Roundtrip, the leading healthcare transportation solution, announced the closing of its largest fundraising round yet led by Motley Fool Ventures, with additional investments from ZOLL Medical Corporation, University Hospitals Ventures, Early Light Ventures, Gaingels & Sapien Capital, Grays Ferry Capital, Global Opportunity Philadelphia Fund (GO Philly Fund), Provco Ventures, HCN Ventures, and Nightingale Partners LLC. The new investment will fuel growth initiatives, accelerate product development for its health plan offering, and further Roundtrip’s mission of removing transportation as a barrier to healthcare.
Roundtrip was founded in 2016 and has grown its footprint to 24 states. The company experienced significant traction through 2021, expanding its customer base in California, Ohio and New Jersey, landing marquee customers like RWJ Barnabas Health, Clover Health, and OhioHealth. Earlier this year, Roundtrip announced a nationwide partnership with the American Cancer Society to coordinate transportation to and from cancer treatments for individuals who do not have a ride or are unable to drive themselves. “Roundtrip will continue shaping the future of the NEMT industry,” says Roundtrip Founder and CEO, Mark Switaj. “Our clinical and logistical integration portfolio is the strongest in in the industry. We know the future is in patient-centered transportation and by connecting these disparate systems, we can craft ride benefits and business rules to empower patients and care teams right in the moment.”
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Mark Switaj brings extensive experience in the non-emergency medical transportation (NEMT) space as he previously worked as an EMT and in a leadership role for the nation’s largest ambulance company. “We invest in smart, thoughtful founders with a true commitment in their ideas. Roundtrip’s passion for reliable transportation paired with our market expertise will be critical for the future of the non-emergency medical transportation industry,” says Chairman and Founder of HCN Ventures, Harris Schwartzberg. HCN Ventures is the investment arm of a private family-owned company with over 50 years of experience operating and investing in healthcare as well as other asset classes.
Roundtrip will more than double its Medicare Advantage health insurance payer customer base in the new year. In 2019, the Centers for Medicare & Medicaid Services (CMS) increased flexibility for Medicare Advantage (MA) plans by redefining “primarily health-related” supplemental benefits for MA members. The regulatory changes to expand supplemental benefits, combined with the current national focus on health equity, has magnified the need for reliable transportation for elderly and at-risk populations across the country.
“Nearly 50% of Medicare Advantage payers are offering a transportation benefit to their membership. Not only can transportation be used for medical appointments and surgeries but also for pharmacy visits, grocery store trips and community engagement to combat social isolation. We are eager for Roundtrip and its unique solution to capitalize on this market signal that transportation security is a crucial component of healthcare delivery in the US,” says Nightingale Partners LLC Chairman, John Gorman.
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