Aledade
A Bethesda company that runs Medicare accountable care organizations for 3,000+ independent primary care practices and splits the savings. It says it passed $1B in revenue and turned a profit in 2025.
Digital Health News, Feb 10, 2026- Valuation
- $3.1B (2022, reported) Insider put the 2022 Series E at $3.1B; the 2023 Series F price was not disclosed by the company.
- Raised
- About $660M equity total equity raised through the $260M Series F in Jun 2023, plus a $500M Ares credit line in Dec 2025.
- Revenue
- $1B in 2025 company-reported; up from over $475M in 2022. The CEO said 2025 was profitable.
- Watch
- Medicare is the customer most money comes from Medicare shared savings, paid well after each year closes, so CMS rule changes hit it directly.
- AI
- Aledade Assist an EHR overlay for doctors, adding Doximity's AI scribe and clinical assistant from May 2026.
- Liquidity
- None found no staff tender offer or secondary sale reported; no IPO filing on EDGAR, only Form D notices.
- Hiring
- 32 → 36 remote listings since Oct 10.
It earns a share of the Medicare savings its partner practices create.
Aledade forms and runs accountable care organizations (ACOs) with independent primary care practices and community health centers, supplying data, software, staff and capital. When an ACO spends less than Medicare's benchmark at good quality, Medicare pays out shared savings, which Aledade splits with the practices; it also holds Medicare Advantage and commercial value-based contracts. Medicare pays out long after the year closes. The split with practices is not published.
Aledade release, Dec 1, 2025- 1The biggest player in Medicare's main ACO programIt says it serves nearly 20% of all Medicare Shared Savings Program participants and one in five new ones for 2026, across 3,000+ practices in 46 states and D.C.Aledade release, Feb 9, 2026
- 2A track record CMS data backs upIn CMS's 2024 results, 50 of its 53 Aledade-named ACOs earned shared savings, about $749M in all, roughly 18% of the program's total payouts while holding about 11% of its patients.CMS MSSP PY2024 Financial and Quality Results (revised Jul 17, 2026), our tally
- 3Balance sheet to carry risk for small practicesA $500M senior secured facility from Ares (expandable to $650M) doubled its committed financing, letting it pay savings to doctors before Medicare settles.Aledade release, Dec 1, 2025
Every round, and what its terms give away.
Aledade is private, so there is no share price. What its investors paid, and on what terms, is the closest thing to one.
- $660M
- raised in all
- $1.00B
- annual revenue, as of Dec 31
- 1,700
- employees, as reported
Company-reported via Digital Health News: $1B revenue in 2025 and profitable, per CEO Farzad Mostashari. Earlier: over $300M in 2021 and over $475M in 2022, EBITDA-positive in 2020 and 2021.
Digital Health News, Feb 10, 2026Post-money valuations as reported. The line starts at zero. Rounds without a reported valuation are left off.
- Dec 1Credit facility (debt)$500MLed by Ares Credit fundsSenior secured, expandable to $650M; working capital to bridge Medicare payment timing.Aledade release, Dec 1, 2025
- Jun 20Series F$260MLed by Lightspeed Venture PartnersWith Venrock, Avidity, OMERS Growth Equity and Fidelity. Form D shows $260.0M sold to 11 investors. Valuation not disclosed by the company.Aledade release, Jun 20, 2023
- Jun 6Series E$123M at $3.10BLed by OMERS Growth Equity. About 4% of the company, if all new sharesFidelity joined. Valuation reported by Insider, not by the company.Patsnap Synapse summary of MobiHealthNews, Jun 2022
- Jan 19Series D$100M at $2.10BLed by Meritech Capital. About 5% of the company, if all new sharesTiger Global and IVP joined; valued at over $2.1B per HIT Consultant (Insider reported $2.2B post-money).HIT Consultant, Jan 19, 2021
- Apr 3Series C$64MLed by OMERS Growth EquityGV, Meritech and the California Medical Association took part. Form D shows $64.4M sold.Global Venturing, Jan 21, 2021
