Devoted Health, New Medicare Advantage Business, Raises $300 Million

As open enrollment for Medicare began Monday, in one of the largest healthcare company fundraises of the year, Medicare Advantage business Devoted Health says it's raised $300 million in a Series B round led by Andreessen Horowitz.

“The problem is the fact that the system itself is fundamentally not designed in a patient-centric way,” wrote cofounder Ed Park in a post on LinkedIn LNKD +0% Tuesday. “People are stuck ping-ponging among an assortment of well-meaning primary care doctors, specialists, hospitals, and other facilities, resulting in a patient experience that is highly uncoordinated, fragmented, and reactive, compounded by administrative hassles that seem to emerge from every corner…”

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