Originally published by Business Wire on January 25, 2022
SEATTLE--(BUSINESS WIRE)--Atlas Health, the leader in philanthropic medical financial aid, announced it has raised $40M in Series A financing, led by Felicis Ventures. The investment round also includes participation from GreatPoint Ventures and Tribe Capital, along with existing investors Global Founders Capital and MBX Capital.
The new financing brings Atlas Health’s total funding to $44.5M and will be used to meet explosive growth demands, accelerate its go-to-market strategy, and further its mission to save and improve lives by removing economic barriers to healthcare.
“No one should have to worry about finances while battling a life-threatening disease or chronic condition,” said Ethan Davidoff, CEO and founder of Atlas Health. “Many organizations provide financial aid to patients, but hospitals and health systems are not equipped to navigate the programs’ complexities at scale. Atlas Health expands healthcare access and affordability by solving this challenge.”
According to the Centers for Medicare & Medicaid Services, Americans faced $388 billion in out-of-pocket medical expenses in 2020. For the uninsured, the situation is dire, but even those with insurance experience significant hardship. A recent Gallup poll reported that 25% of Americans forgo needed treatment for debilitating diseases annually because they cannot afford it. At the same time, uncompensated care impacts the ability of hospitals and health systems to deliver the services and care their communities need.
Fortunately, thousands of philanthropic medical financial aid programs offer funding for vulnerable patients – specifically those with cancer and other chronic conditions who require costly specialty drugs to survive or preserve their quality of life.
“No one should be forced to postpone necessary medical treatment because they cannot afford it,” said Sundeep Peechu, general partner at Felicis Ventures. “Atlas provides an efficient way to tap into the private philanthropic market to solve a critical need for both patients and providers. We’re excited to partner with Ethan and the team to support their rapid growth.”
Atlas Health’s flagship product, Atlas Navigator, is an AI-powered patient advocacy solution that is built on a continuously updated proprietary database of more than 20,000 medical financial aid programs. It deeply integrates with health system clinical and financial systems to match every patient, visit, and prescription with every financial aid opportunity. Its workflow automation software speeds up enrollment and reimbursement while demonstrating higher levels of compliance. Atlas Health’s expert, empathetic advocates work onsite and remotely on behalf of hospitals and health systems to manage the process end-to-end to maximize program awards. The result for hospitals and health systems is revenue growth, enhanced patient experience, and a better reputation in the communities they serve.
“We partnered with Atlas Health because they understand our resolve to help our patients have access to life-saving treatment that they would otherwise forego due to affordability,” said John Jurczyk, president of St. Joseph Hospital and SVP of Covenant Health. “Through automation, Atlas enabled us to make a larger impact by further reaching the vulnerable populations in our community.”
In 2021, Atlas Health completed its System and Organization Controls (SOC) 2 examination and refined integrations with leading EHR providers, including Epic, Cerner, Meditech, and Allscripts. The company signed new multi-year contracts with numerous hospitals and health systems while empowering existing customers to secure up to 5x in program reimbursements year-over-year.
Learn more at https://atlas.health/.
About Atlas Health
Atlas Health, the leader in philanthropic medical financial aid, saves and improves lives by empowering hospitals and health systems to match, enroll, and collect from over 20,000 patient assistance and health equity programs through Atlas Navigator, an end-to-end AI-powered patient advocacy solution. Patients access and afford the care they need, and hospitals and health systems secure reimbursement for care delivered. Find out how no patient is left behind at https://atlas.health/.
About Felicis Ventures
Founded in 2006, Felicis Ventures is a venture capital firm investing in companies reinventing core markets, as well as those creating frontier technologies. Felicis focuses on early stage investments and currently manages over $2.1B in capital across 8 funds. The firm is an early backer of more than 41 companies valued at $1B+. More than 91 of its portfolio companies have been acquired or gone public, including Adyen (IPO), Credit Karma (acq by Intuit), Cruise (acq by General Motors), Fitbit (IPO), Guardant Health (IPO), Meraki (acq by Cisco), Ring (acq by Amazon), and Shopify (IPO). The firm is based in Menlo Park, CA. Learn more at www.felicis.com.