Even Healthcare raises $50 mn, valuation triples in 18 months

BENGALURU: Even Healthcare has raised $50 million led by existing investor Khosla Ventures, with participation from Alpha Wave, tripling its valuation over the past 18 months and taking its total funding to over $120 million.The Bengaluru-based integrated managed care company will deploy the money to expand its hospital network, planning five new facilities across Bengaluru over the next six months, starting with Indiranagar.Even is building a healthcare model in which doctors are rewarded for patient outcomes rather than the number of procedures performed or revenue generated. The company integrates consultations, diagnostics, preventive care, chronic disease management and cashless hospitalisation, with a care team following patients before, during and after hospital stays.The model seeks to address structural issues in private healthcare, where hospitals can have financial incentives to increase procedures and patients often receive fragmented care, with limited follow-up after discharge.Even said its first full year of managed care has yielded unplanned readmission rates of below 1% in programmes run with insurance partners, compared with an industry range of 8-15%. Average hospital stays were 40% shorter, while proactive interventions kept more than 200 members out of the hospital, generating estimated savings of Rs 15-16 crore for patients.The company also uses an AI-based quality system to review cases against clinical protocols in real time. Its Race Course Road hospital received NABH 6th Edition accreditation within its first year of operations.“Even was built to take on that responsibility. We stay with our members from their first consultation to the hospital bed and back home, and our economics depend on keeping them healthy,” said co-founder Mayank Banerjee.He said the company’s two existing hospitals had reached operational profitability in record time. The expansion aims to bring an Even hospital within five kilometres of every member in Bengaluru, before taking the model to other major Indian cities.Vinod Khosla, founder of Khosla Ventures, said Even was integrating healthcare financing, technology and delivery to reward better health outcomes rather than greater utilisation.Founded in 2021 by Banerjee, Matilde Giglio and Alessandro Ialongo, Even serves more than 2.5 lakh members across 10 cities.You use AI every day. Now get your AI Quotient. Take the AIQ test.