Home care startup ConcertoCare secures $105 million to expand palliative care services

Home care startup ConcertoCare secures $105 million to expand palliative care services

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ConcertoCare raises $105 million to expand its Home Care Services In addition to the eight states it currently operates in, the company announced Thursday.

Wells Fargo Capital led the Series B round with participation from Obvious Ventures, Vast Ventures, Schusterman Family Foundation, SteelSky Ventures, Pennington Partners and Deerfield Management. The startup has raised nearly $150 million in total funding.

In addition to the venture capital, ConcertoCare announced an undisclosed sum to acquire Crown Health, home based primary care Washington-based supplier. Through the acquisition and new funding round, the startup aims to enable more seniors to live at home by addressing their social and clinical needs, chief executive Dr Julian Harris said.

“This commitment from our new and existing investment partners enables us to continue to innovate, grow and improve health outcomes and quality of life for these vulnerable patients who often fail the traditional U.S. health care system, which is often the case Exacerbated by health inequities,” Harris said in a news conference.

The six-year-old startup believes it can better manage health plan costs and patient outcomes by connecting seniors with in-home, virtual and remote patient monitoring devices. The company partners with Medicare Advantage, dual special needs programs and the federal government to build value-based care models. It can provide palliative care for patients, home based primary care An all-inclusive care plan for seniors that provides home-based nursing home-level care for seniors. In all of these models, the startup relies on its population health analytics platform to better identify and address patients’ social and clinical needs and reduce costs through value-based care planning.

The company claims to have reduced hospital admissions by 47%, readmissions by 40% and emergency room visits by 16%.

This isn’t the only home care startup to catch the attention of venture capitalists this year.

Last week, Reimagine Care, a home cancer care startup that also operates under a value-based model, raised $25 million. In late January, family hospital company Medically Home raised $110 million in venture capital, bringing its total funding to nearly $275 million.



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