Included Health
A San Francisco virtual care and care navigation company sold to 300+ employers and health plans, now turning itself into a health plan. No new valuation has been set since its 2021 merger.
Healthcare Dive, Jul 28, 2026- Valuation
- Not set since 2021 the 2021 all-stock merger set no new price; before it, SharesPost put Grand Rounds near $1.34B.
- Raised
- $250M in 2020 last announced cash: $175M for Grand Rounds and $75M for Doctor On Demand.
- Scale
- 300+ clients contracts with more than 300 employers and health plans, covering tens of millions of members.
- Watch
- Becoming a plan Included Health Plans go live Jan 1, 2028, with the company acting as health plan and claims administrator.
- AI
- Dot assistant a member AI assistant (Dec 2025) that finds doctors, shows costs and books visits.
- Liquidity
- None found no staff tender offer or secondary sale reported, and no public IPO filing on EDGAR.
- Hiring
- 49 → 48 remote listings since Oct 10.
Employers and health plans pay a fee per member, sometimes tied to results.
Included Health sells navigation, virtual primary care, behavioral health and care coordination to self-insured employers and health plans. Pricing is set per employer, either a per-member-per-month fee or a value-based model. Its newer copay-first alternative plan can replace or sit beside an employer's existing plan, and in big public contracts such as CalPERS most fees are at risk against cost and quality targets. Revenue is not published.
MedCity News, Feb 3, 2026- 1A large clinical and cost dataset for steering patientsIts provider matching draws on 45 billion clinical and cost data points from 140 million patients and over 300 specialty-specific quality measures.HIT Consultant, May 12, 2026
- 2Its own salaried clinicians, not just referralsMore than 1,000 salaried virtual clinicians across primary care, behavioral health and urgent care, plus 2,000+ in-person partners in all 50 states.HIT Consultant, Oct 1, 2026
- 3Big, sticky public and employer contractsCalPERS picked it with Blue Shield of California for about 400,000 PPO members in five-year contracts starting 2025.CalPERS, Jun 12, 2024
- Transcarent (owns Accolade)$2.20Bprivate, May 9
- Teladoc Health$1.55Blisted, Oct 30 close
Private values are the last reported round; they can be stale. Listed values are market value. Bars start at zero.
Every round, and what its terms give away.
Included Health is private, so there is no share price. What its investors paid, and on what terms, is the closest thing to one.
- May 10Equity and options (Form D)$889M138 investors, filed as the merger closed; likely merger stock, not new cash (our read).SEC Form D, filed May 25, 2021
- Mar 16Merger (all stock)Grand Rounds and Doctor On Demand combined with no new outside cash and no new valuation; terms not disclosed.CNBC, Mar 16, 2021
- Sep 9Grand Rounds growth round$175MLed by CarlyleCompany said over $270M raised to date. SharesPost put it near $1.34B.Carlyle release, Sep 9, 2020
- Jul 8Doctor On Demand Series D$75MLed by General AtlanticExisting investors joined. Doctor On Demand later said it was valued at $875M.HIT Consultant, Jul 8, 2020
- Down or flat round?No priced round since 2020 and the 2021 merger set no valuation, so there is nothing to compare.CNBC, Mar 16, 2021Open
- How much the last round soldNo post-money valuation was published for the 2020 rounds.Carlyle release, Sep 9, 2020Open
- Time since the last raiseAbout six years since the last announced cash round (Sep 2020). No later Form D appears on EDGAR.SEC EDGAR, checked Nov 3, 2026Open
- Unusual terms or heavy debt?No terms, preferences or debt facilities reported.Carlyle release, Sep 9, 2020Open
- Who ledOutside firms led the last cash rounds: Carlyle for Grand Rounds and General Atlantic for Doctor On Demand, both in 2020.Carlyle release, Sep 9, 2020Clear
- Can staff sell shares?No tender offer or staff secondary sale found in press or filings.SEC EDGAR, checked Nov 3, 2026Open
- Layoffs in the last 12 months?None found in press. The last reported cut was under 6% of staff in Jan 2024 (Endpoints News).Innovatopia, citing Endpoints News, Feb 10, 2024Clear
Clear: checked, nothing found. Flag: found, with the source. Open: could not be checked.
What the record says, and what we think it means.
The fact is the source's. The read, in italics, is ours.
- 01Good
Bought Firefly Health to build its own health plan.
Healthcare Dive, Jul 28, 2026Agreed in Jul 2026 to buy Firefly, a Watertown, Massachusetts primary care and health plan company serving about 20,000 people. Terms were not disclosed. By Oct 2026 trade press described the deal as done.
It brings a ready plan model; the price and how it was paid for are unknown.
- 02Watch
It is turning into a health plan and claims administrator.
HIT Consultant, Oct 1, 2026Included Health Plans launch commercially for a Jan 1, 2028 plan year, either as a full replacement for an employer's plan or as an overlay on existing carriers.
A bigger prize than navigation fees, but also new regulatory and financial exposure. Revenue from it is more than a year away.
- 03Watch
Hundreds of millions in fees at risk on a state contract.
