Atlas Health, a company that specializes in philanthropic medical financial aid, has raised $40 million in a series A. The Seattle, WA-based company said the financing was led by Felicis Ventures and the round also includes participation from GreatPoint Ventures and Tribe Capital, along with existing investors Global Founders Capital and MBX Capital.
The new financing will be used to meet growth demands, accelerate its go-to-market strategy, and further its mission to save and improve lives by removing economic barriers to healthcare.
“No one should have to worry about finances while battling a life-threatening disease or chronic condition,” said Ethan Davidoff, CEO and founder of Atlas Health. “Many organizations provide financial aid to patients, but hospitals and health systems are not equipped to navigate the programs’ complexities at scale. Atlas Health expands healthcare access and affordability by solving this challenge.”
According to the Centers for Medicare & Medicaid Services, Americans faced $388 billion in out-of-pocket medical expenses in 2020. For the uninsured, the situation is dire, but even those with insurance experience significant hardship. A recent Gallup poll reported that 25% of Americans forgo needed treatment for debilitating diseases annually because they cannot afford it. At the same time, uncompensated care impacts the ability of hospitals and health systems to deliver the services and care their communities need.
Fortunately, thousands of philanthropic medical financial aid programs offer funding for vulnerable patients – specifically those with cancer and other chronic conditions who require costly specialty drugs to survive or preserve their quality of life.
“No one should be forced to postpone necessary medical treatment because they cannot afford it,” said Sundeep Peechu, general partner at Felicis Ventures. “Atlas provides an efficient way to tap into the private philanthropic market to solve a critical need for both patients and providers. We’re excited to partner with Ethan and the team to support their rapid growth.”
Atlas Health’s flagship product, Atlas Navigator, is an AI-powered patient advocacy solution that is built on a continuously updated proprietary database of more than 20,000 medical financial aid programs. It integrates with health system clinical and financial systems to match every patient, visit, and prescription with every financial aid opportunity. Its workflow automation software speeds up enrollment and reimbursement while demonstrating higher levels of compliance.