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About the Authors:
Andrew Walsh
Managing Director
Andrew Walsh is a managing director at First Analysis. He works with entrepreneurs as an investor and as an advisor on growth transactions to help build leading healthcare software businesses, and he also supports First Analysis’ investments in Dina and Kno2. Andrew has over 20 years of experience as a healthcare entrepreneur, executive and operator. Prior to joining First Analysis in 2019, Andrew was part of the senior leadership team of Ciox Health, a large private equity-backed healthcare technology company. Andrew brings a wealth of experience to the First Analysis team and has served in senior executive roles at some of the most respected healthcare companies in the United States including UnitedHealth Group, Optum and Davita. Andrew also founded, grew and sold a successful population health company focused on helping vulnerable, high-risk populations. He saw this company through two exits, ultimately selling a combined entity to Guidewell in 2017. Andrew earned an MBA from the University of Notre Dame and a bachelor’s degree in economics from the University of Illinois.
Kenny Guerrero
Associate
Kenny Guerrero is an associate with First Analysis. Kenny joined the firm in 2021. He previously worked for Prairie Capital Advisors, where he was responsible for developing and reviewing financial models and analyses and preparing valuation reports. Kenny graduated from the University of Illinois at Urbana-Champaign with a bachelor’s degree in accounting and finance.
First Analysis Healthcare Technology Team
Andrew Walsh
Managing Director
Matthew Nicklin
Managing Director
Joseph Munda
Managing Director
Tracy Marshbanks
Managing Director
Kenny Guerrero
Associate
First Analysis Quarterly Insights
Healthcare Technology
Food as Medicine: The convergence of nutrition and clinical care in U.S. healthcare
May 15, 2025
  • Food as Medicine has established a foothold in the U.S. healthcare system. The Food as Medicine concept holds that interventions that align patients’ diets with their clinical needs—such as medically tailored meals, customized groceries, and produce subsidies—have the potential to improve health outcomes while reducing total cost of care.
  • Under Robert F. Kennedy Jr.’s leadership of U.S. healthcare policy, adoption of Food as Medicine in the U.S. healthcare system could be significantly accelerated—or redefined. In Kennedy’s Make America Healthy Again vision, nutrition is not a supplemental benefit, but a foundational element of chronic disease prevention and health restoration.
  • The vendor ecosystem supporting Food as Medicine is becoming increasingly sophisticated, but standardized outcomes measurement and integration with payer and provider workflows remain common challenges. As Food as Medicine programs mature, we think vendors with clinical credibility, scalable operations and strong data infrastructure will be best positioned to win share.
  • We outline the evolution of Food as Medicine in the U.S. healthcare system, examine key new developments likely to affect its future, and highlight some of the companies building businesses to address this emerging market.

TABLE OF CONTENTS

The rise of Food as Medicine

The clinical rationale and cost imperative

Medicare Advantage and the role of supplemental benefits

Medicaid waivers and the state-led push

Risk-bearing providers and ACO adoption

Federal policy and emerging regulatory pathways

The vendor landscape: Logistics meets engagement

Evidence base and outcomes measurement

Strategic outlook: RFK Jr. and the MAHA platform

Promising path to realize Food as Medicine’s transformational potential

Healthcare index gain masks declines at most constituents

Healthcare tech M&A: Notable transactions include NextGen Healthcare, UpLift

Healthcare tech private placements: Notable transactions include Blooming Health, Nourish

The rise of Food as Medicine

Over the past decade, the concept of Food as Medicine has evolved from a public health talking point into a serious clinical and reimbursement framework. This transformation reflects a broader shift in healthcare—away from reactive treatment and toward management of chronic illness, health equity, and social determinants of health. Food as Medicine programs now range from medically tailored meals to produce “prescriptions,” and their integration into health insurance benefits—particularly in Medicare Advantage and Medicaid—is accelerating. At the same time, a new generation of vendors is emerging to deliver these services, often with a combination of physical logistics, patient engagement tools and clinical reporting infrastructure.

This report explores the rise of Food as Medicine as a reimbursable healthcare benefit, examining the macro-level cost and policy drivers, the evolving posture of payers and providers, and the strategies of leading vendors. While state-level initiatives have played a catalytic role, this report concentrates on national-level trends and payer-specific dynamics that are shaping the future of this emerging sector.

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