Eden Health Brings Total Funding to $39M with $25M Series B
NEW YORK, Aug. 12, 2020 /PRNewswire/ -- National medical practice Eden Health today announced that it has raised $25 million in Series B funding, led by Flare Capital Partners with participation from principals from Stone Point Capital, a private equity firm that focuses on the financial services industry including the HR benefits, insurance and real estate sectors. Existing investors who participated in the Series B round include Greycroft, PJC, Max Ventures and Aspect Ventures. The oversubscribed round brings Eden Health's total raise to $39M. Eden Health is known for its innovative direct-to-employer healthcare delivery model, bringing in-person and virtual healthcare together to deliver an exceptional patient experience to the employees of mid-market companies.
Eden Health has seen interest from employers and commercial property owners increase by more than 500% since the onset of the public health crisis in mid-March, as the health and safety of employees and tenants has become one of the most urgent issues for employers and property owners.
The COVID-19 crisis has highlighted long-standing healthcare industry shortcomings that Eden Health was built from the ground up to address: the need for both virtual and in-person access to comprehensive healthcare services, with a scalable approach that lowers costs. Eden Health's membership model makes high quality, holistic healthcare an affordable benefit for the average employer, with low to no out-of-pocket costs for their employees. The pandemic also created a new imperative: employers and commercial property owners must be health-forward. Regardless of whether a company owns, operates or occupies a physical location, they are now part of the healthcare delivery system, by choice or circumstance. Both employers and property owners are realizing that offering convenient access to medical services is a short term market differentiator and a long-term must-have, as employers are faced with protecting the health of their workforce whether their staff is at home, remote or entering a physical building.
Since the very first signs of the US coronavirus outbreak in early February, Eden Health has worked with Bell's Brewery, Connell, Convene, Harry's, Kramer Levin, Newscred, Stack Overflow and others to roll out evidence-based, medically-informed plans and protocols to support workforce health. It has guided employers, property owners and workers through the outbreak using real-time monitoring, proactive outreach, and team-based care. And as employers and property owners began to phase workforces back into offices and worksites, Eden Health introduced a comprehensive back-to-work program spanning COVID-19 screening, virtual primary care, PCR testing, on-site antibody testing, immediate triage and patient consults. Through the crisis, Eden Health customers have also chosen to embed dedicated Eden Health Medical Directors into their c-suites to manage employee population health. Thanks in large part to early monitoring and proactive protocols to slow the spread, Eden Health employers have been able to maintain high levels of productivity, deploying essential workers safely while protecting their health and the health of fellow employees.
"For the past four years we've been singularly focused on building exceptional healthcare experiences for employers and their workers. Our proactive, comprehensive, tech-enabled approach put us in a strong position to deliver high quality healthcare in a way that works for this moment," said Matt McCambridge, co-founder and CEO, Eden Health. "What employers are realizing is that they have a responsibility to manage their entire workforce's physical and emotional health. The optimal management of workforce health meets that individual and their family member where they are, whether it's at their worksite, at home, or in the community. With today's funding and the advances we've developed, we're set to radically improve care delivery and health outcomes."
"One of the things we liked most about Eden Health was its commitment to human-centered design and how it aligns the incentives of healthcare and business," said Dr. Dan Gebremedhin, Partner, Flare Capital Partners. "What we're seeing now is that the pandemic has pressed the fast-forward button, bringing both employers and work-sites around to the fact that offloading healthcare labor onto patients and insurance companies is no longer a viable solution. We're thrilled to partner with Matt, Scott and the Eden Health team to tackle some of the hardest problems in healthcare."
First launched in 2016 as a digitally-native alternative to traditional care models, Eden Health today is a nationally recognized medical practice that provides members with a dedicated Care Team. Care Teams are composed of highly credentialed clinicians delivering evidence-based, top-quality care. Each Care Team offers digital care around the clock, same-day in-person primary care, behavioral health services and benefits navigation. Employees interact with the same dedicated Care Team, regardless of whether they are communicating virtually or in-person. Where necessary, Eden Health consults specialists to determine needs, before connecting employee members with fully-vetted, cost-effective in-network specialists.
Eden Health empowers employers to supercharge their benefits packages whether or not they are self-insured. Designed to meet the needs of companies of all sizes, Eden Health lets them fill gaps in their employees care with a fully integrated healthcare option. Eden Health membership services are not tethered to open enrollment, meaning employees and their families can join at any time and begin using services immediately. And one of Eden Health's core services is insurance navigation, to make sure employees get the care they need without surprise costs Although Eden Health's approach is direct-to-employer, its mission is to ensure that superior care is as widely available as possible.
Over the past four years, Eden Health has become a trusted benefits partner for more than 33,000 employees, spanning 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.
Nate Hermes or Monica Miller
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SOURCE Eden Health