– Demand for high-quality, team-based, collaborative healthcare for employees helps Eden secure $100 million in venture capital in less than two years
– Eden Health saw 800% growth in annual recurring revenue since the beginning of 2020 with COVID-19 accelerating transformation of the healthcare market
– ScaleUp software investor Insight Partners injects capital to enable Eden Health to scale its patient-centric healthcare approach for employees nationwide
NEW YORK, Feb. 18, 2021 /PRNewswire/ — National medical practice Eden Health, today announced that it has raised $60 million in Series C funding led by growth stage investor Insight Partners, with participation from Amigos Health, Aspect Ventures, Company Ventures, Flare Capital, Flexcap Ventures, Max Ventures and PJC, which brings the company's total funding to $100 million. The new capital will be used to extend its lead as the most advanced Integrated Virtual Care platform, expand its brick-and-mortar medical office footprint to several new major U.S. metropolitan areas, and build new features that allow for integrations of third-party healthcare services.
Launched in 2017, Eden Health is a concierge healthcare provider offered through employers and commercial real estate building landlords. Eden Health combines telehealth, in-person primary care, behavioral health, insurance navigation, and overlays it with 'medical home' methods resulting in a considerably better experience for patients. Patients use an incredibly simple chat and video interface to reach their Care Team 24/7 and should those patients need an in-person visit, they would see the same Care Team. This allows employees and their family members to receive continuous, proactive care with clinicians who have historical knowledge of their health, creating a trusted relationship.
A model where a dedicated Care Team quarterbacks each member's care journey can seem radical to anyone who has experienced the U.S. healthcare system. Most of us experience healthcare as a series of isolated care encounters with various care specialties, with clinicians who rarely communicate or collaborate with each other. Patients shoulder the burden of finding care providers and navigating complex health insurance policies. Care providers are often perversely incentivized to see as many patients as possible, limiting in-person doctor-patient encounters to just a few minutes on average.
For many of us born and raised in this system, these service levels can seem normal and expected. Eden Health aims to rebuild trust in the healthcare system by moving the patient to the center of a team-based preventative care model, taking responsibility for each patient's care journey and incentivizing employers to pay membership fees that are offset by savings on the total cost of care for their employees.
"Matt and Scott were early in identifying the integration of primary care, mental health care, and insurance navigation as a major driver in improving overall quality of care and the patient experience for average healthcare consumers," said Richard Wells, Managing Director, Insight Partners. "Restoring trust in healthcare will be catalyzed in part by transforming the patient experience from one that is transactional to one that is rooted in relationship and proactive care. We look forward to supporting Eden Health as it expands its national footprint and begins to reach employees everywhere."
Eden Health has experienced exceptional growth in 2020. Recurring revenues grew by 800 percent year-over-year as Eden expanded to now cover 40,000 sponsored members. Employer adoption was sped in part by Eden's COVID-19 response. At the onset of the pandemic, Eden quickly developed a way to screen employees to allow essential workers to remain at work.
Eden's COVID-19 solutions have since become a best-in-class approach, in part because employees experience the continuity of their Care Team virtually embedded as oversight for their employer's daily COVID-19 screenings. Before employees leave home, they log into the Eden Health app and complete a screening. If they are cleared, they head into the office. If they are not cleared, their dedicated Eden Care Team helps with next steps: isolation, testing, virtual triage, and treatment. Each employees' Care Team is always the same credentialed medical professionals, who know them, their health history, their benefits, and their ongoing needs.
"Access to quality healthcare is a fundamental human right. The pandemic has put a spotlight on the value of employee wellbeing and has created a greater focus on population health. More than ever, employers understand that excellent healthcare is a business priority and a competitive advantage," said Matt McCambridge, co-founder and CEO, Eden Health. "Our company is at an exciting growth phase where we are focused on scale. The experience and expansive network that Insight Partners offers will help Eden Health continue on its solid path for long-term success."
Over the past four years, Eden Health has become a trusted benefits partner for more than 100 employers across a broad range of industries, including finance, retail, real estate, and technology. Eden Health is headquartered in New York and delivers care nationally.
About Eden Health
Eden Health is a nationally recognized medical practice that makes it easier for HR teams to get their employees great medical care. Eden Health's Care Team offers employees digital care around the clock, same-day in-person primary care, behavioral health services and benefits navigation, designed to empower bodies and minds so employees can focus on their lives with newfound energy. Eden Health also has industry-leading engagement: out of every 100 eligible employees, 66 of them have completed an Eden Health clinical encounter in the first 12 months, with an average member rating of 4.95 out of 5. To learn more, visit edenhealth.com.
About Insight Partners
Insight Partners is a leading global venture capital and private equity firm investing in high-growth technology and software ScaleUp companies that are driving transformative change in their industries. Founded in 1995, Insight Partners has invested in more than 400 companies worldwide and has raised through a series of funds more than $30 billion in capital commitments. Insight's mission is to find, fund, and work successfully with visionary executives, providing them with practical, hands-on software expertise to foster long-term success. Across its people and its portfolio, Insight encourages a culture around a belief that ScaleUp companies and growth create opportunity for all. For more information on Insight and all its investments, visit www.insightpartners.com or follow us on Twitter @insightpartners.