Ilumed Raises $16.5 Million Series A Financing
Financing round was led by Ascend Partners with participation from several angel investors
Ilumed plans to double its clinician base and increase its number of covered Medicare beneficiaries more than six-fold in 2022
JUPITER, Fla., Dec. 15, 2021 (GLOBE NEWSWIRE) — Ilumed, a Medicare transformation company focused on assisting patients to achieve their healthiest lives by driving lower-cost, better-quality and more-equitable healthcare outcomes, today announced it has closed a $16.5 million Series A financing led by Ascend Partners. The company’s angel investor was WRJM Healthcare Partners, LLC, whose principals are Ron Kuerbitz, Joshua Ruskin, Bill Sanger and Matthew Sanger.
Ilumed is one of fifty-three (53) Direct Contracting Entities (DCE) approved by the Centers for Medicare & Medicaid Services (CMS) as part of CMS’s Global and Professional Direct Contracting (GPDC) Model, which was designed to enhance care-quality for Medicare fee-for-service beneficiaries while simultaneously reducing costs through risk-sharing arrangements with physicians.
“This financing empowers Ilumed to continue investing in healthier lives of our patients with valuable resources that will enhance our proprietary technology platform, medical and care coordination capabilities,” said Debra Finnel, CEO of Ilumed. “Our team of committed servant leaders has a passion to deliver high-quality, accountable care, and plans to address the immediate and chronic needs of Medicare patients in order to improve lives within the underserved senior community, especially those in rural and urban areas.”
Proceeds from the financing will be used to grow Ilumed’s clinician partnership and Medicare beneficiary bases.
“We are excited to partner with Debbie and the Ilumed team as it works to transform the Medicare fee-for-service model,” said In Seon Hwang, Managing Partner, Ascend Partners. “The DCE Model has the potential to dramatically strengthen alignment and accountability among patients, physicians and other care providers to improve health outcomes, quality and reduce healthcare spending. With decades of experience applying technology, data and network management in value-based care, the Ilumed team is well-positioned to support physicians and provide integrated care to help patients achieve their healthiest lives.”
About Ilumed
Ilumed is a Medicare transformation company, helping patients achieve their best, healthiest life by driving lower-cost, better-quality and more-equitable healthcare. As a direct contracting program for traditional fee-for-service Medicare, the company is at the cutting edge of evolving models to proactively focus care when and where it’s most needed, using cost savings and equitable reimbursement models to improve the patient and provider experience. Powered by a scalable, proprietary technology platform, Ilumed makes population health a reality, stratifying and managing patient risk to identify preventative health opportunities, including tackling social determinants of health. A deeply experienced management team and strong financial foundation propel this next-generation healthcare company. For more information, visit www.ilumed.com.
About Ascend Capital Partners
Ascend Capital Partners (“Ascend Partners”) is a growth-oriented, healthcare-focused private equity firm. Ascend’s mission is to build thriving communities by partnering with premier patient-centric healthcare companies that improve the access, affordability, and quality of care for underserved and vulnerable populations. Ascend seeks to overcome the fragmentation of care delivery in underserved and vulnerable populations through an integrated, operational strategy and growth-oriented investment approach. Ascend was founded on the belief that improving care quality and clinical success takes more than just financial capital. Ascend has built a management services organization, CareAbout, which employs a team of full-time operating executives with deep healthcare delivery expertise to assist its portfolio companies to grow more efficiently, serve providers and patients at scale, and drive the benefits of value-based care delivery.
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