Pearl Health, a platform enabling primary care physicians, has raised $55 million in a Series B funding round led by Andreessen Horowitz and Viking Global Investors. The health-tech startup anticipates receiving a $20 million line of credit outside the equity raise.
The round also witnessed participation from investors, including AlleyCorp and SV Angel. The company announced an $18 million Series A in September 2021.
Pearl is a technological platform targeted at doctors participating in Medicare’s ACO REACH model for primary care.
The Centers for Medicare and Medicaid Services said at the beginning of last year that they were restructuring their Medicare Direct Contracting Model into an Accountable Care Organization (ACO) model with an emphasis on health equity.
With 132 participants, the newly created system, known as the ACO Realizing Equity, Access, and Community Health (REACH) Model, got underway this year.
By 2030, CMS wants all beneficiaries of conventional Medicare to be part of an accountable care arrangement.
ACOs are teams of physicians, hospitals, and other healthcare professionals collaborating to offer Medicare patients coordinated care. Avoiding redundant services and medical mistakes is the aim.
To scale up, businesses like Pearl Health strive to support clinics participating in value-based care arrangements and offer technology services.
It provides data visualizations and suggestions so that professionals can identify patients who might require further support, such as those who have several chronic diseases or have just been released from the hospital.
The startup’s technologies also seek to track crucial metrics, such as readmission rates and the frequency of patients’ yearly wellness visits, and to condense patient data into more detailed reports.
Pearl Health is democratizing access to value in healthcare
Pearl provides software and services that assist physicians in reimagining how they envision, comprehend, and care for their patients. Pearl is led by provider enablement, risk-bearing, and technology professionals.
Since its founding in 2020, Pearl has secured more than $100M in capital from backers, including Silicon Valley Bank, AlleyCorp, SV Angel, Viking Global Investors, and Andreessen Horowitz. As a result, it has expanded to serve clients in 29 states and Washington, DC.
With the aid of data science, Pearl Health’s technology assists primary care providers in concentrating on the patients most likely to require it. This helps doctors and clinical staff adopt a more proactive care model that enables them to invest in preventative care and deliver more comprehensive, individualized care.
“This latest round of funding, combined with our previous investments, will allow us to expand our network and accelerate the development of innovative solutions that place providers at the center of healthcare delivery and cost management,” said Pearl Health Co-Founder and CEO Michael Kopko.
Over 800 primary care doctors from all over the country joined up with Pearl during the past year, causing the company to grow more than 10 times yearly and increase its geographic reach from 10 to 29 states.
“Pearl Health has done a great job of developing software to help providers achieve their goals around value-based care,” said Scott Kupor, Managing Partner at Andreessen Horowitz.
