Originally published by Globe Newswire on February 03, 2022
NEW YORK, Feb. 03, 2022 (GLOBE NEWSWIRE) -- ConcertoCare, a tech-enabled, value-based care provider of at-home, comprehensive care for seniors and other adults with unmet health and social needs, today announced that it has closed a $105 million Series B funding round led by Wells Fargo Strategic Capital. The funding round also includes investment from Obvious Ventures, Vast Ventures, The Schusterman Family Foundation, SteelSky Ventures, Pennington Partners, and returning investor Deerfield Management.
Concerto also announced it has acquired Crown Health, a leading home-based primary care practice serving the Pacific Northwest. Crown is committed to serving patients in the home setting, and through the acquisition, Concerto will accelerate its growth and impact on clinical outcomes and the lives of seniors throughout the region.
“Wells Fargo Strategic Capital is pleased to lead this financing round and enable ConcertoCare to meet the increasing need for primary and complex care delivered to the home,” said Dr. Rodney Altman, managing director at Wells Fargo Strategic Capital. “ConcertoCare incorporates the medical, behavioral, and social determinants of health into a model that helps improve outcomes across care quality, patient experience, and cost.”
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.
ConcertoCare plans to use the funds to scale delivery of their comprehensive care model to more seniors with unmet health and social needs in their homes. 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.
“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.”
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.
"We're excited to partner with ConcertoCare in their full-stack approach to improving patient outcomes, especially for vulnerable patient populations," said Vishal Vasishth, co-founder and managing director of Obvious Ventures. "By leveraging their technology alongside an empathetic approach, ConcertoCare is better addressing at-risk patient needs, ultimately making acute care more accessible and effective."
“Strong leadership teams are critical to success,” said Aniq Rahman, partner at Vast Ventures. “This is particularly true in a high-growth healthcare delivery organization. Julian has a unique background as a primary care physician, a senior health policy maker, a successful payer and provider executive, a repeat entrepreneur, and a highly regarded investor. These roles and his own personal experience with homebound elderly loved ones positions him well to lead ConcertoCare. He has also assembled one of the most impressive management teams we’ve ever seen, and they all share the same deep sense of mission and focus on redefining the way that care is delivered in America for patients with complex care needs.”
By combining technology with a human-first approach, ConcertoCare is uniquely positioned to streamline care coordination, improve patient outcomes, lower healthcare costs, and thrive in value-based payment arrangements. ConcertoCare currently serves seniors in eight states across the country, and has raised a total of $149.5 million in equity funding to date.
ConcertoCare is a tech-enabled, value-based provider of at-home, comprehensive care for seniors and other adults with unmet health and social needs. 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. The results are better health outcomes, reduced costs, and a more personalized and integrated experience for patients and their families. ConcertoCare works with a wide variety of payers, and can partner with a patient’s current primary care physician or serve as the provider of record. Led by a world-class team of home-based care physicians, population health technology experts, former policymakers, and senior health plan executives, ConcertoCare serves seniors across the country. For more information, visit our website or follow us on Twitter.