Pop health vendor Arcadia raises $29.5M in latest investment round
Arcadia finished 2019 with an infusion of capital, closing a fully subscribed equity investment of $29.5 million, led by Cigna Ventures.
The company indicated the funds would be used to fuel future growth. The Burlington, Mass.-based company made the announcement at the recent J.P. Morgan Healthcare Conference in San Francisco.
Cigna Ventures executives highlighted Arcadia’s potential to improve care delivery and better support healthcare organizations in the ongoing shift to value-based care.
“Arcadia is accelerating the path to value-based care through its use of high-quality data, sophisticated analytics and workflow technology,” says Tom Richards, global lead of strategy and business development at Cigna Ventures. Arcadia shares Cigna’s vision for the future state of healthcare, and “with our investment and partnership, can bring even more resources and tools to healthcare professionals—enhancing patient care and furthering the adoption of value-based care models,” Richards adds.
At the J.P. Morgan conference, Arcadia executives highlighted that the company achieved higher sales than it had planned.
“We are honored to partner with so many innovative organizations around the country as they transform healthcare delivery,” said Sean Carroll, Arcadia's chief executive officer, The latest round of financing “by Cigna Ventures and our existing slate of leading healthcare investors (reflects) our sustained growth in enabling economic success under challenging risk-based payment models.”
In addition, Arcadia recently received the highest rating in the first-ever report on care management by KLAS Research, which gave high marks to its population health management software for its ability to identify and close care gaps.
“Care management is where the rubber meets the road in population health management,” say authors of the KLAS study. “Many provider organizations are able to access their data, analyze it, and ascertain patient risk, but now they are pushing for better, more automated ways to manage the care of at-risk patients.”
Arcadia works with some of the largest and most advanced risk-bearing provider organizations in the country, Carroll adds. "Our focus has always been bringing together clinicians, data analysts, and administrators through a care management solution that acts as the glue in value-based performance programs, supporting high-quality care and improving the quality of life for patients."