San Francisco-based healthcare company Grand Rounds has been working to bring together healthcare providers and company employees since 2011. Specializing in care coordination, the company helps 130 companies match top-notch healthcare providers to their 6 million employees. They have been especially busy during the COVID-19 pandemic, expanding their offerings and ensuring their systems can keep up with the increased demand for virtual health.
The Carlyle Group recently led a $175 million funding round for the company, a cash infusion Grand Rounds welcomes to help it boost its virtual primary care and clinical navigation features. The company is now valued at $1.3 billion and has raised a total of $270 million from investors.
Like many healthcare technology companies, Grand Rounds saw a massive uptick in growth this year. It was able to keep up with the dynamic healthcare environment by giving customers access to several new and updated virtual offerings that enabled patients to connect with their providers and complete office visits from the comfort and safety of their own homes. Patients and providers alike have been seeking alternatives to in-person visits while COVID-19 poses potential risks for those who venture into crowded public spaces.
"Since our founding, Grand Rounds has helped millions navigate their way through the complex U.S. healthcare system, serving as the personal healthcare assistant to support whole-person care. This financing from a premier investment group with a long history of success in healthcare will deepen our ability to scale and provide the highest quality care and outcomes for our members,” said Grand Rounds Co-Founder and Chief Executive Officer Owen Tripp.
Grand Rounds also released an urgent response service in April of this year. This provided support for employees who were impacted by COVID-19, either directly or indirectly. It also supports employers as they seek to adhere to ever-changing guidelines and regulations put in place to flatten the curve of the COVID-19’s spread and work to reopen their storefronts and offices. A combination of the quickly evolving landscape brought on by COVID-19 and Grand Rounds’ adaptable and novel approaches to virtual patient care has allowed the company to experience a 55% increase in use. The recent funding round will help Grand Rounds keep one step ahead of game as the pandemic continues to impact the workforce.