The trend toward providing care outside hospital or clinic walls continues apace with the latest funding news.
ConcertoCare, which offers at-home care to seniors with an array of medical and social needs, announced Thursday that it has raised $105 million, as the New York City-based provider looks to grow operations in eight states and beyond.
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Wells Fargo Strategic Capital led the Series B funding round, putting the total capital the company has raised to date at $149.5 million, ConcertoCare said in a news release. Obvious Ventures, Vast Ventures, The Schusterman Family Foundation, SteelSky Ventures, Pennington Partners and returning investor Deerfield Management contributed as well.
Concerto also announced that it has acquired Crown Health, a leading home-based primary care practice serving the Pacific Northwest for an undisclosed sum. The company said the acquisition will accelerate its growth and increase Concerto’s impact on clinical outcomes and the lives of seniors throughout the region.
Taken together, the acquisition and funds raised will support the company’s aim to deliver comprehensive care to more seniors and other adults with unmet health and social needs in their homes, said Dr. Julian Harris, the company’s CEO, in an email.
“These vulnerable patients are too often failed by the traditional American healthcare system, a situation that is frequently exacerbated by health inequities,” said Harris, who is also a practicing physician and former chief healthcare financial official at the Office of Management and Budget. “Our focus is on building a great company, growing our team, adding new features to and scaling our Patient3D technology platform, and expanding our partnerships and presence to further increase access to Concerto’s model of care.”
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The company takes a tech-enabled multidisciplinary approach to caring for patients in their homes. Teams made up of physicians, nurses, pharmacists, health coaches, mental health professionals and social workers attend to patients in-person and virtually to help with everything from chronic disease management to improving access to nutritious meals.
Concerto currently operates in Washington, Massachusetts, Virginia, New York, Ohio, Florida, California and Oregon. In the next year, the company said it’s expanding partnerships with value-based health plans and launching operations in new markets across the U.S., though it declined to share details about where it’s expanding.
Concerto is also looking to grow through active recruitment, according to the company. The latest round of funding will help with that as well.
In a statement, Rodney Altman, managing director at Wells Fargo Strategic Capital, said it was pleased to lead the funding round that will “enable ConcertoCare to meet the increasing need for primary and complex care delivered to the home. ConcertoCare incorporates the medical, behavioral and social determinants of health into a model that helps improve outcomes across care quality, patient experience and cost.”
Photo: RomoloTavani, Getty Images