CalPERS, Jun 12, 2024With Blue Shield of California, it serves about 400,000 CalPERS PPO members from 2025, with $464M at risk if medical cost trend and quality goals are missed. The target falls from 5.5% in 2025 to 3% by 2029.
A marquee win, but missing the shrinking targets costs real money; the split with Blue Shield is not public.
- 04Neutral
The alternative plan started with one employer.
MedCity News, Feb 3, 2026The copay-first plan launched in early 2026 with one unnamed employer and about 20,000 enrolled employees.
An early test; no enrollment update since.
- 05Good
Launched an AI assistant tied to each member's records.
HIT Consultant, Dec 11, 2025Dot, launched Dec 2025, uses medical history, claims and benefits data and hands complex cases to clinicians. In May 2026 it added doctor matching with cost estimates and booking.
A shipped product; results metrics are self-reported.
- 06Neutral
Cut under 6% of staff in Jan 2024.
Innovatopia, citing Endpoints News, Feb 10, 2024CEO Owen Tripp's Jan 23 memo tied the cut to growth and financial independence and promised narrower leadership, projects and budgets.
Outside the last 12 months; no later cuts found.
- 07Neutral
Its closest private rival got bigger.
HIT Consultant, Apr 8, 2025Transcarent took listed Accolade private for about $621M in Apr 2025, giving it 20 million lives and 1,700+ employer and health plan clients.
A direct rival for the same employer budgets.
Clinical is paid 20% under market.
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 Included Health?
We checked the agent payment programs, developer docs and site rules an AI assistant would meet.
Open on paper, closed in practice. robots.txt allows every bot, but the site refused our plain requests, and there is no public API or agent channel.
Still Remote read- YesLets AI crawlers read its siterobots.txt names no AI bots; it blocks only /wp-admin/ for all agents and points to a sitemap.checked Nov 3, 2026
- MixedA site summary AI tools can readCould not check: /llms.txt, the homepage and sitemap returned 403 Forbidden; only robots.txt loaded.checked Nov 3, 2026
- Not foundAn MCP server or API agents can callNo public API, developer docs or MCP server found; launch coverage describes Dot only inside the member app.HIT Consultant, May 12, 2026
- MixedCan an agent book a visit?Its own AI, Dot, finds in-network doctors, shows out-of-pocket estimates and books appointments, but only for logged-in members.HIT Consultant, May 12, 2026
- YesBuilds agents with MCP internallyA 2026 job post asked for production LLM agent workflows wired to tools like Okta, Slack and Jira through MCP and APIs.Included Health job post, Built In NYC
Where Included Health puts AI to work.
- 1AI up front, clinicians behind itDot handles scheduling, referrals and benefits questions and passes medical opinions and acute needs to in-house clinicians.HIT Consultant, Dec 11, 2025
- 2Agents for back-office workIt hired for a staff AI engineer to build agent workflows, review employee-built agents for compliance, and design PHI-safe data handling. The post paid $159,780 to $238,080 and was remote in the US.Included Health job post, Built In NYC
- 3Still a people businessIt employs about 1,000 clinicians across primary care, behavioral health and urgent care.MedCity News, Feb 3, 2026
Fewer listings than on Sep 7, most of them in clinical.
The signals, and which way they push.
- TailwindEmployers are shopping for plan alternatives.
17% of employers use an alternative plan, 7% add one in 2026 and 36% are considering it (Business Group on Health).
- TailwindThe product keeps widening.
Dot, Provider Connect, Firefly, a Carrum specialty deal and a full plan product all landed within a year.
- HeadwindThe plan pays off slowly.
The full health plan product goes live for the 2028 plan year, so most of its revenue is at least 14 months away.
- HeadwindA well-funded rival sells the same idea.
Transcarent, valued at $2.2B in 2024, now has 20 million lives and 1,700+ clients after buying Accolade.
Where Included Health 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
Included Health lists publicly by 2031.
Coin flip 50%IPONo announced cash raise since 2020 and no public S-1 on EDGAR. A health plan going live in 2028 could supply the growth story a listing needs.
SEC EDGAR; HIT Consultant, Oct 2026 - 2
A large insurer or health system buys Included Health instead.
Long shot 16%M&ARivals have consolidated, with Transcarent buying Accolade in 2025. Included Health is itself the buyer now, having bought Firefly in 2026.
HIT Consultant, Apr 8, 2025 - 3
Health plan fees become its main business by 2031.
Likely 72%ProductsIt is launching full plan replacement for 2028 and bought Firefly to run it. Its CalPERS work already ties fees to cost and quality.
HIT Consultant, Oct 1, 2026 - 4
Dot becomes the front door for most member questions, with clinicians handling exceptions.
Likely 72%AIDot already books visits and matches doctors. It is hiring to build agent workflows across operations.
HIT Consultant, May 12, 2026 - 5
Included Health and Transcarent end up the two main independent employer health platforms.
Coin flip 50%CompetitionBoth now pair navigation and virtual care with plan products. Accolade, once a listed rival, is gone.
HIT Consultant, Apr 8, 2025
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.