Lifespark Raises $ 20 Million in B-Round to Lead Nation in People’s Welfare
The investment focuses on healthcare innovation, global risk and the quadruple objective led by UCare and Virgo
Posted: October 13, 2021 at 6:30 a.m. CDT|Update: 10 minutes ago
MINNEAPOLIS, October 13, 2021 / PRNewswire / – Lifespark, formerly Lifesprk, a leader in personal services for seniors, has raised $ 20 million in a B round to lead the nation in delivering the welfare of the people. This cycle is led by the fund managed by Virgo (“Virgo”) to continue to fund the operating system and proprietary technology platform advancements of Lifespark and UCare, the largest provider of Medicare Advantage in Minnesota, to serve Minnesota seniors holistically with a multi-product strategy.
Lifesprk increases $ 20 million in B-Round to lead the nation in the well-being of the population
Investment focuses on healing
“We want global risk to be held accountable for delivering welfare and for volume to increase towards value,” explained Joel Theisen, BSN, CEO and Founder of Lifespark. âThe less we spend on reactive care, the more we can spend on the experience. The proprietary technology we build is not for technology, but to create on-demand access and a deep holistic understanding of our customers. This powerful idea of ââcombining both prescriptive and predictive analytics guides our service delivery from the current mindset of low-value acute and reactive care to one that empowers people to take control of their health. “
This thinking is in line with market changes as providers move from fee-for-service models to value-based payment models. âWe know this is the direction the healthcare industry is heading. We also know that this change can be difficult for health systems, payers and providers when the right technology is not in place, âsaid Pooja goel, partner of the Virgin. âWhat we have seen from Lifespark is art and science. They have succeeded in combining the medical with the social drivers of health in a meaningful way while targeting a national crisis of reducing health care spending. believe that what they’re building will set the standards for how people age in this country. â
According to research sponsored by the Peter G. Peterson Foundation, health care spending is increasing rapidly at a substantial rate, but does not produce better results, and sometimes even worse. Notable factors include an aging population and rising health care prices. The Centers for Medicare and Medicaid estimate that Medicare spending should increase at an average annual rate of 7.6% and rise to $ 858.8 billion end of 2020.
“We also know that there is a huge waste in health care with over $ 75 billion only spent on overtreatment and low-value care, âTheisen said. âUnderstanding where this waste exists and how to avoid it is something our technological operating system focuses heavily on. It is a blend of everything a person needs in a complete system providing seamless realization of a person’s life plan. “
Theisen added that isolation is fatal. âBringing other people into our ecosystem is the only way to tackle the aging crisis and the waste of health care that exists. This additional infusion into our capital comes at the same time as we announced an investment by UCare, a leader Minnesota payer, to offer all the elderly more well-being and less “sickness care”. Defragmentation and alignment around payviders that bring a multi-product strategy will help deepen longitudinal relationships that create value. “
Lifespark, formerly Lifesprk, is a pioneer in all-person senior services, aimed at helping people build a path to live their best lives. With our belief that isolation is fatal, Lifespark sets the new standard for how older people age in this country as we build the architecture for universal access to wellness by harnessing the health opportunities of the value-based population where Lifespark shares the risk in exchange for the freedom to offer Lifespark Complete instead of traditional fee-for-service offers.
To achieve this vision, Lifespark is investing heavily in the latest cutting-edge technologies to connect, predict and track the health and wellness outcomes of older adults through the Lifespark operating system, our proprietary technology platform. We look beyond existing medical data to address and measure the social determinants of health, the real drivers of engaging people and identifying crises before they happen. Lifespark’s sophisticated technology is holistic at its core, incorporating first, second and third party data using predictive analytics and machine learning to deliver recommendations that improve people’s experience. Visit: www.lifespark.com.
About the Virgin
Founded in 2009, Virgo’s mission is to create meaningful and innovative companies that are leaders in their addressable markets. Virgo partners with companies run by founders or family businesses and targets companies undergoing major sectoral or company-specific change. Virgo leads post-investment value-added initiatives with a focus on transforming human capital, improving business processes and implementing technology. Virgo is an idea that there is a more creative, aligned, and humane way to invest and build businesses together. The firm has raised more than $ 1.8 billion and made 66 investments to date. For more information, please visit www.virgo-llc.com.
Meaghan Puglisi, Lifespark, 952-873-7382, [email protected]
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