The investment will enable HarmonyCares to
bring its in-home value-based primary care model, which already
supports 70,000 patients in 15 states, to more people across the
U.S.
NASHVILLE, Tenn., July 8, 2024
/PRNewswire/ -- HarmonyCares, a leading provider of value-based
in-home longitudinal care, today announced that it has raised
$200M of capital to bring its
integrated, physician-led in-home care model to more vulnerable
patients nationwide. The funding round was led by General Catalyst,
McKesson Ventures, and a large national payor which were joined by
K2 HealthVentures and existing investors, Rubicon Founders,
Valtruis, HLM Capital, and Oak HC/FT to expand HarmonyCares
services to additional geographies and develop new technology to
drive clinical outcomes and patient satisfaction at scale.
Across the U.S., many patients struggle to access primary care
services. In fact, in a recent survey, 33 percent of Medicare
Advantage patients and 32 percent of Medicare patients said that
they struggle to access primary care. As a result, these patients
often face poorer health outcomes, increased preventable
hospitalizations, and higher healthcare costs due to delayed
treatment and unmanaged chronic conditions.
"There is an urgent need to expand access to longitudinal care,
particularly as many patients across the U.S. are already
struggling to get the care they need," said Matthew Chance, CEO of HarmonyCares. "This
latest investment enables us to double-down on our commitment to
expand access to value-based care for patients with complex
clinical and social needs and who often have limited access to
care, resources, or even family nearby."
For more than 30 years, HarmonyCares has led the industry in
providing care for older adults living with serious health
conditions. Today, HarmonyCares supports more than 70,000 patients
in 15 states through value-based care partnerships with Medicare
Advantage plans and Medicare ACO programs.
"Healthcare today lacks a platform at scale that comprehensively
delivers services to our most complex patients in the convenience
of their home," said Chris Bischoff,
Managing Director at General Catalyst. "HarmonyCares is well on
this journey and actively manages our most vulnerable patients in
an economic model where incentives are aligned. We are excited to
welcome Matt and the broader HarmonyCares team to our Health
Assurance ecosystem."
HarmonyCares' physician-led model establishes close
relationships with patients and a deep understanding of their
social and clinical needs. Its interdisciplinary team includes more
than 175 primary care providers and a care team consisting of nurse
care managers, social workers, pharmacists, and 24-7 on-call
support for patients. Its evidence-based care model allows
providers to spend more time directly with patients, delivering
personalized care based on the individual needs of the patient.
Centerview Partners acted as the sole placement agent and Ropes
& Gray LLP served as HarmonyCares' legal counsel in connection
with the transaction.
About HarmonyCares
HarmonyCares is a leading
value-based care provider of in-home primary care services for
people with complex healthcare needs. Based in Troy, Michigan, HarmonyCares operates
home-based primary care practices in 15 states, constituting a 175+
primary care provider group that delivers high quality primary care
under an integrated, physician-driven model which includes
ancillary services such as home health, hospice, palliative care,
radiology, and laboratory.
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SOURCE HarmonyCares