Investors Funnel $30 Million to Startup Offering Home Care
Yet another small, California-based company with millions of dollars in funding appears to be making a splash in the home-based health care market.
ConcertoHealth has completed a $30 million round of funding from existing investors, the Irvine, California-based company announced Tuesday. The company currently provides health care services for elderly, frail, complex and Medicare-Medicaid dual-eligible patients in Michigan and Washington. The care sometimes takes place in ConcertoHealth Care Centers, and can extend to other settings, such as people’s homes, into hospitals, or post-acute facilities.
The round was co-led by New York City-based Deerfield Management Company and Ann Arbor, Michigan-based Arboretum Ventures. Arboretum Ventures Managing Director Tim Petersen is set to remain chairman of ConcertoHealth’s board, and Leslie Henshaw, a partner at Deerfield Management Company, is now set to join ConcertoHealth’s board of directors.
ConcertoHealth currently operates seven ConcertoHealth Care Centers in metropolitan Seattle and Detroit. The company strives to integrate clinical care with social services and to deliver primary care, preventative care and care coordination services to patients at home, in a clinic, at a hospital or in post-acute settings.
ConcertoHealth plans to use the $30 million in funding to expand its care model with current and new payor partners, according to a press release.
“This is a vital time in ConcertoHealth’s growth cycle, as we expand operations in our current Michigan and Washington markets and look to extend our proven clinical care model to new markets,” ConcertoHealth President and CEO Alec Cunningham said in the press release. “The renewed commitment from our investment partners is affirmation of ConcertoHealth’s growth prospects, and will allow us to meet enormous market demand for a value-based health care delivery solution for our nation’s most vulnerable patients.”
ConcertoHealth’s care model involves hospital-based doctors, care coordinators, nurse case managers, pharmacists, dieticians, social workers and logistical supports, among others. The company’s proprietary population health management technology is designed to provide doctors with the tools they need to accept accountability for patient outcomes.
“ConcertoHealth provides excellent team-based primary care and a population health management platform that empowers health plans and providers to manage patient care more efficiently and effectively,” Petersen said in the press release. “ConcertoHealth has proven that their unique care model works, having consistently produced market-leading health care quality, regulatory compliance, and medical-cost performance results.”
Written by Mary Kate Nelson