Primary care startup One Medical is buying Iora Health for $2.1 billion. The deal will give One Medical a bigger geographic footprint, and crucially, a bigger presence among people covered by Medicare.
Boston-based primary care startup Iora Health raised a $126 million funding round. The company plans to use the influx of cash to grow its business and get EHR certification for its platform.
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The payer's value based care program focused on general acute care hospitals was launched earlier this year to provider higher quality and better integrated care for Humana members.
Under the terms of the deal, select Humana Medicare Advantage HMO plan and dual-eligible members in Southern and Central California will have in-network access to Heritage Provider Network's facilities and physician practices.
The funding comes as competition for the Medicare population by startup and growth-stage companies intensifies, not only from other technology-led healthcare organizations like Iora but also from the likes of CVS Health and more established companies like CareMore.
Iora plans to use some of the funding to add practices in western states such as Arizona, Colorado and Washington state.
By reducing administrative burden and redesigning workflows around human needs, it creates space for what matters most: connection between clinicians and patients.
Iora Health wants to transform conventional views of primary care as short and insufficient for patients.