CareLinx — a tech-enabled home-based care company that coordinates personal care services and offers clinical care services — is trending upwards.
Sharecare (Nasdaq: SHCR) CEO Jeff Arnold offered up this update during the company’s third-quarter earnings call Thursday. The digital health company Sharecare is a virtual platform that helps people manage all their health needs in one place, and access health records and other information. The Atlanta, Georgia-based company also lets users stay on top of their personal health through its comprehensive suite of services.
Last year, Sharecare purchased CareLinx from Global Fortune 50 company Generali for $65 million.
“This quarter marks the one-year anniversary of our acquisition of CareLinx, which has been very successful both in opening us to new markets and datasets and expanding the capabilities we offer to our health plan, employer, government and provider customers,” Arnold said during the call. “Since we acquired this asset, CareLinx has delivered excellent results in achieving and exceeding the medicare supplemental benefit targets for our Medicare Advantage customers.”
When Sharecare originally acquired CareLinx, the latter had a network of more than 450,000 care providers across the U.S., partners with both health plans and providers. It served more than 1 million Medicare Advantage (MA) members nationwide.
CareLinx has helped Sharecare bump up the amount of MA members it serves from 300,000 to over 1.8 million. Sharecare expects this market to keep growing in 2023 and further down the line.
Arnold noted that Sharecare has plans to invest in – and expand – CareLinx’s capabilities.
“This channel is performing very well,” he said. “This was our largest quarter in the company’s history with $29 million in revenue, an increase of 20% year over year and an expansion in margins.”
This smooth transition should come as no surprise to those who have been watching CareLinx and Sharecare closely in the past.
Prior to the acquisition, CareLinx and Sharecare had an established and longstanding relationship.
“This deal did not come together overnight,” CareLinx CEO Sherwin Sheik previously told Home Health Care News. “This has been a relationship that’s evolved over four years, from our teams jointly working together on other opportunities … and seeing how well the teams worked. As we continued that relationship, I would always check in with Jeff, and he was always receptive to getting updates on what was going on at CareLinx.”
Indeed, in the past, Arnold has referred to CareLinx as a sort of “Match.com meets Uber for caregiving.”
Overall, Sharecare believes that the CareLinx acquisition has been a resounding success.
“That acquisition has been tremendous for the shareholders and our customers,” Justin Ferrero, CFO at Sharecare, said during the call. “It continues to grow quarter over quarter.”