Nashville, USA-based company aiding doctors to deliver health care across independent primary care physicians, specialists, and health systems, Wellvana Health raised USD 84 million in financing. The company announced the fundraise on March 27, 2023.
Nashville-based Heritage Group and Valtruis, a Welsh, Carson, Anderson & Stowe (WCAS) company, co-led the financing for Wellvana Health. Meanwhile, Memorial Hermann Health System, the largest not-for-profit health system in southeast Texas, joined in the funding.
Since November 2020, the company’s financing has amounted to nearly USD 140 million.
Purpose of financing for Wellvana Health
With the proceeds from the recent financing, Wellvana Health seeks to support continued growth in existing markets. It also seeks to expand in new U.S. geographies.
However, Nashville-based Martin Ventures led former funding rounds with a partnership from First Trust Capital Partners as well as Adam Boehler.
Meanwhile, the investment bolsters the company’s commitment to assuming downside risk for partner physicians through a robust underwriting program.
What the company’s official has to say
Kyle Wailes, Chief Executive Officer of Wellvana, said, “Wellvana exists to help doctors deliver life-changing health care to their patients. We are taking a differentiated value-based care approach that only succeeds when two things align: data-driven technology and high-touch human engagement. Our model is working; savings rates are strong for our physician partners with improved patient outcomes and reduced in-patient ER admissions across every market. Most importantly, our physicians and their patients feel heard, seen and valued, renewing trust in the American health care system.”
Devin Carty, Wellvana co-founder and board chair, and CEO of Martin Ventures, further said, “Wellvana has the best management team in the industry right now, and with this funding, Kyle and the team will take Wellvana to the next level and help high-performing physicians and health systems across the country transition to value-based care. Wellvana is deepening its presence in key markets of Texas, Arizona, Tennessee, across the Midwest and Southeast, while also growing partnerships in underserved regions where primary care physicians understand the needs of their communities.”
What the investors have to add
Lauren Brueggen, Partner at Heritage Group, further said, “Wellvana’s world-class leaders are addressing important challenges in the American health care system through an innovative, high-touch value-based care model. Wellvana has a proven record of succeeding in full risk-based contracting with technology-enabled tools that empower physicians to focus on what matters most – better quality of care for patients.”
In addition, Karey Witty, Managing Director at Valtruis and Operating Partner at WCAS, said, “Wellvana’s model is at the core of our mission at Valtruis to accelerate the growth and adoption of value-based care. We are confident that Wellvana’s solution-oriented model is best positioned to continue supporting physicians’ transition to a modern value-based care system that lowers costs, expands access, improves the patient experience, and enhances outcomes for all.”
Besides, Feby Abraham, PhD, Executive Vice President and Chief Strategy Officer at Memorial Hermann Health System, said, “Memorial Hermann is committed to its transition to value-based care, which includes the delivery of safe, high-quality care and outcomes and exceptional experiences for all of the patients we serve. We view our investment in Wellvana as an investment in that transition and in the future of health care.”
About the company
In 2019, Founders Charles N. Martin, Devin Carty, Jairo Melo, Michael Platek, and Saleh Jaafar launched the company. Wellvana currently serves healthcare providers in 22 states.
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