NASHVILLE, Tennessee—HarmonyCares, a provider of in-home longitudinal care, raised $200 million of capital, which brings its physician-led, value-based care model to more vulnerable patients nationwide.
Across the U.S., many patients have struggled to access primary care services. Based on recent surveys, many Medicare and Medicare Advantage patients were often faced with poorer health outcomes, increased preventable hospitalizations and higher health care costs due to delayed treatment and unmanaged chronic conditions. HarmonyCare has provided care for older adults living with serious health conditions for more than 30 years and has supported more than 70,000 patients through value-based care partnerships with Medicare Advantage plans and Medicare ACO programs.
HarmonyCares' physician-led, evidence-based care model has allowed for closer relationships with patients, personalized care based on individual patients’ needs and providers with more time spent directly with patients. Its interdisciplinary team includes more than 175 primary care providers, a care team of nurse care managers, social workers, pharmacists and 24/7 on-call support for patients.
"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."
"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."
The funding round was led by General Catalyst, McKesson Ventures, K2 HealthVentures, Rubicon Founders, HLM Capital, Oak HC/FT and a large national payer. These companies played a role in expanding HarmonyCares’ services to additional geographies and developing new technology to drive clinical outcomes and patient satisfaction.
