Newlight Partners LP, the American private investment firm, has reportedly announced an equity investment of up to USD 150 million in Chicago-based Zing Health Holdings, Inc. to enhance its integrated service offerings.
Established in 2019, Zing Health focuses on populations underserved by conventional health insurance models. The company’s approach is based on a patient-oriented delivery system involving registered nurses, primary care providers, behavioral health specialists, community-based health care workers, and social workers across an increasing network of providers.
Speaking on which, Dr. Eric Whitaker, Co-founder of Zing Health said that the company is fortunate to collaborate with Newlight Partners at a time when it is entering the next chapter of growth and will continue to increase membership in its plan.
Both companies share a common goal of building a differentiated and focused health insurance company aligned with the basic trends that are transforming the healthcare landscape, said Dr. Whitaker.
Dr. Eric Whitaker added that the company is eager to use Newlight’s expertise and resources to enhance its integrated service offerings for members and place Zing Health in an advantageous position so that it benefits from the sector’s secular shift toward value-added managed care that delivers for doctors, patients, and members.
Medicare Advantage is an increasingly popular option for many ageing American people. These plans cover most Medicare services and offer beneficiaries with coverage for things that are not covered by conventional Medicare-like hearing, vision, dental and other services that promote wellness and health.
Srdjan Vukovic, Partner at Newlight said that Zing Health is a mission-driven, doctor-founded health plan focused on catering underserved populations who rely on Medicare. Amid the on-going COVID-19 pandemic scenario where aging people find them most at risk, Zing Health’s mission is vital than ever, states Vukovic.
Mr. Vukovic added that the company expects to invest up to USD 150 mn and it is looking forward to collaborating with Eric and his skilled team to further the reach of Zing Health at this crucial time.
For this deal, Perkins Coie LLP served as a legal partner for Zing Health while Willkie Farr & Gallagher LLP catered as legal adviser to Newlight Partners.