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Illustration: Aïda Amer/Axios

Virginia-based AllyAlign Health, a Medicare Advantage insurance company focused on senior housing, just raised a nearly $300 million funding round led by New Enterprise Associates.

Why it matters: It's the latest example of investor interest in the Medicare population, and more specifically, in Medicare Advantage.

NEA officials said they were interested in targeting the quality of care coordination in senior living facilities using value-based care and tech-enabled tools seen in other care models.

  • "This is addressing a massive gap in care that the pandemic has exposed," Mohamad Makhzoumi, head of NEA's Global Healthcare Investing practice told Axios.

AllyAlign is still a relatively small company operating in 22 states with 24 Medicare Advantage Organizations and about 12,000 members.

  • The growth round included participation from Oak HC/FT, Town Hall Ventures, and existing investors Heritage Group and Ziegler.
  • Mark Price — formerly president of the Nevada region for Intermountain Healthcare, with previous senior leadership roles at DaVita, ChenMed, and Bain and Co. — was named CEO.

Go deeper

Morning Consult valued at over $1 billion following new funding round

Morning Consult, the Washington, D.C.-based research and polling firm, has raised a $60 million Series B round that values the company at over $1 billion.

Why it matters: It's a rare tech success story coming out of D.C.

Jun 9, 2021 - Health

New Alzheimer's drug could blow up health spending

Expand chart
Reproduced from KFF and Bernstein; Chart: Axios Visuals

Biogen's new Alzheimer's treatment could be experts' nightmare drug spending scenario: An extremely expensive product that millions of desperate patients could be eligible for — and it may not even work.

Why it matters: Alzheimer's is a devastatingly common disease with no cure. But the FDA's decision this week paved the way for a free-for-all in which taxpayers foot most of the enormous bill for a drug that hasn't been proven effective.

America's nursing homes fight to find enough caregivers

Illustration: Annelise Capossela/Axios

Skilled nursing and assisted living facilities across the country are having trouble hiring enough caregivers, and many have turned to perks like referral bonuses and transportation to lure more talent.

The big picture: The industry historically grappled with high employee turnover for its lower-skilled jobs. But now nursing facilities are facing reputational hits from the pandemic and a red hot market for minimum wage workers.