Groups Recover Together (Groups), a national leader in value-based care for opioid addiction treatment, announced it has raised $60 million in Series C financing. Oak HC/FT led the round, joining existing investors Bessemer Venture Partners, Transformation Capital, RRE Ventures, Optum Ventures, and Kaiser Permanente Ventures.
The latest financing will support the expansion of Groups’ treatment model from locations in 12 states to at least 17 states by the end of 2021. Additionally, after transitioning to serving their members exclusively through virtual care during coronavirus disease 2019 (the COVID-19), the company will further bolster its commitment to meeting members where they are by rolling out an enhanced digital experience that will complement its already well-established infrastructure of highly effective brick-and-mortar clinics with integrated telehealth. To help support this deep commitment to building treatment modalities that better serve individuals who want or need their care delivered virtually, Groups also announced it has named Amar Kendale, chief product officer at Teladoc Health, to its board of directors.
Groups’ track record of achieving industry-leading clinical outcomes—such as a 74% member retention rate after six months—is enabled by strategic relationships with health plans that allow the company to deliver value-based care. This approach encourages affordability and allows the company to invest in care modalities that are proven to create better outcomes for members—such as group therapy that builds a supportive community, and care navigation that helps members access social services. Rather than charge on a fee-for-service model that incentivizes provider organizations ordering costly laboratory tests, Groups takes on the financial risks associated with member care, with reimbursement from its health plan partners tied directly to achieving positive outcomes.
Groups Recover Together delivers opioid addiction recovery services that are proven to help individuals get their lives back on track. Groups provides fast, easy access to medication-assisted treatment (MAT), using Suboxone (buprenorphine), as well as a program designed to build a sense of community and accountability. In addition, members gain access to services through Groups’ holistic care model, which is backed by the belief that long-term recovery from opioid medications is tied to social, behavioral and economic factors that aren’t typically addressed in traditional treatment models. Groups treats more than 8,000 members across the country, a 45% increase over the past year.
Founded in 2014, Oak HC/FT is a venture growth-equity fund investing in health care information and services and financial services technology. With $3.3 billion in assets under management, the company is focused on driving transformation in these industries by providing entrepreneurs and companies with strategic counsel, board-level participation, business plan execution and access to an extensive network of industry leaders. Oak HC/FT is headquartered in Greenwich, Connecticut, with offices in Boston and San Francisco.
This was reported by Groups Recover Together on May 5, 2021.
Contact information: Dan Ventresca, Communications, Matter for Groups Recover Together, 53 Beacon Street West, Laconia, New Hampshire 03246; 617-874-5488; Email: GroupsRecover@matternow.com; Website: https://joingroups.com/