New capital brings total to more than $120 million after year of explosive growth with more than 2.5 million patient encounters in the last 12 months
Pager, a leading virtual care navigation and collaboration platform, announced it has raised $70 million as part of an equity and debt financing round.The Series-C round was led by Susquehanna Private Equity Investments, an affiliate of Susquehanna International Group LLLP (SIG), and included new and existing financial and strategic investors, including an affiliate of Horizon Healthcare Services, Inc., New Jersey’s largest health insurer. Debt financing was provided by Silicon Valley Bank.
SIG becomes the latest notable Pager investor in a group of venture capital and growth equity firms that include: Health Catalyst Capital, Goodwater Capital, Lux Capital, and New Enterprise Associates (NEA), among others.
Pager’s recent funding comes as the company has witnessed average annual consumer encounter growth of nearly 800% over the last two years. Pager’s platform has also driven more than 30% utilization and an average savings of more than $190 per clinical encounter. The capital raised will be used primarily to scale capacity to meet record pipeline demand, accelerate innovation of Pager’s platform, and support the geographic expansion to new markets in the United States, Latin America and worldwide.
“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,” said 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.”
“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,” said 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.”
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Pager’s unique approach to virtual care guides users through the entire healthcare journey and provides turnkey support, including nurse triage, telehealth, e-prescribing, follow-up care, and customer service, all in one platform. The latest infusion of capital will also fuel the growth and advancement of Pager 360, the company’s comprehensive, enterprise care collaboration and communication platform for multi-disciplinary teams – ranging from physicians and specialists, to advocates and customer service representatives. Pager 360 is offered through health plans, providers, and employers.
Today’s fundraising announcement also comes on the heels of Pager’s earlier announced introduction of its suite of flexible enterprise solutions to address healthcare fragmentation. These solutions mark the next step in Pager’s goal to provide care for 100 million people through partnerships with payer organizations across the U.S. and Latin America.
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