Elation Health Announces $50M Series D for Innovative Primary Care July 25, 2022
Generation Investment Management and Ascension Ventures co-led the round for Elation’s primary care platform supporting practices in new payment models and more than 12.8 million patients
SAN FRANCISCO, July 26, 2022 /PRNewswire/ — Elation Health, the clinical-first technology company powering innovation in primary care, today announced a Series D financing round of $50 million. Generation Investment Management, a firm established in 2004 to back businesses driving sustainability, co-led the round alongside Ascension Ventures with participation from Threshold Ventures, Ascend Partners, and individual investors including Fay Rotenberg and Jonathan Bush. This new round brings Elation Health to $108.5 million in venture funding to date.
Funding will be used to continue rapidly scaling Elation’s market reach and platform features for high-value primary care success in all settings. In addition to being a market leader for independent primary care practices — including those taking insurance, in risk-bearing contracts, and in the direct primary care setting — Elation is the operating technology for many of the largest and fastest-growing primary care innovators such as Crossover Health, Cityblock Health, and Firefly Health.
- Anthony Woolf, Growth Equity Partner at Generation Investment Management — “We believe Elation Health is powering primary care’s value-based future, which needs to be more physician-managed and patient-centric and less administratively driven. We need to move away from a fee-for-service system to one where incentives align with long-term health outcomes for patients. Elation has built the leading cloud-hosted, API-enabled electronic health record system fit for the modern digital health environment. This funding round aims to accelerate what Elation offers to physicians and patients as the company continues to work with forward-thinking leaders to build a more sustainable primary care-driven healthcare system.”
- John Kuelper, Senior Managing Director and head of Healthcare Technology at Ascension Ventures — “Ascension Ventures believes that independent primary care practices will continue to be a foundational component of care delivery, particularly as healthcare moves towards value-based care. Elation has demonstrated that it can enable these clinicians to operate at top-of-license by making clinical and practice management more intuitive and efficient with technology and automation. With this foundation in place, we are particularly excited by opportunities to further enable these practices to collaborate more deeply with insurers, specialists, and hospitals around value-based initiatives. Elation has the potential to make care delivery much more collaborative by empowering the primary care clinic with the information and tools needed to better coordinate complex care.”
- Former athenahealth CEO and Founder Jonathan Bush, now CEO of Elation Health partner Zus Health — “athenahealth’s original mission was to remove all the scut work from the practice of medicine so doctors could be doctors. Decades later, the industry still needs far better solutions to enable primary care to work best in support of clinicians doing just that and developing trusted relationships with their patients. This requires flexibility and space for listening, not checklists and a focus on CPT codes. I first met Kyna when she was automating her family’s primary care practice and believe the sensibility she developed in that effort is what makes Elation such a unique technology platform. The bonus is that discerning engineers and builders love using Elation as well as clinicians. I can’t wait to see what’s next!”
- Kyna Fong, Ph.D., co-founder and CEO of Elation Health — “There is tremendous power in a primary care–led future. The concept of specialty-led, billing-first care from the last few decades, and the technologies that have enabled it, has delivered unsustainable costs, burnout, and declining health outcomes. We are in the midst of a major shift toward primary care returning to its leadership position, and Elation is honored to have a role in powering that change. Every patient deserves a primary care physician they can trust.”
Designed from the start as a Collaborative Health Record, the Elation Health technology platform has a unified patient architecture that intuitively makes real-time shared data available to every clinician without overwhelming data noise. In 2021, the company was invited to work with the American Academy of Family Physicians (AAFP) on technology that can ease administrative burden on physicians. Elation Health has invested significantly in technology tools that make it easy for clinicians to get credit for the relationship-driven care they provide to patients. Today, millions of patients are being cared for by clinicians in value-based care arrangements using Elation.
Additionally, Elation has become the API-driven, EHR platform of choice for development teams at primary care organizations to accelerate innovative care models without creating technology systems from scratch. The platform currently supports more than a million API calls each day with connections to 300+ technology and healthcare organization collaborators including Dock Health, Hint Health, and Zus Health.
The company will continue to build for clinician delight. In an increasingly complex healthcare landscape, Elation is maintaining the highest NPS and KLAS scores while advancing primary care success across the wide variety of new practice and payment models. For more information about Elation Health’s platform for primary care, visit elationhealth.com.
About Elation Health
Elation Health is the most trusted technology platform for high-value primary care. Since 2010, the company has delivered clinical-first solutions — built on a collaborative EHR platform — that help practices start, grow, communicate, and succeed in delivering the highest-quality personalized care to patients. Elation Health supports primary care clinicians in upholding the craft of medicine, while thriving in an evolving healthcare landscape. Today, Elation Health serves 24,000 clinicians caring for millions of Americans. Learn more at elationhealth.com, LinkedIn, and Twitter.
About Generation Investment Management
Generation Investment Management is dedicated to long-term investing, integrated sustainability research and client alignment. It is an independent, private, owner-managed partnership established in 2004 and headquartered in London, with a U.S. presence in San Francisco. Generation Investment Management LLP is authorised and regulated in the United Kingdom by the Financial Conduct Authority. In the U.S. Generation operates via Generation Investment Management US LLP, a Registered Investment Adviser with the Securities and Exchange Commission. www.generationim.com
About Ascension Ventures
Ascension Ventures is a strategic healthcare venture fund with more than $1 billion in capital under management. Our limited partners are some of the most respected, values-driven nonprofit healthcare systems in the U.S. As a strategic investor, Ascension Ventures adds value by sharing its portfolio companies’ solutions across its limited partner base. The work we do at Ascension Ventures generates returns to our limited partners that help support their missions to provide care to the poor and vulnerable. http://www.ascensionventures.org/