in McLean, Virginia Somatus announced Wednesday It has raised more than $325 million in oversubscribed Series E financing at a $2.5 billion valuation to grow its value-based kidney care model.
The round was led by Wellington Management. RA Capital Management, GIC and Fidelity Management & Research Company are all offering new investments. Existing investors Anthem, Blue Venture Fund, Deerfield Management Company, Flare Capital Partners, Inova Health System, Longitude Capital and Optum Ventures also contributed. The latest investment brings the total raised by Somatus to nearly $500 million.
Working with payers and health systems, Somatus provides in-home care through on-site nurses working with primary care physicians and nephrologists, helping patients manage their medications and developing individualized care plans. It also focuses on social factors that contribute to the burden of disease in patients to better understand what may contribute to disease progression.
Somatus’ clinical team can also help advise which route a person should take when they need dialysis – home dialysis, inpatient dialysis or central haemodialysis.It can also advise patients whether they need hemodialysis The blood is pumped, purified by an external machine and returned to the body; or if the patient needs peritoneal dialysis, the patient receives a cleaning solution that flows into part of the abdomen through a catheter. In this type of dialysis, the lining of the abdomen acts as a filter and removes waste products from the blood. After some time, fluid with filtered waste flows out of the abdomen and is discarded.
Plus, it can work with provider groups to help them both at the practice level and at the individual physician level through technology tools such as the Nephrology Dashboard. Providers can view their quality performance and focus on the future costs of delivering care today. Somatus can also help with contract negotiations with commercial payers.
“Since our inception, Somatus has been committed to providing excellence in evidence-based comprehensive care for patients with kidney disease, thereby delaying disease progression, improving quality of life and reducing total cost of care,” said Dr. Ikenna Okezie, Chief Executive Officer and Chief Executive Officer. The Somatus co-founder said in a statement.
The company sees its approach as a breakthrough in breaking the industry’s “excessive” focus on dialysis, which is used to treat patients with kidney failure.
Nationwide, approximately 37 million people suffer from kidney disease, and as many as nine in 10 do not know they have it. Centers for Disease Control and Prevention. These people experience a decline in kidney function that is often ignored until they develop kidney failure.
For people with kidney failure, dialysis is life-sustaining, removing waste and excess fluid from the blood—functions that would otherwise be performed by healthy kidneys. But some in the industry believe there is a need for more comprehensive care early in the disease process.like Somatus and strive to be healthyproviding value-based kidney care.
If Somatus’ claims are accurate, the company’s model of care has grown rapidly over the past year, so it’s getting attention. The company said it launched a kidney care program with six new health plan partners and established value-based partnerships with multiple provider groups. By 2022, the company said, it will serve more than 150,000 members in 34 states across Medicare, Medicare Advantage, Medicaid and business plans.
The latest funding round is expected to drive additional growth and help Somatus reach more people with its prevention and management-focused kidney care model.
“This investment positions us well to fund the expansion of our proven care model and continue to build a national network of providers and concerned patients who work with our care teams to improve lives and change the industry,” Okezie said.
Photo: peterschreiber.media, Getty Images