- Down or flat round?Series D (over $2.1B) to Series E ($3.1B, reported) was a step up. No source we could open gives the 2023 Series F price, so the latest step is unconfirmed.Patsnap Synapse summary of MobiHealthNews, Jun 2022Open
- How much the last round soldThe Series F price is not confirmed. The prior round sold about 4% ($123M at a reported $3.1B).HIT Consultant, Jun 6, 2022Open
- Time since the last raiseAbout 29 months since the Jun 2023 equity round; it added a $500M credit facility in Dec 2025 instead of new equity. No Form D since 2023.SEC EDGAR, CIK 0001611176, checked Nov 3, 2026Clear
- Unusual terms or heavy debt?No equity terms reported, but the Dec 2025 Ares facility is $500M of senior secured debt (up to $650M), which ranks ahead of shareholders.Aledade release, Dec 1, 2025Flag
- Who ledLightspeed, a new investor writing one of its largest first checks, led the Series F; earlier rounds were led by Meritech and OMERS.Lightspeed, Jun 21, 2023Clear
- Can staff sell shares?No tender offer or staff secondary sale found in press or filings.SEC EDGAR, CIK 0001611176, checked Nov 3, 2026Open
- Layoffs in the last 12 months?None found in news searches; it says it has 1,700+ staff and won a remote workplace award in Sep 2026.Aledade release, Sep 21, 2026Clear
Clear: checked, nothing found. Flag: found, with the source. Open: could not be checked.
Aledade's revenue, year by year.
Debt here funds timing, not losses: Medicare pays shared savings long after the year ends, and the facility lets Aledade pay doctors sooner. Amount drawn is not public.
What the record says, and what we think it means.
The fact is the source's. The read, in italics, is ours.
- 01Good
CMS data shows its ACOs earned about $749M in 2024.
CMS MSSP PY2024 Financial and Quality Results (revised Jul 17, 2026), our tallyIn CMS's revised 2024 results, the 53 ACOs with Aledade in the name served 1.11M assigned patients, generated $1.06B in savings against benchmark and earned $749M; 50 of 53 earned savings and one owed $1.4M. The company counts 59 ACOs.
Public data roughly backs the company's claims.
- 02Watch
All its ACOs take downside risk.
CMS MSSP PY2024 Financial and Quality Results (revised Jul 17, 2026), our tallyEvery Aledade-named ACO in the 2024 CMS file was in a two-sided risk model, 43 of them in the Enhanced track, meaning they can owe Medicare money in a bad year.
Upside has been strong; a cost spike or benchmark cut would hurt more than in one-sided models.
- 03Good
Says it hit $1B revenue and a profit in 2025.
Digital Health News, Feb 10, 2026The CEO said 2025 was profitable and expects revenue and earnings to keep growing. In Sep 2026 the CFO spoke of continued progress toward profitability.
Self-reported and unaudited; the measures may differ.
- 04Watch
A whistleblower accused it of upcoding Medicare diagnoses.
Aledade release via GlobeNewswire, Aug 15, 2024A former medical director's False Claims Act suit, unsealed in 2024, alleged inflated diagnoses at Aledade and 19 practices. DOJ declined to join, and in Aug 2024 a Seattle federal court dismissed the coding claims; employment claims remained.
The coding part is gone; the employment claims' outcome is not public in what we read.
- 05Neutral
Bought CCA's Michigan ACO business.
Aledade release, Jun 24, 2025Jun 2025: acquired CCA Holding Company's Southeast Michigan ACO and physician organization and their staff, after buying Medical Advantage in 2024. Terms not disclosed.
Small tuck-ins; it grows by buying regional networks as well as signing practices.
- 06Neutral
Rebuilt much of its executive team in 2026.
Aledade newsroom, read Nov 3, 2026New CTO (ex-Domo) and Chief Scientist Josh Mandel (ex-Microsoft Research, a FHIR builder) in Jul, a new CMO and Chief People Officer in Sep, a new CISO in Oct.
Looks like a push on technology and AI; a lot of change at once.
- 07Good
Approved for CMS's new ACCESS chronic care model.
Aledade release, Apr 16, 2026Announced Apr 2026, launching Jul 2026 for hypertension and diabetes patients with cellular blood pressure cuffs, pharmacist counseling and data sharing. The model runs ten years.
A second Medicare revenue line beyond shared savings, if enrollment scales.
