The funding round was led by Health2047, a venture fund founded by the American Medical Association, CRG and First Trust Capital Partners, according to a Sept. 25 news release.
Zing was founded by Health2047, Eric Whitaker, MD, and former UnitedHealth Group executive Garfield Collins. The plan has been in operation since January 2020. The Chicago-based insurer offers special needs plans for individuals with chronic conditions.
“Through the delivery of CSNP plans to underserved seniors, we are providing the appropriate benefits to improve health outcomes and leveraging technology to ensure members receive high quality, value-based care through a seamless member experience,” Zing Health CEO Andrew Clifton said in the release.
The company will use the funding to expand its plans to more beneficiaries, according to the release. Zing is one of the fastest-growing Medicare Advantage companies. The company had around 13,000 Medicare Advantage members as of September, according to CMS enrollment data.
In January, CMS said it would terminate Zing Health’s Part D prescription drug plan at the end of 2024, following three consecutive years of low star ratings. The agency later rescinded its intent to terminate the plan, a Zing Health spokesperson confirmed to Becker’s.
