Troy Medicare offers Medicare Advantage plans to seniors in North Carolina with an unusual twist: the plan pays community pharmacists to keep their members healthier. It’s in its first year of offering health plans.
The company is currently raising a $25 million Series B funding round, and we obtained a copy of the deck the company’s team is using to pitch investors.
It’s a much smaller amount compared to other Medicare Advantage startups that have taken in hundreds of millions early on to fuel their growth and compete with the industry’s leaders.
“Troy Medicare’s progress has surpassed all expectations,” Troy CEO Flaviu Simihaian told Business Insider in response to a request for comment. “By empowering local providers and pharmacies with streamlined operations and fair pricing, each member receives the best, tailored, hyper-local care. Now, we are focused on scaling the Troy model to more states.”
Competition for the 22 million Americans enrolled in Medicare Advantage plans, and the thousands signing up daily as they turn 65, is fierce. Medicare Advantage is a privately run alternative to the traditional Medicare program, which provides medical coverage for seniors and some others in the US.
Here’s a look at Troy’s pharmacy-driven approach to taking on the massive market.