Originally published by citybiz on August 15, 2022
NASHVILLE, Tenn.–(BUSINESS WIRE)–CareHarmony, an AI-powered care coordination solutions provider, today announced it has closed a $15 million Series A funding round led by Maverick Ventures, with participation from Nashville Capital Network. The financing comes as CareHarmony continues to experience exponential growth, serving several of the nation’s leading hospitals and health systems through its care platform.
The funding announcement comes at a time when leading healthcare organizations begin incorporating two-sided financial risk into their value-based care portfolios. Programs such as the Medicare Shared Savings Program (MSSP) are mandating high-revenue healthcare organizations, often hospitals and health systems, progress towards downside risk in increasingly shorter timelines.
This market force has led to a spike in demand for high-impact, high-scale care coordination solutions that drives performance in value-based contracts. CareHarmony’s technology has automated care coordination and over the past four years, clients participating in an MSSP have achieved financial reward (shared savings) 95% of the time, including 100% success in the most recent performance year.
“This round of financing is a validation of CareHarmony’s vision to redefine what is possible in virtual care,” said Gokul Mohan, Co-Founder and CEO of CareHarmony. “As we continue to scale, this capital will help us deliver on our commitment to bring efficient, impactful, and measurable virtual care to every patient. The days of rationing care coordination to the top 1-2% most complex patients will soon be a thing of the past.”
CareHarmony’s CareBlocks™ technology unlocks the full potential of virtual care. This human-driven, AI-powered approach enables care teams to personalize patient journeys at scale. Clinical and financial data sets are enriched with social and consumer data to provide a much richer view of a patient. Using the CareBlock™ platform, CareHarmony clinical teams, funded through available preventative care programs such as Chronic Care Management, deliver targeted interventions on behalf of the client. Population health teams gain key insights into the efficacy of each intervention, affording them the opportunity to adapt in realtime—a true game changer.
“Care coordination has historically been a pure services effort from health systems and payors. CareHarmony’s CareBlocks™ technology simultaneously provides leverage to care coordinators and personalizes patient journeys—resulting in better, more efficient care for the patient,” said Prateesh Maheshwari, Managing Director at Maverick Ventures, who joined the CareHarmony board as part of this investment. “We’re excited to partner with CareHarmony as they continue to transform care coordination.”
Founded in 2015, CareHarmony is one of the fastest growing solution providers for chronic disease management. By combining innovations in machine learning with 24/7 clinical extension, CareHarmony is able to offer complete virtual care solutions that bend the cost curve for hospitals, accountable care organizations and provider groups. For more information on CareHarmony, please visit care-harmony.com.