What You Should Know:
– Boulder Care, a leading provider of high-quality addiction treatment, announced today the successful closing of an oversubscribed $35M Series C funding round led by Advance Venture Partners (AVP), joined by Stripes and existing investors, including First Round Capital, Qiming Venture Partners, and Laerdal Million Lives Fund.
– Boulder Care will invest in developing even more robust services tailored to address the specific needs of high-need patients and plans to deepen its presence in existing markets while strategically expanding into new states.
Leading the Charge in Telehealth Addiction Treatment
Since its inception in 2017, Boulder Care has established itself as a pioneer in telehealth care for addiction treatment. They offer specialized clinical care, peer support, and social services – all delivered virtually – to patients nationwide. This innovative approach has reached over 12,000 individuals and achieved industry-leading outcomes.
Addressing the Untreated Addiction Crisis
The new capital will fuel Boulder Care’s mission to address the growing need for accessible addiction treatment. According to SAMHSA (Substance Abuse and Mental Health Services Administration), an estimated 50 million Americans struggle with substance use disorders, yet most remain untreated. This lack of access leads to devastating personal consequences and significant economic costs.
Focus on Medicaid Populations
Boulder Care specifically targets underserved communities, including those covered by Medicaid. These populations face unique challenges, including poverty, unstable housing, and limited access to resources in rural areas. Boulder’s program is specifically designed to address these obstacles.
Serving primarily Medicaid members under value-based arrangements, Boulder Care has partnered with numerous health plans to link reimbursement directly to successful outcomes. This innovative approach has resulted in a staggering reduction of Total Cost of Care for health plans by over 70%. Given that Medicaid is the single largest payer for behavioral health services in the U.S., this achievement holds immense potential for healthcare reform.
Measurable Success and Patient Satisfaction
Boulder Care prioritizes evidence-based treatment methods, resulting in best-in-class patient outcomes. Independent research and health plan data consistently validate their success. This includes:
- Retention rates in buprenorphine treatment exceeding three times the national benchmark.
- Measurable reductions in adverse outcomes like inpatient admissions, hospitalizations, and emergency room visits.
- 97% of patients reporting progress in their recovery.
Measurable Success: High Retention Rates, Reduced Costs
Boulder Care’s commitment to quality care is reflected in their impressive outcomes, rigorously validated by independent research. Their patients demonstrate:
- High Retention Rates: Retention in buprenorphine treatment surpasses the National Committee for Quality Assurance (NCQA) benchmark by more than three times.
- Reduced Adverse Outcomes: Significant reductions in negative outcomes such as inpatient admissions, hospitalizations, and emergency room visits have been observed.
- Improved Recovery Rates: Patients report a 97% recovery progress rate.
