27 Jan Norwest Venture Partners Invest in Crossover Health
Crossover Health Secures $15 Million to Expand its Integrated Health Services
Norwest Venture Partners Invests in Employee Health Provider and Adds Ryan Harris and Casper de Clercq to the Board
PALO ALTO, Calif. – January 27, 2015 – Crossover Health Inc., a company providing on-site health care for large employers, announced today it has received $15M in funding from Norwest Venture Partners (NVP) to help scale its comprehensive primary care and integrated health services. NVP Partners Ryan Harris, MD and Casper de Clercq are the lead investors and will join the Crossover board of directors. NVP has invested in many companies in the health sector, but this is one of its first investments in primary care and the employer health market.
Crossover Health was founded in 2010 to address the rising costs and limited innovation that continue to challenge employers as they strive to provide high quality, cost-effective health care to their employees. Crossover Health delivers integrated primary and ancillary care services, combining a relentless focus on the patient experience with leading-edge communication and health management technologies. The company currently manages the on-site health care of more than 40,000 employees of numerous leading technology and manufacturing companies.
“Employers still have the biggest stake in improving health care and those who value their employees are actively reforming health care delivery themselves,” said Dr. Scott Shreeve, CEO of Crossover. “For larger self-funded employers, providing on-site healthcare provides them the opportunity to directly innovate and improve the provision of health services while reducing their overall health care spend. For companies taking on this innovation challenge, we are seen as an ideal partner. For physicians, we provide a model that focuses on quality of care rather than revenue generation. Crossover Health not only enables clinical innovation but also serves as a platform for a variety of technology, services, and programs to more effectively engage employees in their everyday health.”
“We have tracked this area for some time,” said Dr. Ryan Harris, partner at Norwest Venture Partners. “Crossover stood out not only for its exceptional approach to care and its impressive client list, but also for how it integrates new digital health technologies into the overall patient care experience. We see Crossover as both the leader in creating meaningful primary care relationships and also as an ideal platform for many of the health technology companies in our current portfolio.”
Employers that view their employees as their most valuable asset see their health, time, convenience and satisfaction as paramount. Crossover provides readily available care through knowledgeable physician-led care teams with a clinic model that allows meaningful relationships to be established with patients. This leads to significantly higher engagement and commitment between care providers and employees to guide individuals to achieve their personal health goals.
“Care has historically been about fixing problems. Instead, we partner with employers, to create a care model that allows the care team to build relationships and provide the motivation for employees to improve and sustain their health,” said Dr. Shreeve. “It’s part of why we call our patients ‘members.’ They don’t simply visit Crossover when there’s an issue. They join Crossover to start their journey to better health.”
“Norwest is pleased to partner with Crossover in creating a proactive, responsive, and high quality care system. Empowering employees to take ownership of their own health by investing in physician access and engagement lowers costs both in the short and long term,” said Casper de Clercq, partner at Norwest Venture Partners. “We believe that this type of ownership only occurs when patients are truly engaged in their health and wellness, driven by compelling, motivating experiences with their care team.”
Crossover will use the funds to continue to enhance its proprietary patient facing technology, create robust population health analytics capabilities, and staff for significantly expanded growth and service offerings.
About Crossover Health
Crossover Health designs and delivers a unique and comprehensive employee care experience for companies that understand the financial and cultural return of a healthy, motivated workforce. Crossover Health is a primary care medical group that combines advanced health management services and exceptional member experiences within our employee health offering. We work closely with client partners to optimize the benefit design, customizing our health services based on a review of health analytics, and then collaborate on delivering an inspired patient experience that helps engage people in their own health. Crossover Health is behind a transition from outsourced, out-of-control health spending to an in-sourced, accountable and designed platform of care. Our unique model is fueling a radical transformation in the costs and quality of care by motivating and inspiring people to be at their healthiest and to take ownership of their health. We are considered a unique partner in that we are innovators, entrepreneurs, and designers ourselves. Discover the magic for yourself by visiting: www.crossoverhealth.com.
About Norwest Venture Partners
Norwest Venture Partners (NVP) is a global, multi-stage venture capital and growth equity investment firm that has partnered with entrepreneurs to build great businesses for more than 50 years. The firm manages approximately $5 billion in capital and has funded more than 550 companies since inception. Headquartered in Palo Alto, Calif., NVP has subsidiaries in Mumbai and Bengaluru, India and Herzelia, Israel. NVP makes early to late-stage venture and growth equity investments across a wide range of sectors including: technology, information services, business services, financial services, consumer products/services and healthcare. For more information, please visit www.nvp.com Follow NVP on Twitter @NorwestVP