ConcertoCare Raises $ 105 Million for Value-Based Home Care for the Elderly

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What you should know:

ConcertoCarea value-based home care provider for seniors and other adults with unmet health and social needs raises $ 105 million in Series B funding led by Wells Fargo’s strategic capital. The round also includes investments of Obvious adventures, Vast Ventures, Schusterman Family Foundation, SteelSky Ventures, Pennington Partnersand recurring investor Deer field management. The funding announcement comes after ConcertoCare acquired Crown Health’s home care practice.

– The company plans to use the funds to scale the delivery of its comprehensive care model, which combines an interdisciplinary care team with its data analysis and decision support platform, to reach more patients. his house.


Home care model for older people with unmet health and social needs

Older people and other adults with unmet health and social needs, such as unstable housing, food insecurity, and poor transportation, are often overlooked by the health care system. Founded in 2015, ConcertoCare deploys interdisciplinary teams led by physicians, with the support of its patented public health platform, Patient3D® and clinical decision support tools, to manage the most medically complex and costly patients of the country so that they are kept at home and out of the hospital. ConcertoCare deploys an interdisciplinary care team consisting of doctors, nurses, pharmacists, health coaches, behaviorists and social workers who are at your disposal in person and virtually to cover your medical and social needs, whether it is a disease chronic as helpful. to access nutritious meals.

Care teams use ConcertoCare’s patented Patient3D® data analysis and decision support platform to help identify the next best course of action for each patient. Teams also use a number of connected devices and the data they generate to help people manage their conditions and optimize the delivery of care. ConcertoCare works with a variety of payers, including Medicare Advantage, Medicare-Medicaid plans, and CMS value-based care programs, and can provide care in conjunction with a patient’s current primary care physician or serve as a provider. registration. For eligible members, ConcertoCare further expands its community-based interdisciplinary care delivery model through its PACE offering or Comprehensive Care Programs for the Elderly.


Why it matters

Thirty-nine percent of those enrolled in Medicare have four or more chronic conditions, including diabetes, heart disease, Alzheimer’s, and chronic kidney disease. Many of these patients have abused behavioral conditions and unmet social needs, such as unstable housing, food insecurity, and lack of access to transportation. These complex patients represent a disproportionate expense; less than 5 percent of the U.S. population accounted for half of health care spending in 2018. With the high cost of care for this vulnerable population, finding a value-based solution to help them manage their complexes Health and social needs wherever they are are crucial, especially as 88% of older people would prefer to receive care at home.

“Our mission at ConcertoCare is to keep the elderly and other medically and socially complex adults in the country healthy and in their homes for as long as possible, away from the emergency department and the hospital, while Dr. Julian Harris, President and CEO of ConcertoCare, said: “This commitment from our new and existing investment partners allows us to continue to innovate, grow and improve our health and quality of life. of these vulnerable patients who often find themselves failed by the traditional American health care system, a situation that is often exacerbated by health. inequalities ”.

Availability

ConcertoCare currently serves seniors from eight states in the country and has so far raised a total of $ 149.5 million in equity.



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TheHealthReporter

TheHealthReporter

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