Somatus, a McLean, VA-based provider of value-based kidney care, today announced it has completed a Series C funding round of $64 million led by Longitude Capital and co-led by Optum Ventures and Deerfield Management Company, and included participation from existing investors Blue Venture Fund, Flare Capital, and Town Hall Ventures. This investment round, combined with prior funding, brings the Company’s total capital raised to over $105 million to date.
Transforming Value-Based Kidney Care
Of the 37 million Americans with kidney disease, the vast majority are unaware they have it. The disease often amplifies the severity of other conditions, leaving patients and providers with limited care options and resources. Founded in 2016, Somatus partners with leading health plans, health systems, and nephrology and primary care groups to provide integrated care for patients with or at risk of developing kidney disease. Somatus’ vertically integrated clinical services and technology delay or prevent disease progression, improve quality and care coordination, and increase the use of home dialysis modalities and rates of kidney transplantation.
Value-Based Kidney Care Model
The Somatus’ value-based kidney care model uses actionable intelligence from its propriety RenalIQ® technology platform to power field-based care team efforts and connect major kidney care stakeholders. Multiple data sets are used to predict undiagnosed disease as well as the severity and velocity of disease progression, utilization, and the likelihood of an unplanned dialysis start. A highly specialized team of renal clinicians and community-based team members use evidence-based care pathways and personalized outreach to grow patient trust and develop a comprehensive care plan focused on helping members achieve better kidney health. The model has seen high levels of engagement and adoption from patients and delivered significant quality and cost outcomes for partners.
National Expansion Plans
Somatus will use the funding to continue to scale its model nationally and invest in technology and product development to better support patients and health plan partners. Over the course of the next year, Somatus will continue to expand its nationwide footprint, launch new partnerships, add top talent to the existing 300-person team, and work with its payer and provider customers to deploy a full array of kidney care and dialysis delivery solutions.
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The company will also be releasing its patient-facing mobile app designed to help patients monitor their kidney health goals, connect virtually with care team members, watch on-demand micro-learning modules, and track their transplant journey.
The completion of this financing marks another major milestone for Somatus. Through new and expanded partnerships with leading health plans, the Company has experienced significant growth and now provides comprehensive and holistic kidney care services to more than 20,000 chronic kidney disease and end-stage kidney disease patients across six states.
“Since our inception, we have set out to do one thing: be the best provider of integrated care for those with or at risk of developing kidney disease,” said Somatus Co-Founder and CEO, Ikenna Okezie, MD. “Fueled by the tenacity of our team, the trust of our patients, and the support of our partners and investors, we have made great strides in the pursuit of our mission and helped spur needed transformation in the kidney care sector. This investment allows us to accelerate those efforts while solidifying ourselves as a preferred partner for health plans and a trusted advocate for patients.”
Source: HIT Consultant
