Belong Health Closes $40 Million Series A Led By NEA to Accelerate New Partnership Development with Local and Regional Health Plans and Hospital Systems
PHILADELPHIA, Dec. 15, 2021 /PRNewswire/ -- Belong Health, the first company dedicated to partnering with local and regional health plans and hospital systems to support the delivery of Medicare Advantage and Special Needs Plan products, today announced it has raised $40 Million in Series A funding led by New Enterprise Associates (NEA) with continued participation from seed investor, Maverick Ventures. Mohamad Makhzoumi, Managing General Partner, Healthcare at NEA, will join Belong Health's board of directors in conjunction with the financing.
"Individuals with complex care needs deserve whole-person care that is regionally informed and addresses each individual's unique social, medical, and mental health needs. Our team's mission is to deliver this care through innovative insurance solutions, and we are thrilled to partner with NEA, one of the world's most impactful healthcare investors," said Belong Health CEO J. Patrick Foley.
Belong Health is fundamentally rearchitecting the healthcare experience for Medicare and Medicaid eligible individuals who for too long have only had access to disjointed or incomplete solutions. By targeting partnerships with organizations that have deep roots in their communities, Belong Health is pioneering better health insurance products and experiences for every geography it serves.
Belong Health's in-market care teams work in tandem with a partner's existing care infrastructure and other community-based resources, and leverages Belong Health's proprietary technology to optimize the management and delivery of care for every member.
A unique component of Belong Health's partnership approach is its willingness to share full, upside / downside risk with local health plans and hospital systems to launch and expand Medicare Advantage and Special Needs Plan products.
"Belong Health represents the next evolution in healthcare —maximizing the impact of local health plans that can provide integrated healthcare personalized for the specific needs of individuals while leaving no members unsupported," said Mohamad Makhzoumi, NEA Managing General Partner, Healthcare. "We are thrilled to partner with Patrick and the Belong team as they work to deliver high-quality care to the complex patients who need it most."
Belong Health will use the new financial resources from NEA to expand its team, accelerate the introduction of new care solutions for beneficiaries with complex care needs, and launch new health insurance partnerships across the country.
In the first of such partnerships, Belong Health will support MVP Health Care in launching Special Needs Products for the 2022 plan year. Belong Health's integrated care management practice will enhance MVP members' experience by providing groundbreaking care delivery solutions and engagement solutions powered by predictive analytics, behavioral science, and population health technology.
"MVP Health Care is committed to rearchitecting healthcare around our members," said MVP Health Care's President and CEO, Chris Del Vecchio. "Belong Health's ability to complement our strengths and further reimagine how healthcare is delivered is a natural evolution of our work to pioneer better health insurance plans for every community member and aid in our communities' evolving health care needs."
"The disruption of traditional primary care and health system delivery models caused by the COVID-19 pandemic makes it abundantly clear that the road ahead for plans and providers requires new care delivery and engagement models tailored to the needs of the communities they serve," said Foley. "In partnership with NEA and local healthcare institutions, we have the collective resources to launch plans that break down the traditional silos of care. We look forward to helping our current and future partners broaden and deepen their reach within the communities they serve by creating new and better insurance experiences for Medicare and Medicaid eligible populations that connects them with the clinical and community-based social support services they need.
About Belong Health
Belong Health delivers a more compassionate, straightforward insurance experience for Medicare-eligible members by partnering with regional health plans to help them launch or grow market-leading Medicare Advantage and Special Needs Plans. High-quality health care should be accessible to all, and local, regional health plans are best positioned to serve their communities as their trusted health insurance partners. www.belong-health.com.
About NEA
New Enterprise Associates, Inc. (NEA) is a global venture capital firm focused on helping entrepreneurs build transformational businesses across multiple stages, sectors and geographies. With nearly $24 billion in cumulative committed capital since the firm's founding in 1977, NEA invests in technology and healthcare companies at all stages in a company's lifecycle, from seed stage through IPO. The firm's long track record of successful investing includes more than 250 portfolio company IPOs and more than 425 mergers and acquisitions. www.nea.com.
SOURCE Belong Health
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