Grand Rounds Secures $55 Million in Series C Funding
Round Includes Major Mutual Fund Investor, Greylock and Venrock, and Brings Company’s Total Funding to $106 Million
SAN FRANCISCO, CA–(Marketwired – August 20, 2015) – Grand Rounds, the leader in identifying high-quality health care providers and connecting patients with these physicians, today announced it has secured $55 million in Series C financing. The company will use the funds to expand its technology, care team and analytics platform — to meet heightened demand for an employer-based solution that moves the needle on health care outcomes, costs and employee engagement. The round brings Grand Rounds’ total funding to $106 million and includes participation from a new global mutual fund investor along with existing investors Greylock, Venrock, Harrison Metal and David Ebersman.
Grand Rounds pairs patients with the physician experts most uniquely qualified to help them, nationally and/or locally. Chiefs, chairs and clinical experts from 115 leading institutions are available for remote patient access on the Grand Rounds platform. Of the roughly 770,000 active U.S. physicians, 96 percent have been rated by the Grand Rounds quality algorithm to help guide patients to top-quality local care.
“Whether and where we receive medical treatment are critical decisions, yet patients lack adequate support in navigating these choices,” said Owen Tripp, co-founder and chief executive officer of Grand Rounds. “We provide patients the technology and information they need to make informed health care decisions, and comprehensive support from a physician-led care team. In an era of payer/provider consolidation, consumer-directed health plans and narrow networks, we empower patients and remove barriers to their care.”
The United States spends more on health care per capita than any other nation in the world. Yet wide variations in provider quality are broadly acknowledged, as is the staggering volume of avoidable or unnecessary treatments. At the same time, many employers are asking employees to shoulder more of their health care costs, despite a dearth of information to help consumers navigate the system.
“The U.S. spends over $40 billion annually on spinal surgeries alone. That is nearly a third of federal education spending,” said Bryan Roberts, partner at Venrock. “If these patients received a Grand Rounds consultation as part of their decision-making process, we could save $24 billion in avoidable procedures, not to mention the associated complications and diminished quality of life. This goes far beyond cost savings — Grand Rounds actually gives more value to the patient, rather than taking services away. We are proud to help Grand Rounds democratize access to the world’s best medicine.”
“Amidst much ado about health care, it is rare to find an idea that not only helps lower costs, but also delivers a wonderful experience to help people get world-class care,” said Joseph Ansanelli, partner at Greylock. “To truly bend the cost curve and improve long-term outcomes, we cannot continue to manage care through legacy means. Grand Rounds offers data-driven support for the most important decisions we as consumers make, and removes barriers — geographic or otherwise — to receiving exceptional care that does not break the bank.”
With coverage in more than 120 countries, over 50 leading companies are putting Grand Rounds’ expertise and technology to work in granting their employees an all-access pass to the best in American medicine.
About Grand Rounds
Grand Rounds provides a platform that delivers improved clinical outcomes for patients while reducing care delivery inefficiencies. It does this through an end-to-end solution that connects patients with highly specialized care that is informed by the latest and best practices — preventing and correcting misdiagnoses, unnecessary and failed treatments. Founded in 2011, Grand Rounds helps restore individual health and quality of life, and benefits employers by facilitating decreased health care cost and increased employee productivity. For more information, please visit grandrounds.com.