Clinical Navigation and Virtual Primary Care Provider Grand Rounds Raises $175M

Grand Rounds, a healthcare navigation and expert medical opinion solutions provider, secured a $175 million funding round led by investment funds affiliated with The Carlyle Group.

Healthcare navigation, in particular, is playing a pivotal role in addressing every facet of an individual’s healthcare journey, at scale, by increasing access to high-quality care while reducing overall costs, according to Robert Schmidt, a principal specializing in healthcare at The Carlyle Group. Grand Rounds has an “impressive track record of improving patient outcomes,” he said.

Grand Rounds works with employers and payers to help its members find virtual care programs. The company uses data and algorithms to match employees with providers and health-related services. More than 6 million workers now use it at companies such as Walmart, Home Depot, Salesforce, Travelers, and other firms.

Founded in 2011, Grand Rounds has raised over $270 million to date, including a $55 million Series C funding round in 2015; the company plans to use the new funds to accelerate clinical navigation and virtual primary care.

The company also launched several new virtual provider offerings to enable access to care during the COVID-19 pandemic and expanded its relationships with existing customers. It currently works with 130 large, self-insured employers.

Grand Rounds also enhanced its Premier Navigation solution to include telemedicine, becoming the first to go beyond “tele-urgent” care and transform virtual care into a comprehensive and integrated experience with both clinical navigation and specialty care.

Owen Tripp, co-founder & CEO of Grand Rounds, said: “We are at a turning point in American healthcare, a moment when healthcare has become virtual-first, and data can be used to dramatically improve outcomes. Since our founding, Grand Rounds has helped millions navigate their way through the complex U.S. healthcare system, serving as the personal healthcare assistant to support whole-person care.”

According to Mercom’s latest funding report, digital health companies raised a record of $6.3 billion in the first half (1H) of 2020 compared to $5.1 billion raised in 1H 2019.

Learn more about other deals in this space.

Image Credit: Grand Rounds