The pandemic has placed a growing strain on the healthcare system, partially due to a lack of qualified professionals. In response to this, the role of nurse practitioners has grown significantly and half of all states have given full practice authority to these professionals in order to ensure there is a continuum of care for patients. Greater Good Health is a tailored tech solution to maximize the care that these nurse practitioners can provide. Through the company’s platform nurse practitioners are able to focus on value-based care delivery, access professional training and development resources, facilitate scheduling, and access clinical resources. Greater Good Health operates as a nurse practitioner-led medical group that offers in-home, in-clinic, and virtual telehealth options to patients to ensure that more and more people have access to primary care by currently partnering with other medical groups and healthcare providers with plans to launch its own medical groups across an increasing number of geographies.
LA TechWatch caught up with Greater Good Health CEO and Founder Sylvia Hastanan to learn more about the business, the company’s strategic plans, latest round of funding, which brings the total funding raised to $13M, and much, much more…
Who were your investors and how much did you raise?
Adding to $3M in previously undisclosed seed funding, we recently closed another round totaling $10M led by LRVHealth, with participation from Martin Ventures, Health Velocity Capital, returning investor Optum Ventures, and additional angel investors and renowned healthcare experts.
Tell us about your product or service.
Greater Good Health connects and empowers NPs with value-based care training, technology tools, clinical resources, and professional development. Resources include a technology-enabled community, personal wellness experiences, and professional learning and development content. Additionally, the digital platform enables NPs to improve scheduling, access clinical resources, and more.
What inspired the start of Greater Good Health?
For years, I’ve been on a mission to change healthcare for the better – not only for patients but for providers, too. Having spent most of my career aiming to solve rising healthcare costs and rampant inequity, my research led me to understand the pivotal role of the nurse practitioner – and how they are uniquely poised to help aid the struggling healthcare industry.
Exacerbated by the pandemic, the nation is facing an alarming shortage of healthcare workers, especially in primary care. To help address provider burnout, it’s important to build and expand systems designed to support healthcare professionals to work at the top of their licenses.
What I also found, however, is that the primary care sector had a lack of advocacy and support. This led me to found Greater Good Health, a network built to empower NPs to take control of their careers, and, ultimately, expand access to quality care nationwide.
How is it different?
This is the industry’s first primary care model centered around NPs.
What market you are targeting and how big is it?
According to the AANP, there are more than 355,000 NPs licensed in the U.S.
What’s your business model?
Greater Good Health is a primary care NP-led medical group with an emphasis on value-based care. Our business model today is partnering with other medical groups and health plans to provide high-risk primary care in three modalities – in-home, in-clinic, and via telehealth.
We are moving toward having our own Greater Good Health medical groups that offer those same three modalities.
We fully employ our NPs – giving them a W2 and offering health/vision and dental benefits.
What are your post-COVID office plans?
We have a hybrid staff, with an office in Manhattan Beach.
What was the funding process like?
The funding process was a great learning opportunity. We worked hard to find a group of investors who are equally committed to expanding primary care access and building an enhanced healthcare system that supports the needs of both NPs and patients.
In all my conversations with our investors, the fundamental belief that NPs are perfectly poised to lead the charge in providing high-quality and compassionate care has been unanimous. We share the realization that our top priority must be an unwavering commitment to creating a community centered around what’s needed to flourish and thrive.
What are the biggest challenges that you faced while raising capital?
Fundraising can be all-consuming. So, it’s a matter of ensuring that you’re keeping a tight eye on the business while also dedicating time and resources to the fundraising process.
What factors about your business led your investors to write the check?
One of the biggest challenges in healthcare is addressing provider burnout and the widespread physician shortage, especially within primary care.
At Greater Good Health, we are empowering NPs to help fill this gap.
What are the milestones you plan to achieve in the next six months?
In the next six months, we plan to expand into new territories and grow our community of NPs. We plan to be in the initial phases of building our own Greater Good Health primary care clinics in states that offer full practice authority. We also plan to further build our digital platform, which aims to help nurture our community of NPs.
What advice can you offer companies in Los Angeles that do not have a fresh injection of capital in the bank?
You need to be able to, on some scale, prove your business model. Look for ways to test your business model before you scale. Make sure you have clear outcomes resulting from the work that you’re doing.
You need to be able to, on some scale, prove your business model. Look for ways to test your business model before you scale. Make sure you have clear outcomes resulting from the work that you’re doing.
Where do you see the company going now over the near term?
We plan to expand in geography and services with value-based provider groups, hospitals, and health plans.
What’s your favorite outdoor activity in LA?
I love spending time with my three daughters and husband, whether it’s walking to the beach or trying new restaurants.
