Richmond, VA-based Medicare Advantage special need plans developer and administrator AllyAlign Health said it will use $10 million in investor funding to accelerate its growth with independent living, assisted living and memory care operators.
The company announced Tuesday that it had closed a $10 million strategic round led by McKesson Ventures. Existing investors Heritage Healthcare Innovation Fund, Health Enterprise Partners and the LinkAge Fund also participated in the financing. The latest investment brings the total capital raised to more than $41 million, AAH said.
The company provides infrastructure, clinical protocols, proprietary technology and expertise designed to help make provider-sponsored managed care models profitable.
“Partnering with McKesson Ventures will speed up investment in our technology platform and infrastructure and will help us expand partnerships with valued long-term care providers in multiple markets,” AAH founder and CEO Will Saunders said.
AAH launched its first health plan in 2016. Now it manages plans in 17 states with more than 10,000 members and delivers administrative and management services. Types of plans managed include Medicare Advantage (MA) institutional special needs plans (I-SNPs), chronic care special needs plans (C-SNPs) for dementia, and dual-eligible special needs plans (D-SNPs).