Atlas Health, a Seattle-based startup that helps healthcare providers connect to sources of philanthropic medical aid, has raised $40 million.
Atlas Health’s software is built on a proprietary database of more than 20,000 medical financial aid programs. Its Atlas Navigator tool integrates the database with customer clinical and financial systems, and aids in enrollment and reimbursement. In addition, the company’s advocates also work remotely and on-site to manage the process.
“Many organizations provide financial aid to patients, but hospitals and health systems are not equipped to navigate the programs’ complexities at scale. Atlas Health expands healthcare access and affordability by solving this challenge,” said Atlas CEO Ethan Davidoff in a statement. “No one should have to worry about finances while battling a life-threatening disease or chronic condition.”
The company notes that out-of-pocket medical expenses in the U.S. tallied $388 billion in 2020, according to the Centers for Medicare & Medicaid Services. Many people forgo care because they can’t afford it.
Atlas links customers with organizations that can alleviate some of these expenses, such as nonprofits that help cancer patients afford costly drugs.
“Atlas provides an efficient way to tap into the private philanthropic market to solve a critical need for both patients and providers,” said Sundeep Peechu, general partner at Felicis Ventures, which led the financing round.
Atlas is now working with 40 hospitals and has 49 employees, according to a spokesperson. The value of its contracts with hospitals and health systems grew by 450% in 2021.
The new financing brings Atlas’ total funding to $44.5 million. The Series A round includes participation from GreatPoint Ventures and Tribe Capital, and from existing investors Global Founders Capital and MBX Capital.