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After a year of accelerated development with over 2.5 million patient encounters in the last 12 months, the new financing increases the total to more than $120 million.
FREMONT, CA: Pager, a leading virtual care navigation and collaboration platform, has secured $70 million in a combination of debt and equity investment. Susquehanna Private Equity Investments, an affiliate of Susquehanna International Group LLLP (SIG), led the Series-C round, which included new and current financial and strategic investors, including an affiliate of Horizon Healthcare Services, Inc., the largest health insurer in New Jersey. Silicon Valley Bank provided debt funding.
SIG joins a group of significant Pager investors, including Health Catalyst Capital, Goodwater Capital, Lux Capital, and New Enterprise Associates (NEA).
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"The COVID-19 pandemic has been a catalyst for accelerated growth of virtual care solutions and has sparked a growing demand for health plans and health systems to offer proven, next-generation digital health platforms like Pager. Our latest fundraising round further validates the meaningful value that virtual care provides and how we improve care access and health outcomes while lowering costs," says Walter Jin, CEO and Chairman of Pager. "Pager's rapid growth to more than 15 million members under contract, along with the execution of our largest funding round to date, is proof that our platform is successfully addressing client and consumer needs in the evolving healthcare market."
Pager's recent fundraising comes as the company has seen roughly 800 percent yearly growth in its average annual consumer encounters over the last two years. Additionally, Pager's technology has increased utilisation by more than 30 percent and resulted in an average savings of more than $190 per clinical contact. The funds raised will be utilised to expand capacity to meet record pipeline demand, accelerate platform innovation, and support geographic expansion into new markets in the United States, Latin America, and worldwide.
"During the past year, it has become clear that the healthcare industry must embrace virtual care, and Pager is at the forefront of providing streamlined services and helping health plan members gain easier access to the care they need, no matter what barriers they've faced in the past," says Dean Carlson, Head of Digital Asset Investments at Susquehanna Private Equity Investments. "We are excited about the company's direction in terms of expansion and are proud to support Pager's efforts to reduce healthcare costs and improve navigation within the healthcare system."
Pager's innovative approach to virtual care guides consumers through the whole healthcare journey. It provides turnkey support in the form of nurse triage, telehealth, e-prescribing, follow-up care, and customer service, all in one platform. The latest round of funding will also be used to accelerate the expansion and development of Pager 360, the company's entire enterprise care collaboration and communication platform for multidisciplinary teams “from physicians and specialists to advocates and customer service reps.” Pager 360 is available through health insurance carriers, providers, and employers.
Today's fundraising news follows Pager's previously announced launch of a range of flexible enterprise solutions to address healthcare fragmentation. These solutions are the next step toward Pager's aim of providing treatment to 100 million individuals in the United States and Latin America through partnerships with payer groups.
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