Advancing Value-Based Care for Seniors is Priority, particularly in underserved and rural communities
With the baby boomer generation entering their senior years in high numbers, more and more services are needed to meet their growing demand for care providers. Greater Good Health, a Nurse Practitioner-led model, offers a senior-centric experience through a range of services to their senior patients.
The three-year old healthcare startup is partnering with health plans to increase the number of primary care practices, particularly in underserved, and often, rural communities. To support these initiatives, the company just announced the close of its $20 million Series A round led by Flare Capital Partners, with the participation of existing investors: LRVHealth, Health Velocity Capital, Martin Ventures, and Optum Ventures, plus new strategic investors.
With this injection of new funds, Greater Good Health is expanding, giving prompt access to care for more seniors that includes a focus on relationship-building that treats the whole person, an investment in their locaal communities and social connections, and support for navigating Medicare plans and benefits.
The company’s model gained a boost from a recent report from the Association of American Medical Colleges, indicating that the demand for primary care will grow faster than supply. This will result in a significant gap, ranging from 17,800 to 48,000 primary care physicians by 2034. Over this period, Americans over 65 will grow by 42%, worsening the problem—with seniors in rural communities most at risk.
Founder and CEO, Sylvia Hastanan, brings to the startup her experience in the healthcare field, having held the position of Vice President of Clinical Strategy at both Optum Care and DaVita Medical Gorup. Health services and innovation company Optum purchased DaVita in 2019. Hastanan holds a Bachelor of Science in Nursing at the University of Pennsylvania’s School of Nursing and in Healthcare Management from The Wharton School.
“Aligning with industry trends and policy, we are doubling down on Nurse Practitioners and value-based care to address the needs in underserved, often rural, markets,” said Greater Good Health Founder and CEO, Sylvia Hastanan. “Nurse Practitioners are the fastest growing profession in the United States and are inherently well-positioned to succeed in value-based care. Today, 80% of seniors have at least one chronic illness and 50% have two or more. With the senior population growing older and sicker, access to value-based, comprehensive primary care is imperative, and we are here to make that a reality.”
The California-based startup is establishing a value-based partnership with a national Medicare Advantage health plan for the opening of clinics serving seniors in Montana later this year. Great Good Health is focusing on growing and scaling the organization’s own integrated clinical solutions, while furthering the development of its own primary care clinics such as the one in Montana.
“Building solutions to address the primary care demand and supply imbalance is imperative to address the growing needs of senior populations, particularly in communities that are underserved,” said Vic Lanio, Partner, Flare Capital Partners. “The Greater Good model is built to address physician shortages and significantly expand access to quality cost-effective care. With the leadership from Sylvia and a proven value-based approach, Greater Good Health is well-positioned to become an industry leader.”
