UK’s UpStream Healthcare, a leading value-based primary care services and technology company, announced $140 million Series B funding. This makes the total funding nearly $185 million. Coatue, Dragoneer and other top healthcare and tech investors invested in this round. These include Avidity Partners, Define Ventures and Mubadala— all global growth investors.
It is an integrated platform that supports doctors providing care to seniors on Medicare with a focus on care quality, health equity and overall cost. This support comes from the platform’s suite of technological solutions and services, which empower doctors to improve their practices, outcomes and patient care.
Their Board Chair Nick Loporcaro expressed his joy when the board learned that a prestigious group invested in the project. The funding will allow Upstream to continue its mission providing support to thousands of primary care physicians who change their practices to provide Medicare and Medicare Advantage patients with value-based care.
UpStream is a company that integrates clinical staff and pharmacists into primary care practices. This allows them to support the care of patients, improve the quality of care provided and coordinate care for seniors with chronic conditions. Upstream’s integrated teams coordinate care for patients with the greatest medical and social complexity. It has helped provider customers decrease in-patient and post-acute spending by 20% in mature cohorts. This was still achieved while maintaining an average 4.5-star overall quality rating for contracted seniors.
The rapid growth is fueled by their success. It announced new partnerships with physician associations in Virginia, South Carolina and North Carolina. Two of these partnerships are with Tidewater Medical Group and Medical University of South Carolina Health Alliance. Upstream also partnered with an independent physician association in South Carolina named Primary Care Associates.
In an attempt to better serve their patients, primary care physicians all share a goal of providing care for their older patients who don’t suffer from chronic illness. However, they face many financial and technological constraints that impede their ability to achieve this goal. Upstream’s CEO and co-founder Dr. Sanjay Doddamani explained that the company’s integration of medical data sets is what attracted widespread adoption among leading physician groups. “We’re very honored to have attracted such a diverse and stellar mix of top investors,” he said. Each investor brings unique expertise that will be invaluable as Upstream continues to grow.
In 2018, Fergus Hoban founded UpStream as an entrepreneur and pharmacist. It was intended to give doctors an alternative to financial ruin caused by low resources and high work pressure. Upstream’s unique value-based payment model tied clinical quality and outcome data to financial stability.
Dragoneer partners Eric Jones and Christopher Farr are happy with the companies progress since the company’s early investors. Their cooperation has led to significant improvements in both patient outcomes and overall care costs. UpStream is expanding to provide nationwide clinical services to their partners. This is because their partnership model is so strong, with a diverse range of physicians across independent practices and larger health systems. We’re looking forward to working with them even more in the future.
Coatue believes Upstream’s technology platform can become category-defining when it comes to data regarding patient population analytics and interoperable data. This is because Upstream’s technology platform has robust population analytics and data that are mission-critical for delivering better patient outcomes. Coatue’s Managing Director Aaron Weiner added this belief.
As the value-based care model becomes more prevalent in the healthcare industry, the startup plans to use the funding to expand its model to physicians across the country, enabling them to make a difference in the lives of older patients. J.P Morgan acted as the exclusive placement agent.
About UpStream Healthcare
UpStream Healthcare Company is a global risk management services company that provides physicians with the support and systems they need to improve healthcare for the elderly. The company provides a powerful platform that enables physicians, pharmacists and nurses in primary care practices to collaborate to achieve better outcomes and value. See upstream.care for details.