Alignment Healthcare will expand into new markets to sell Medicare Advantage plans this year. After raising another $135 million, the company’s future is looking promising. Alignment currently sells Medicare Advantage plans in California and North Carolina. This past year, Alignment doubled its California footprint, expanding into “eight greater Sacramento and Bay Area counties, where more than 862,000 Medicare recipients live,” the insurer said last fall.
Alignment Receives $375 Million in Funding
The company expects to receive $135 million in funding coming from Fidelity Investments, T. Rowe Price and Durable Capital Partners. Alignment has this to say about their funding: “The Series C round brings Alignment’s funding to-date to $375 million, and will accelerate the growth of the company’s Medicare Advantage footprint while deepening its investments in its technology platform and plan offerings.” This funding will allow the company to continue a push towards expansion. Alignment hopes to stay on equal ground with current competitors, and in pursuit of that aim, the company will use these contributions to also expand its investments in its platform as well as plan offerings.
Alignment Healthcare Growth in 2020
The company was founded just seven years ago in 2013. Last year in 2019, it broke $800 million in sales after adding over 10,000 Medicare Advantage patients to its plan. The MA enrollment saw an 18% increase last year to 69,000 total members as of January 1st 2020. In the previous year, the company was at a 58,419 mark as of January 2019. Alignment founder and chief executive John Kao stated, “The growth we’ve since experienced is a testament to the impact our model is having in improving outcomes for seniors every day, and we look forward to continuing to advance and transform the health care experience,”.
Alignment is practicing a bold new idea: it is possible to solve the complicated issues in health care while being financially responsible. We must care anywhere and do so by combining technology with better care—over the phone, online, in doctors’ offices and the senior’s home. For more information about Alignment visit https://www.alignmenthealthcare.com/About-Us.
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