ConcertoCare, a value-based care provider that offers an array of home-based care services, announced Thursday that it has raised $105 million in Series B funding. The round was led by Wells Fargo Strategic Capital, and included contributions from Obvious Ventures, Vast Ventures and SteekSky Ventures, among others.
In tandem, Concerto also announced that it has acquired Crown Health, a home-based primary care provider that serves the Pacific Northwest. That move aligns well with Concerto’s merger with Perfect Health, a home-based primary care provider that was integrated into the company last year.
“One of the things that excites us the most about the new funding round is that we’re not only bringing additional dollars to the organization, but we’re also bringing in partners that can support our efforts in a range of ways beyond their capital,” ConcertoCare CEO Dr. Julian Harris told Home Health Care News. “In terms of how we plan to use the capital, we’re going to be focused on continuing our growth.”
ConcertoCare currently operates in eight states and has raised a total of $149.5 million to date.
The New York-based company is a tech-enabled provider that serves seniors, particularly those with “unmet health and social needs.” It works with a variety of payers and physicians, as well as home health and hospice agencies when necessary.
Its team includes home-based care physicians and population health technology experts, as well as former policymakers and health plan executives.
The capital will help the company expand into new markets, bolster its services in existing markets, launch its Program of All-inclusive Care for the Elderly (PACE) this year and support new technology investments, Harris said.
PACE, which is a model that dual-eligible beneficiaries can utilize in their communities in lieu of going to nursing homes, has been touted by home-based care insiders as a value-based model that is particularly valuable in light of the COVID-19 pandemic.
“PACE really is an incredibly unique model focused on … helping seniors to have the kinds of support and services that they need to maintain their independence in the home for as long as possible,” Harris said. “We really believe that PACE is a model that merits investment, and that patients across the country who are eligible for the program really deserve to have access to it.”
Ultimately, whether through PACE or elsewhere, ConcertoCare wants to scale its model.
It believes its new investors will be able to help significantly in that effort, whether it’s through capital, providing technology expertise or helping bring other like-minded companies on as Concerto partners.
“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,” Dr. Rodney Altman, managing director at Wells Fargo Strategic Capital, said in a statement. “ConcertoCare incorporates the medical, behavioral and social determinants of health into a model that helps improve outcomes across care quality, patient experience and cost.”
The concept of at-home primary care, in general, has gained significant traction over the last couple of years. Companies such as Patina Health, PopHealthCare and Heal have all received significant investments.
Meanwhile, Walgreens Boots Alliance (Nasdaq: WBA) has invested over $6 billion in the home- and community-focused primary care provider VillageMD.
The breadth of Concerto’s partners is another sign that investors remain heavily interested in the space, whether it be at-home primary care or home-based care in general.
And while Harris did not want to disclose specific growth goals for the coming year, he’s bullish on Concerto’s chances to make a dent in the market.
“We have a very bold growth agenda for the year that hopefully will enable us to serve many more seniors and adults with complex health conditions across the country,” he said.
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