Pearl Health just gave the value-based care enablement thesis its biggest vote of confidence of the year, announcing a $110M raise split between a $50M equity round and a $60M credit facility.
Pearl helps providers take on Medicare risk without hiring an army. Founded in 2020, Pearl gives PCPs the predictive insights, financial risk modeling, and workflow tools to succeed in value-based Medicare arrangements through better tech rather than more clinicians.
- Pearl now supports 10k+ providers across 40+ states – including health systems like University of Vermont Health and MDX Hawaii – caring for over 250k Medicare beneficiaries.
- Annualized medical spend under management hit $3.6B, up from $2.4B last year.
The fresh funds are going straight to the AI roadmap. Pearl is expanding Performance Intelligence, a chat-enabled analyst for population health teams delivering real-time cost, quality, and utilization insights.
- At the same time, Pearl is leaning in on its Care Orchestration AI agents to automate annual wellness visit scheduling, post-discharge follow-ups, and care management outreach.
- Last but not least, the raise will fuel Pearl’s expansion into Medicare Advantage and new risk offerings beyond Traditional Medicare.
One other stat worth mentioning: Pearl reached profitability in 2025, a rare milestone both in the risk-enablement arena and the wider digital health universe.
- Rarer still, Pearl pulled it off without taking its foot off the gas, and it now expects to deliver $500M in gross savings while tripling its patient base from 2024 through the end of 2026.
Value-based care enablement is having a moment. Honest Health, Chamber Cardio, and Strive Health have all landed big rounds within the past year, and Pearl’s raise seems to indicate that investors believe the segment’s winners are starting to separate from the pack.
The Takeaway
With 70M+ Medicare beneficiaries and CMS pushing reimbursement toward outcomes, Pearl is giving providers the picks and shovels needed to make the VBC transition – and closing another $120M suggests some smart folks (or at least some deep pockets) think they can strike gold.
