Privia Health, which provides practice-management tools to independent physician practices, has secured $400 million in new funding that will allow it to launch a nationwide expansion strategy.
The Arlington, Va.-based technology company secured the funds from an affiliate of Goldman Sachs and other investors that together will back a holding company, Brighton Health Group. The group could acquire other companies with complementary technologies, said Jeff Butler, Privia's founder and CEO.
Privia's aim is to give physician groups the resources they need for population health management, including access to data, analytics and electronic health records. Buying each of these technologies separately would otherwise require a sizable investment.
While health systems are rapidly gobbling up doctor practices, Privia offers another way for physicians to operate in the new healthcare environment without having to give up their independence, Butler said.
The company allows doctors to partner with managed-care organizations and self-insured health plans to participate in accountable care organizations.
The funding will allow it to expand in its current markets in the District of Columbia, Virginia and Maryland as well as in New York, Atlanta, Florida and Texas.
Follow Beth Kutscher on Twitter: @MHbkutscher
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