Recent Series C Financing of Leading Non-Emergency Medical Transportation Platform Fuels Rapid National Expansion
SEMCAP Health announces its continued support of portfolio company, SafeRide Health, with participation in the company’s recently announced Series C funding. This follows SEMCAP Health’s November 2021 initial investment in SafeRide Health, the leading network optimization platform for Non-Emergency Medical Transportation (NEMT). SafeRide Health’s ability to improve member experience and reduce costs for Medicaid and Medicare Advantage beneficiaries also attracted a strategic investment from Memorial Hermann Health System in this latest round. Memorial Hermann is one of the largest not-for-profit health systems in Texas.
“We invited Memorial Hermann to co-invest alongside us as we recognize the strategic value of SafeRide Health’s technology for health systems and payors who wish to seamlessly integrate transportation into the patient journey while improving efficiency,” said Vic Kats, Managing Partner of SEMCAP Health. “Health Plans and Health Systems are partnering with SafeRide Health to deliver more than just rides; the Company’s platform yields rich member insights and empowers customers to optimize its NEMT network to deliver a better experience for patients, while lowering cost and improving health equity.”
“As a leading community-based health system, we’re continually seeking transformational technologies that enable us to better support the patient journey, deliver quality care and further streamline operations,” said Feby Abraham, PhD, Executive Vice President and Chief Strategy Officer for Memorial Hermann Health System. “SafeRide is pioneering a new category of tech-enabled non-emergency medical transportation enabling patients to access the right care at the right time which fully aligns with our vision of creating healthier communities now and for generations to come.”
“SafeRide was built on the belief that every patient, everywhere, should have access to critical and life-sustaining care,” said Robbins Schrader, Co-Founder and CEO at SafeRide Health. “We’re incredibly appreciative of the continued support from the SEMCAP Health team and we look forward to working with Memorial Hermann in the Texas market.”
Proceeds from the round will support SafeRide Health’s continued platform development and fuel rapid expansion with Medicaid and Medicare Advantage health plan customers. “SafeRide’s technology-first approach enables its customers to bring greater personalization and efficiency to the transportation benefit, both of which are critical when you consider that Medicaid expenditures represent nearly 30% of state budgets on average, making it the largest category of state spending,” says Ralph Muller, Executive Chairman and Partner at SEMCAP Health.
Muller continues “As our nation grapples with ways to improve access to healthcare for the most vulnerable populations, while also reducing costs, we believe that SafeRide Health will continue to play a crucial role. SafeRide Health is the epitome of a company that is tangibly advancing the country towards the Quintuple Aim: reducing costs, enabling better outcomes, improving patient and clinician experience, while also advancing health equity.”
About SafeRide Health
SafeRide Health is a technology and services company dedicated to reducing barriers to care by improving the delivery of non-emergency medical transportation (NEMT) to people nationwide. SafeRide Health leverages proprietary technology and a nationwide network of vetted transportation providers to elevate human dimensions of care and close the gap between need and access for the nation’s most vulnerable populations. SafeRide’s scalable and intuitive platform gives payers and health systems a more intelligent way to deliver cost-effective, on-demand transportation that connects health plan members to critical healthcare services. SafeRide serves the country’s largest Medicare Advantage, Medicaid, and provider programs.
About Memorial Hermann
Charting a better future. A future that’s built upon the HEALTH of our community. This is the driving force for Memorial Hermann, redefining health care for the individuals and many diverse populations we serve. Our 6,600 affiliated physicians and more than 33,000 employees practice the highest standards of safe, evidence-based, quality care to provide a personalized and outcome-oriented experience across our more than 250 care delivery sites. As one of the largest not-for-profit health systems in Southeast Texas, Memorial Hermann has an award-winning and nationally acclaimed Accountable Care Organization, 17* hospitals, and numerous specialty programs and services conveniently located throughout the Greater Houston area. Now and for generations to come, the health of our community will be at the center of what we do – charting a better future for all.
*Memorial Hermann Health System owns and operates 14 hospitals and has joint ventures with three other hospital facilities, including Memorial Hermann Surgical Hospital First Colony, Memorial Hermann Surgical Hospital Kingwood, and Memorial Hermann Rehabilitation Hospital-Katy.
About SEMCAP and SEMCAP Health
SEMCAP is a growth equity impact investor built to identify and invest in seminal trends that have the greatest impact on humanity – Healthcare, Education, and Food & Nutrition. SEMCAP Health is a distinctive investment platform within SEMCAP. Fueled by a leading investment team and a network of Senior Operating Advisors with deep operating and investing experience, SEMCAP Health makes growth equity investments in next-generation healthcare technology and tech-enabled services businesses. SEMCAP Health invests with the intention to generate outsized financial returns while advancing healthcare quality, affordability, experience, and health equity. For more information about SEMCAP Health, please visit semcap.com/seminalhealthcare.
Originally announced November 2nd, 2023
