Upward Health Announces Growth Equity Funding Led by Heritage Group

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HAUPPAUGE, NY–(BUSINESS WIRE)–Upward Health, a risk-bearing home medical group, today announced the closing of its Series B capital raise. The round was led by Heritage Group, a healthcare-focused investment company healthcare, and includes participation from existing investors including Blue Venture Fund, Noro-Moseley Partners and Windham Venture Partners.

Upward Health provides primary home-based medical and behavioral care to high-risk, high-need patients. The company partners with health plans and assumes the financial risk, ensuring results in quality and cost of care. Its whole-person approach fully integrates physical and behavioral health, while intervening to address the challenges associated with the social determinants of health.

“We are very grateful to have a strong, long-term relationship with Heritage Group and our other investors, and we are excited about the opportunities that are available to us,” said Glen Moller, CEO of Upward Health. “We look forward to providing exceptional, in-person, technology-enabled care to growing numbers of patients across the county, while lowering the total cost of care for our health plan partners.”

Over the past year, Upward Health has rapidly expanded its partnerships with health plans and provider organizations. This has resulted in significant growth across the country and an increase in patient volume of over 600%. The company has also expanded its work into new lines of business, now serving Medicare, Medicaid and Dual Eligible members. Last month, Upward Health announced that it was among 22 organizations awarded a contract to launch an ACO for high-needs populations under the new ACO REACH (Accountable Care Organization Realizing Equity, Access, and Community) program. Health) launched this year by the Centers for Medicare and Medicaid Services (CMS). The ACO REACH model encourages healthcare providers to improve the coordination and quality of care provided to traditional Medicare beneficiaries.

“We were thrilled to partner with Upward Health during this incredible period of growth. The company’s track record of improving patient outcomes is a testament to its clinical staff providing exceptional care,” said Lauren Brueggen, partner at Heritage Group.”We look forward to continuing our partnership with Glen Moller and the rest of the Upward Health leadership team to support their mission to provide the highest quality care to complex patients across the country and improve the financial results of health plan partners.”

ABOUT ENHANCED HEALTH

Upward Health is a multidisciplinary, in-home provider that partners with health plans and other at-risk entities to meet the unique needs of the most high-risk and needy users of today’s healthcare system. Using a unique, community-based, home-based approach to meeting a patient’s needs, Upward Health facilitates and delivers care that improves outcomes and quality of life for every patient it serves. Upward Health has a measured Net Promoter Score of 86, among the highest in the healthcare industry. For more information, visit www.upwardhealth.com.

ABOUT HERITAGE GROUP

Heritage Group is a Nashville, Tennessee-based healthcare-focused private equity firm with more than 35 years of experience financing and operating healthcare businesses. Heritage has more than $700 million in assets under management and seeks to make majority and minority investments in high-growth healthcare services and health technology companies that address the challenges of the US healthcare system. The Company’s limited partners include some of the nation’s leading health care organizations, including large provider systems, payers and health service providers, which collectively operate more than 600 hospitals and insure more than 45 million lives. For more information, visit www.heritagegroupusa.com.

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