Grand Rounds, a healthcare company, has raised $175 million in funding. The Carlyle Group was the lead investor.
SAN FRANCISCO and NEW YORK – September 9, 2020 – Grand Rounds, a leader in healthcare quality and clinical navigation, announced today it has secured a $175 million round led by investment funds affiliated with global investment firm The Carlyle Group (NASDAQ: CG), and will use the funds to accelerate clinical navigation and virtual primary care.
The company, which covers six million lives across more than 130 large, self-insured employers, has undergone a period of rapid growth and improved member outcomes. In addition to launching several new virtual provider offerings to enable access to high-quality care amidst COVID-19, Grand Rounds has expanded its relationships with the nation’s most forward-thinking innovators in healthcare benefits such as The Home Depot, Walmart, Salesforce and Travelers. Over the past year, the company has increased its covered lives by 55 percent.
“We are at a turning point in American healthcare, a moment when healthcare has become virtual-first and data can be used to dramatically improve outcomes. Since our founding, Grand Rounds has helped millions navigate their way through the complex U.S. healthcare system, serving as the personal healthcare assistant to support whole-person care. This financing from a premier investment group with a long history of success in healthcare will deepen our ability to scale and provide the highest quality care and outcomes for our members,” said Owen Tripp, co-founder and chief executive officer of Grand Rounds.
“Digital health has grown rapidly in recent years due to the significant disruption and innovation it brings to the healthcare industry. Healthcare navigation, in particular, is playing a pivotal role in addressing every facet of an individual’s healthcare journey, at scale, by increasing access to high-quality care while reducing overall costs. We are excited to support Owen and his team at Grand Rounds, given their impressive track record of improving patient outcomes, as they build, grow and seek to improve the quality of healthcare for everyone, everywhere,” said Robert Schmidt, a Principal specializing in healthcare at The Carlyle Group.
Grand Rounds recently launched several new solutions to expand the ways it connects and develops long-term relationships with members, as well as handle any healthcare need in the virtual setting, be it clinical, financial or administrative. Urgent Response, its 24/7 crisis response offering, was unveiled in April 2020 to support employees impacted by COVID-19 and employers navigating the challenges of workplace reopenings. Grand Rounds also enhanced its Premier Navigation solution to include telemedicine, becoming the first in the market to go beyond “tele-urgent” care and to transform virtual care into a comprehensive and integrated experience with both clinical navigation and specialty care. For example, Grand Rounds’ telemedicine physicians can see member plan and coverage information and other relevant benefits to create personalized, effective and affordable care plans, ultimately reducing costs and improving outcomes.
Grand Rounds has raised over $270 million to date, allowing the business to continue scaling its operations across the country. To learn more about how Grand Rounds has helped Fortune 50 companies improve their employee’s access to the highest quality healthcare, visit https://grandrounds.com/employers/why-choose-us/
The investment in Grand Rounds is a continuation of Carlyle’s long-term global commitment to healthcare, in which it has invested more than $15 billion of equity since inception. Carlyle’s significant experience investing in high-growth healthcare businesses includes One Medical, MedRisk, Albany Molecular Research, PPD, Multiplan and Rede D’Or São Luiz, amongst others.
About Grand Rounds
Grand Rounds is a new kind of healthcare company. Founded in 2011, the company is on a mission to raise the standard of healthcare for everyone, everywhere. The Grand Rounds team goes above and beyond to connect and guide people to the highest quality healthcare available for themselves and their loved ones. Our healthcare navigation and expert medical opinion solutions give people the best possible healthcare experience. Named a 2019 Best Place to Work by Glassdoor and Rock Health’s 2018 Fastest Growing Company, Grand Rounds works with inspiring employers and doctors to empower them to be the change agents we need to make our shared vision a reality. For more information, please visit www.grandrounds.com.
About The Carlyle Group
The Carlyle Group (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across four business segments: Corporate Private Equity, Real Assets, Global Credit and Investment Solutions. With $221 billion of assets under management as of June 30, 2020, Carlyle’s purpose is to invest wisely and create value on behalf of its investors, portfolio companies and the communities in which we live and invest. The Carlyle Group employs more than 1,800 people in 31 offices across six continents. Further information is available at www.carlyle.com. Follow The Carlyle Group on Twitter @OneCarlyle.