Investment Co-Led by Rose Park Advisors & Arbor Ventures Highlights Company’s Scalable Impact and Fast Growth in Addressing Critical Healthcare Gaps
OREM, Utah, December 08, 2021--(BUSINESS WIRE)--Today Nomi Health, the direct healthcare company rewiring how care is bought, paid for and delivered, announced it closed a $110 million Series A funding round to advance the company’s growth, as demand for more effective healthcare programs intensifies from both public and private sectors. Led by Rose Park Advisors and Arbor Ventures, the funding will immediately support continued platform development, including investments in new offerings that power the delivery of everyday healthcare services into communities and that reduce costs for organizations buying healthcare today. The company’s partnerships with local governments and the private sector, including employers and universities, have already enabled wider access to everyday care services for more than ten million Americans at 30 percent less cost to healthcare buyers.
"Our impact over the past 18 months proves both the dire need for a transformed approach to healthcare -- a need we see firsthand serving communities across our country -- and the effectiveness of Nomi’s model in delivering care more directly," said Mark Newman, CEO and founder of Nomi Health. "We cannot go back to the status quo of a healthcare system that yields high costs, limited access and poor experiences. That’s why we built an entirely new care ecosystem outside of traditional healthcare that has delivered on all three fronts: reduced costs for organizations buying healthcare, increased access to care for Americans who need it most, and an improved experience for all. As care costs rise and access dwindles, Nomi is putting the buyers of healthcare in the driver’s seat of powering healthy communities at sustainable costs. Nomi’s growth and profitability to date shows that it is possible to completely rewire care delivery, even amid a pandemic, and to do it at scale."
Today, Nomi Health delivers care services to more than 30,000 Americans every day -- from COVID testing to diabetes screens -- across more than 12 states including Texas, Florida, Colorado, Nebraska, Utah and Hawaii, and is growing. The company:
Powered several of the nation’s very first burden-free COVID-19 testing programs launched in the earliest days of the pandemic;
Expanded into COVID-19 vaccines and monoclonal antibody treatment, as well as other routine care services including influenza testing and preventative health screenings;
Operates the nation’s largest-known fleet of mobile care units, which brings care directly into underserved areas, from prisons and schools to long-term care facilities and meat-packing plants; and
Became the largest corporate donor to RIP Medical Debt, eradicating $225M of medical debt across more than 175,000 Americans.
"The Nomi Health team’s ability to rise to the challenge of meeting the immediate, complex needs of the public and private sector, while growing rapidly with GAAP profitability, is a unique achievement in our time," said Matt Christensen, CEO and Managing Partner of Rose Park Advisors. "The Nomi Health model addresses many of the challenges my dad and Rose Park Advisors co-founder, Clayton Christensen, wrote about in The Innovator’s Prescription. We are excited to partner with Mark and the Nomi Health team to bring much-needed innovation to healthcare benefits administration and delivery."
The company’s direct healthcare model is enabled by a technology platform, Nomi Connect, that integrates care delivery solutions. Nomi Connect enables public and private sector organizations to purchase healthcare directly at reduced costs and to pay providers in real time.
"There is no doubt that by transforming the way healthcare is bought and paid for, we can transform care outcomes and experiences for the better across the ecosystem, from buyer to patient to provider," said Melissa Cannon Guzy, co-founder and managing partner, Arbor Ventures. "Nomi Health’s visionary team, guided by established leaders from fintech to healthcare, are well poised to rewire this broken system in the near term and beyond."
In just three years since launch, Nomi Health has grown to more than 450 employees and more than 2,000 mobilized U.S. clinical and field staff. The company is led by a proven, cross-functional team of clinical and business leaders: CEO Mark Newman, established entrepreneur and founder of HireVue; COO Joshua Walker, who brings decades of global healthcare operations experience from companies such as Optum; CTO Boe Hartman, former partner at Goldman Sachs; CFO Jeff Pashalides, formerly with Sequoia Capital and Blackstone; and Clinical Director Dr. Jillian Harrington, formerly of Kaiser Permanente.
To learn more about Nomi Health’s direct healthcare services, visit https://nomihealth.com.
About Nomi Health
Nomi Health is a direct healthcare company successfully re-wiring how healthcare is delivered and paid for in America, to the benefit of patients, providers and the buyers of healthcare in both the public and private sectors. Based in Orem, Utah, we’re a team of over 2,000 nationwide, each actively working to lower care costs, widen care access and improve the experience for all. The company’s Nomi Care platform -- featuring local clinical and operations field teams, a sustainable supply chain, and seven networked laboratories - have served over eight million Americans with everyday healthcare services, including powering up to five percent of the nation’s COVID-19 testing volumes. Nomi Connect is a business operating system and payment platform enabling organizations to purchase healthcare directly and providers to be paid in real time. Nomi Health’s cross-functional leadership team hails from America’s most established clinical, healthcare, technology and finance organizations. Visit us @NomiHealth and www.nomihealth.com.
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