NASHVILLE—HarmonyCares, a provider of value-based in-home longitudinal care, announced that it has raised $200 million 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 payer 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 a recent survey, 33% of Medicare Advantage patients and 32% of Medicare patients said they struggle to access primary care. As a result, these patients often face poorer health outcomes, increased preventable hospitalizations and higher health care 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 provided care to 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.
“Health care 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 an 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.
