The in-home kidney care provider Monogram Health has closed on $375 million in funding, led by major health care players such as CVS Health (NYSE: CVS), Cigna Ventures, Humana (NYSE: HUM), Memorial Hermann Health System and SCAN Group.
The Nashville-based Monogram Health has been growing rapidly over the past two years. The kidney care management company provides at-home care and data-driven solutions for patients living with chronic kidney and end-stage renal disease.
The new funding will fuel more growth for the company, which now operates in 4,000 U.S. cities across 34 states.
Monogram Health’s tech-enabled programs actively manage patients’ kidney disease and other acute and chronic conditions. The new funding will allow Monogram to expand its reach, according to the company, and it plans to invest more into capabilities such as complex case and disease management, utilization management and medication therapy management.
Monogram’s team of clinicians include physicians, nurse practitioners, registered nurses, social workers and pharmacists. The clinicians leverage technology in the home to give patients personalized kidney care.
“Everything we do is designed to improve access to health care and health outcomes for polychronic patients by supporting their individual needs in their own homes,” Monogram Health CEO and co-founder said in a statement. “We’re transforming the patient experience, especially for those who have been historically underserved.”
Kidney care in general has been one of the more rapidly growing services within the home setting over the last few years.
In October, Monogram announced a value-based care agreement with Humana to offer kidney care for Humana Medicare Advantage members in Tennessee, Alabama, Louisiana and Mississippi.
Large players like Humana have been eager to get into the kidney care space for many reasons, one being that the number of people in the U.S. with chronic kidney diseases continues to climb.
Humana and others also had a specific interest in Monogram’s value-based model.
“We have that shared belief of providing outstanding care to drive improved outcomes and to improve health, so that was the primary foundation for the relationship,” Carl Daley, Humana’s SVP of retail strategy and operations, previously told Home Health Care News. “With millions of Americans currently living with chronic kidney disease — and that number continues to grow — it’s essential that we increase access to evidence-based care, especially kidney care, to make sure our members have the services they need.”
As Monogram continues to grow, so does its reach within Medicare Advantage.. Monogram’s investor base now serves over 30% of Medicare Advantage members nationwide and supports nearly 40% of the U.S. population, according to a press release.
Aside from the leading contributors, both new and existing financial investors for the round include TPG Capital, Frist Cressey Ventures, Heritage Group, Pura Vida Investments and Norwest Venture Partners, among others.