Originally published by Home Health Care News on February 16, 2023
PathWell — a Connecticut-based home health provider — has raised $10 million in funding, according to a new SEC filing.
The filing offers limited information, though it does note that there is one reported investor tied to the funding.
Raman Brar, the co-founder and CEO of Pathwell, could not confirm or comment on the specific dollar amount when reached via email Thursday.
Brar did write in an email that PathWell is focused on organic growth, as well as acquisitions, however. Specifically, he noted a focus on tailoring the business toward Medicare Advantage plans that understand the value proposition of home health and compensate home health agencies accordingly.
“We think that is the future, so that is where our biggest focuses are: building a sustainable business with a good Medicare Advantage mix and not just relying on Medicare,” Brar said in an email. “We are also looking to add hospice and IV offerings in our existing markets.”
PathWell started as a technology company, with the goal of helping other operators with back-end issues. When COVID-19 hit, Brar decided to get into the provider side.
After more than two years in business, PathWell has grown into a multi-state provider, primarily operating in Southern Connecticut and Northeastern West Virginia.
As PathWell started to grow, Brar told HHCN that it was a priority to grow density in markets the company was already in.
“We’re building relationships with our referral partners, getting as many clinicians as we can in the dense region, and then serving the patients and capturing market share.” Brar said in July. “Looking outside of our existing markets, we approach that from a payer angle. Medicare Advantage is taking share from Medicare, so we are very cognizant of being the first mover in working with the payers.”
Because of its technology and data-driven roots, Brar believes one of PathWell’s many strengths is bringing the best tools, processes and technology-centric operating models to the table.
Brar also said that the funding round is an example of how investors are buying into that strength.
“We have a lot of support from the investor community to build the platform that we’re building with a differentiated operational backbone,” Brar said. “Which is differentiated because it’s technology- and data-driven.”