Overview

Devoted Health provides Medicare Advantage plans aimed at simplifying and making healthcare more affordable for seniors aged 65 and older. Their plans include services like finding healthcare providers, prescription drug coverage, and preventive care rewards. Members pay premiums for these plans, and the company may also receive government payments for managing Medicare benefits. What sets Devoted Health apart from competitors is their high level of customer service, featuring Devoted Health Guides who assist members in navigating their healthcare options. They also promote preventive care through a rewards program called Devoted Dollars, which incentivizes members to engage in health-promoting activities. The goal of Devoted Health is to create a more compassionate and accessible healthcare experience for its members.

Simplify's Take

What believers are saying

• Devoted Health raised $287 million in Series E funding in 2024.
• The company expanded Medicare Advantage plans to eight new states in 2023.
• Devoted Health achieved a 5-star Medicare Advantage rating in Ohio in 2023.

What critics are saying

• Increased competition from Medicare Advantage providers like Clover Health and Oscar Health.
• Potential regulatory changes affecting Medicare Advantage plans by CMS.
• Rising healthcare costs could impact the affordability of Devoted Health's plans.

What makes Devoted Health unique

• Devoted Health offers personalized assistance through Devoted Health Guides for member support.
• The company emphasizes preventive care with its Devoted Dollars rewards program.
• Devoted Health integrates virtual and in-home care with top local providers.

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Funding

Total Funding

$2256M

Above

Industry Average

Funded Over

6 Rounds

Notable Investors:

General CatalystAndreessen Horowitz

Notable Investors:

General CatalystAndreessen Horowitz

$112,000,000

Series E

Aug 2024

Series E funding typically includes additional rounds after Series D if the company needs more capital. The business is usually stable, and these rounds are typically used for further expansion or to address market challenges.

Series E Funding Comparison

Above Average

Industry standards

Ind Avg. $100M

$30M

$112M

$245M

$250M

$1250M

$1500M

View all funding stages