What You Should Know:
– ConcertoCare, a value-based care provider of at-home care for seniors and other adults with unmet health and social needs raises $105M in Series B funding led by Wells Fargo Strategic Capital. The round also includes investments from Obvious Ventures, Vast Ventures, The Schusterman Family Foundation, SteelSky Ventures, Pennington Partners, and returning investor Deerfield Management. The funding announcement comes on the heels of ConcertoCare acquiring home-based primary care practice Crown Health.
– The company plans to use the funds to scale the delivery of its comprehensive care model, which pairs an interdisciplinary care team with their proprietary data analytics and decision support platform, to reach more patients in their homes.
At-Home Care Model to More Seniors with Unmet Health and Social Needs
Seniors and other adults with unmet health and social needs, like unstable housing, food insecurity, and lack of transportation, are often overlooked by the health care system. Founded in 2015, ConcertoCare deploys physician-led interdisciplinary teams— supported by its proprietary population health platform, Patient3D®, and clinical decision support tools — to manage the country’s most medically and socially complex and costly patients in ways that keep them in their homes and out of the hospital. ConcertoCare deploys an interdisciplinary care team made up of physicians, nurses, pharmacists, health coaches, behavioralists, and social workers that is available to them in person and virtually to meet both their medical and social needs, whether that is managing a chronic condition or helping them to access nutritious meals.
The care teams use ConcertoCare’s proprietary data analytics and decision support platform, Patient3D®, to help identify the next best action for each patient. The teams also use a range of connected devices, and the data they generate, to help people manage their conditions and to optimize care delivery. ConcertoCare works with a variety of payers, including Medicare Advantage, Medicare-Medicaid plans, and CMS value-based care programs, and can deliver care alongside a patient’s current primary care physician or serve as the provider of record. For qualifying members, ConcertoCare further expands its community-based, interdisciplinary care delivery model through its PACE, or Programs of All-Inclusive Care for the Elderly offering.
Why It Matters
Thirty-nine percent of Medicare enrollees have four or more chronic conditions, which include diabetes, heart disease, Alzheimer’s, and chronic kidney disease. Many of these patients have undertreated behavioral conditions and unmet social needs like unstable housing, food insecurity, and lack of access to transportation. These complex patients represent a disproportionate amount of spending; less than 5 percent of the U.S. population accounted for half of healthcare expenditures in 2018. With the high cost of care for this vulnerable population, finding a value-based solution that helps manage their complex healthcare and social needs where they are is critical, especially since 88 percent of seniors would prefer to receive care in their home.
“Our mission at ConcertoCare is to keep the country’s most medically and socially complex seniors and other adults healthy and in their homes for as long as possible, and out of the emergency department and the hospital, while simultaneously empowering them to live their best lives,” said Dr. Julian Harris, chairman and CEO of ConcertoCare. “This commitment from our new and existing investment partners enables us to continue innovating, growing, and improving health outcomes and quality of life for these vulnerable patients who are too often failed by the traditional American healthcare system, a situation that is frequently exacerbated by health inequities.”
ConcertoCare currently serves seniors in eight states across the country, and has raised a total of $149.5M in equity funding to date.