Healthcare guidance company Amino Health raised $80 million in debt and equity financing, which it will use to reach more patients, the company announced Thursday.
San Francisco-based Amino Health began as a direct-to-consumer solution but has since shifted to serve employers. It utilizes a database of more than 26 billion healthcare claims to recommend patients to physical and mental healthcare within their network. The company supports about 1.6 million people.
The $80 million in funding was led by Transformation Capital and Oxford Finance. The financing was not for a particular round, though Crunchbase shows it has raised $125 million total. Previous investors include North Woodmere Capital, Commerce Ventures, Red Swan Ventures and WTI.
Transformation Capital chose to invest in Amino Health due to its differentiation in the market, said Mike Dixon, managing partner of the investor.
“Amino Health has the right combination of an experienced and values-driven leadership team, a technology stack designed for substantial scale and a partner-driven go-to market solution,” Dixon said in a news release. “With their advanced data insights to personalized care recommendations for consumers, Amino Health is unlike any other player in the market.”
With the funding, the company hopes to reach and engage more members and grow its partnerships with employers and third party administrators, said Andrew Rosenthal, chief strategy officer for Amino. It also plans to grow its platform to support more providers and services.
“There’s been rapid growth in the types of point solutions, the types of integrated benefits that employers are bringing on board,” Rosenthal said in an interview. “We’re expanding to be able to support more and more of those types of decisions. Last quarter, we added about half a million providers who we previously were not navigating members through, specifically nurse practitioners and physician assistants.”
When patients use Amino’s platform, they can search for a condition, procedure or specialty. The platform will then make recommendations for in-network providers and facilities based on quality and cost, and the user can book an appointment. Its dashboard also helps patients keep track of their appointments and favorite providers.
“Increasingly, a lot of our usage comes from people who may not know what kind of healthcare they need,” Rosenthal said. “They may just know that their back hurts or that they’re feeling anxious. About a third of the usage on our platform is actually directing members back into primary care.”
Rosenthal added that the platform also helps direct employees to different point solutions their employers contract with.
“Our employer clients, our plan sponsors, are not just working with a traditional healthcare network,” he said. “They’ve added in a behavioral health product that may not be from their carrier. They might have specific digital clinics for specific types of conditions. They may have multiple telemedicine options. … When a member is on our platform looking for guidance, we’re actually able to steer, to navigate them into the right type of solution.”
Photo: Amino Health