Employer Direct Healthcare, a specialty healthcare network that connects patients with providers, is now valued at $1 billion following a $92 million investment from Insight Partners, a global technology investor.
The industry unicorn's other investors are Serent Capital, Redmile Group and Dundon Capital Partners, which will maintain their ownership stakes.
Related: How employers are adding virtual cancer care to their benefits plans
In October, 7-Eleven partnered with EDH's Cancer Care Direct platform, which links oncology patients to providers. AutoZone is also affiliated with EDH through the firm's SurgeryPlus program, which pairs patients with surgeons.
According to the network, it has lowered healthcare costs by an estimated $700 million since its launch in 2011, and aims to further reduce costs for clients by roughly 2% by the end of 2023.
Covering more than 4 million people in the U.S., the network spans over 1,000 employers that self-fund healthcare coverage for workers. EDH comprises about 3,000 surgeons and oncologists as well as 500 facility partners.
