Lumeris Completes $100M Equity Growth Capital Investment Round

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Apr 22, 2024, 09:15 ET

ST. LOUIS, April 22, 2024 /PRNewswire/ -- St. Louis-based, privately held Lumeris announced the completion of a $100M equity capital raise. The funding round was led by Deerfield Management, a longstanding lender, and new investor Endeavor Health. Existing investors Kleiner Perkins, Sandbox Industries, BlueCross BlueShield Venture Partners and JDLinx (an investment company owned by John Doerr) participated in the round.

For more than a decade, Lumeris has delivered the industry's best and most proven value-based care results for providers and their patients. This new growth capital supports the recent rapid expansion of Lumeris' provider partnerships, including some of the country's largest health systems and physician groups. Lumeris provides the technology and care delivery processes for them to achieve extraordinary results improving both the quality and cost of healthcare.

"Our proven track record in enabling health systems and physician groups to manage all value-based populations, including Medicare Advantage, Traditional Medicare, Commercial, and Medicaid, has consistently delivered high-quality outcomes while effectively managing the total cost of care," said Mike Long, Chairman and CEO of Lumeris. "This recent investment will further enable us to meet the growing demand from our provider partners to adopt value-based models."

By integrating all the necessary tools, capabilities and know-how in an innovative shared risk model, Lumeris' provider partners can be confident that their current and future value-based needs will be met. Lumeris was recently recognized by the Healthcare Technology Report for outstanding software, exclusively available to Lumeris' partners. Lumeris also owns and operates Essence Healthcare, the industry's highest rated Medicare Advantage plan, receiving a 5-star rating from CMS for the last three years.

"Lumeris has demonstrated differentiation through best-in-class technology and the ability to foresee and manage risk," explained Vincent Mellet, Partner at Deerfield Management. "Its longstanding ownership and management of a Medicare Advantage (MAPD) plan that has received a 5-star rating for the past three years is a testament to its deep understanding of the healthcare landscape and its commitment to delivering high-quality patient care."

About Lumeris

Lumeris has pioneered value-based care transformation, bringing the technology driven capabilities to deliver a system of care every doctor wants for their family. As a trusted partner, we collaborate with top-tier health systems and physician practices nationwide, sharing risk and operational responsibilities to implement the most effective value-based models tailored to each population. Our innovative solutions, driven by our AI-infused technology stack, pave the way for success in value-based care, resulting in superior quality metrics, enhanced patient experience and physician satisfaction, and notable reductions in total cost of care across Medicare Advantage, Traditional Medicare, Medicaid, and Commercial populations.

With a track record of managing over $13 billion in medical spend, we remain dedicated to realizing the full potential of value-based care. Our Medicare Advantage prescription drug plan, Essence Healthcare, has consistently earned a 5-star rating from CMS for the past three years and consistently ranks in the top 1-2 percent of all MAPD plans for over a decade. These accolades underscore our unwavering commitment to excellence and our relentless pursuit of superior healthcare. To learn more about Lumeris and its value-based care enablement solutions, please visit www.lumeris.com.

SOURCE Lumeris