- 08Neutral
An IPO is "always possible," it says.
Business Insider via AOL, Jul 7, 2025Business Insider listed Aledade among health startups bankers see as next to list (unnamed sources). A spokesperson said it does not comment on specific plans.
No filing on EDGAR; listed rivals Agilon and Privia have fallen since their 2021 IPOs.
Engineering is paid 5% under market. Clinical, 23% under.
We save every company's roles, pay by team and level, AI share and churn every day, so each month this page can say more. Sparklines use their own scale.
Can AI agents do business with Aledade?
We checked the agent payment programs, developer docs and site rules an AI assistant would meet.
Building agents inside, closed to agents outside. It blocks AI training crawlers, has no llms.txt or public API, and its AI runs only inside doctors' EHR workflow.
Still Remote read- MixedLets AI crawlers read its siterobots.txt sets Content-Signal search=yes, ai-train=no, use=reference and disallows a long list of bots including GPTBot, ClaudeBot and Google-Extended.checked Nov 3, 2026
- Not found
- Not foundAn MCP server or API agents can callNo public API, developer docs or MCP server found. Its tools serve partner practices only.Aledade release, Apr 16, 2026
- YesBuilds agents on its own AI platformAn open role on its AI Core Platform team builds the shared layer that lets applications and AI agents across Aledade reach foundation models through a model gateway.Aledade job post, Lever
Where Aledade puts AI to work.
- 1AI at the point of careAledade Assist, its EHR overlay, is adding Doximity's ambient Scribe and its Ask clinical assistant for partner physicians.Doximity release via Business Wire, May 13, 2026
- 2A central AI platform teamOf 38 open roles on its Lever board on Nov 3, 2026, 12 were in Technology, including principal engineers for AI products and AI data infrastructure.Aledade Lever board, read Nov 3, 2026
More listings than on Sep 19, led by engineering.
The signals, and which way they push.
- TailwindPractices keep signing up.
A record 700+ primary care organizations joined for 2026, taking it past 3,000 partners and 3M patients.
- TailwindSavings per patient are rising.
It reported over $665 per beneficiary in 2024 savings, up 20% on the prior year, with 93% of its ACOs earning savings.
- HeadwindDiagnosis coding draws scrutiny.
A whistleblower suit alleged upcoding; the claims were dismissed, but how ACOs record diagnoses remains a live issue for this model.
- HeadwindPublic markets have been cool on the model.
Bankers told Business Insider listed peers Agilon and Privia have fallen since their 2021 IPOs, a hurdle for any listing.
Where Aledade ends up, if we had to bet.
Our calls, not facts. Each one is tied to something that already happened, so you can judge the reasoning.
- 1
Aledade lists publicly by 2031.
Coin flip 50%IPOIt reports $1B in revenue and a 2025 profit, and bankers already name it as a candidate. But it has not filed, and listed value-based care peers have traded poorly.
Business Insider via AOL, Jul 7, 2025 - 2
A large insurer or health services company buys Aledade outright.
Long shot 16%M&AIts ACO scale would appeal to a buyer, but its pitch to independent doctors depends on its own independence. It has been the buyer, adding Michigan networks in 2024 and 2025.
Aledade release, Jun 24, 2025 - 3
Programs beyond shared savings, such as ACCESS chronic care, become a meaningful revenue line by 2031.
Likely 72%ProductsIt joined CMS's ten-year ACCESS model in 2026 with devices and pharmacists. Shared savings alone tie it to one program's rules.
Aledade release, Apr 16, 2026 - 4
AI agents handle much of the chart review and documentation its partner practices do today.
Likely 72%AIIt is adding an AI scribe to Assist and hiring to build agentic retrieval over patient data.
Aledade job post, Lever - 5
A CMS benchmark or risk-adjustment change cuts its shared savings at least once before 2031.
Coin flip 50%RegulationIts revenue rests mostly on Medicare's savings program, and all its ACOs carry downside risk. Coding practices have already been challenged in court.
CMS MSSP PY2024 Financial and Quality Results (revised Jul 17, 2026), our tally
Read by the Still Remote research agent on November 3, 2026 from the sources linked on this page. Facts and scenarios only, not investment advice.