIRE)--
Zing Health (the “Company”), a leading Medicare Advantage insurer, today announced it has raised an incremental $140 million in a funding round. Leading venture investors Health 2047 Capital Partners, CRG, and First Trust Capital Partners, LLC participated alongside existing investors Newlight Partners, Town Hall Ventures, Health 2047, and Leavitt Equity Partners. Zing Health intends to use the proceeds to help bring its integrated, chronic special needs focused plans to more beneficiaries, and continue to invest in integrating its member experience with high quality care providers.

Zing Health was co-founded in 2019 by Dr. Eric Whitaker and healthcare executive Garfield Collins—along with Health 2047, the innovation lab of the American Medical Association—to address and improve healthcare outcomes in populations underserved by traditional plan providers. Zing Health provides managed care Medicare Advantage plans with supplemental benefits and access to care through a broad network of premier provider partners whose goals align with beneficiaries’ healthcare outcomes. Since the start of 2023, Zing Health has been one of the fastest growing Medicare Advantage companies in the country, and that growth has seen a majority of members select tailored Chronic Special Needs Plans.

Despite a high prevalence of chronic conditions in seniors across the United States, the vast majority of Medicare Advantage plans today are not built for these individuals, with less than 2% of Medicare beneficiaries enrolled in a Chronic Special Needs Plan (CSNP) according to analysis by KFF. As a result, seniors are often not enrolled in Medicare plans that are optimized to provide the necessary drug and specialist access to drive the best outcomes for their chronic conditions. Aligned with the key principles of value-based care, Zing offers plans that cater to member’s specific health needs and drives engagement with doctors and specialists aligned with the goal of keeping members healthy.

“Medicare Advantage is a superior program that can provide enhanced outcomes for seniors. However, the industry today does not do enough to tailor plans and member experience to individuals’ needs,” said Andrew Clifton, CEO of Zing Health. “Through the delivery of CSNP plans to underserved seniors, we are providing the appropriate benefits to improve health outcomes and leveraging technology to ensure members receive high quality, value-based care through a seamless member experience. We are grateful to have the support of our new and existing investors, whose commitment and trust underscore the excitement in and stability of the business.”

Srdjan Vukovic, Partner at Newlight Partners, added, “From inception, Zing has focused on caring for seniors and bringing them to the best comprehensive, personalized care. Under Andrew’s leadership, the company has shown that the model can not only serve many more seniors, but also continue to improve on delivering towards this demanding responsibility to our members. We are excited to continue to support the development of this powerful platform and its innovative and collaborative approach to managed care.”

About Zing Health

Founded in 2019, Zing Health Holdings Inc. is a physician founded insurance company built to seamlessly address the needs of underserved seniors with chronic conditions. Named one of the 2022 and 2023 Best Places to Work in Healthcare, Zing Health adopts a community-based approach that addresses the social determinants of health, keeping individuals and communities healthy while returning the physician and the member to the center of the healthcare equation. Each member receives personalized care tailored to their health conditions and social needs enabled by innovative product design coupled with technology and value-based care delivery.