HarmonyCares, a provider of in-home primary care, secured $200 million in fresh capital to expand its services to more states.
Founded in 1993, the company operates home-based primary care practices in 15 states, constituting a 175-plus primary care provider group that delivers primary care under an integrated, physician-driven model. Its interdisciplinary team consists of nurse care managers, social workers, pharmacists and 24-7 on-call support for patients. HarmonyCares' model includes ancillary services such as home health, hospice, palliative care, radiology and laboratory.
The company provides services to senior patients on Medicare and those with complex medical issues. It claims its evidence-based care model allows providers to spend more time directly with patients, delivering personalized care based on the individual needs of the patient.
General Catalyst, McKesson Ventures and a large national payer led the funding round, which were joined by K2 HealthVentures and existing investors, Rubicon Founders, Valtruis, HLM Capital and Oak HC/FT.
The company plans to use the funding to launch in additional geographies and develop new technology to drive clinical outcomes at scale, executives said.
Many patients face barriers to get primary care services. In a recent survey, 33% of Medicare Advantage patients and 32% of Medicare patients said that they struggle to access primary care. As a result, these patients often face poorer health outcomes, increased preventable hospitalizations and higher healthcare costs due to delayed treatment and unmanaged chronic conditions.
"There is an urgent need to expand access to longitudinal care, particularly as many patients across the U.S. are already struggling to get the care they need," said Matthew Chance, CEO of HarmonyCares in a statement. "This latest investment enables us to double-down on our commitment to expand access to value-based care for patients with complex clinical and social needs and who often have limited access to care, resources, or even family nearby."
HarmonyCares has value-based care partnerships with Medicare Advantage plans and Medicare accountable care organization (ACO) programs.
"Healthcare today lacks a platform at scale that comprehensively delivers services to our most complex patients in the convenience of their home," said Chris Bischoff, managing director at General Catalyst, in a statement. "HarmonyCares is well on this journey and actively manages our most vulnerable patients in an economic model where incentives are aligned."