Today, Cricket Health announced it has closed an $83.5 million Series B funding round led by Valtruis. The round also includes existing investors Oak HC/FT and Cigna Ventures, as well as K2 HealthVentures and a strategic investment from Blue Shield of California. The funding round will enable Cricket Health’s rapid expansion to support growing demand for its proven care model for people with kidney disease across the United States.
“Kidney disease has been a tremendous problem for our health care system due to its complexity, high cost of care, and the lack of early diagnosis intervention. Cricket Health’s approach of marrying cutting edge analytics with dedicated care teams supported by a digital health platform is achieving outstanding clinical outcomes,” said Tracy Bahl, Managing Partner at Valtruis, which is focused on investing in companies with value-based and health-at-home models. “We are excited to help Cricket Health continue to expand its reach and positively impact the lives of even more Americans with kidney disease.”
Cricket Health has developed a track record of improving clinical outcomes for people with kidney disease, which in turn results in lower costs for health plan partners. In both Texas and California, across Commercial and Medicare Advantage health plan partnerships, Cricket Health has shown marked improvements in key clinical measures for its populations living with kidney disease, including:
More than 50 percent fewer hospital admissions than the status quo;
77 percent of those starting dialysis do so in an outpatient setting (compared to the status quo of 40 percent);
45 percent who need dialysis are initiating at home (compared to the status quo of 11 percent); and
60 percent of those starting dialysis do so with a permanent access placed (compared to the status quo of 45 percent).
“In our partnership with Cricket, we’ve been able to bring even more affordability, predictability and simplicity to our customers with kidney disease,” said Tom Richards, Senior Vice President and Global Lead, Strategy and Business Development at Cigna. “Since May 2020, we’ve seen more than a 50 percent reduction in hospitalizations and an increase in patient autonomy in a customer’s transition to dialysis, and we look forward to continuing our partnership to help improve our customers’ experience and their health.”
“In the year that we have been working with Cricket Health, our members with chronic kidney disease have received comprehensive care from the comfort of their homes, resulting in better health outcomes,” said Dr. Susan Fleischman, interim Chief Medical Officer of Blue Shield of California. “Cricket Health’s virtual platform has helped connect patients with clinical and peer support, making them feel more educated about their health and involved in their care plans, allowing them to live their best lives.”
Through its StageSmart™ predictive analytics model, Cricket Health is able to identify patients with chronic kidney disease in stage 3b and beyond with 96 percent accuracy. This allows Cricket Health to risk stratify patient populations for plans and providers, and deliver stage-specific care to those who need it most. Cricket Health extends care delivery capabilities through the MyCricket™ comprehensive patient support service, which includes a multidisciplinary care team, peer support, and educational resources available any time virtually, as well as by telephone or in person when needed. If patients do progress to end-stage kidney disease (ESKD), Cricket Health’s evidence-based approach increases transplant referrals, increases utilization of home dialysis, and reduces unnecessary hospitalizations.
“Changing the way kidney disease is identified and managed is how we are able to deliver better clinical results,” said Robert Sepucha, Cricket Health CEO. “By identifying patients earlier and delivering the care they need, we are helping more Americans than ever stay healthy, at home, and out of the hospital. With new partners Welsh Carson and Blue Shield of California, and existing partners Oak HC/FT, Cigna, and K2 Health Ventures, we will be able to continue to expand our innovative model of kidney care across the country.”
With the new funding, Cricket Health has raised a total of more than $120 million in equity and debt financing to date.