CareBridge, a value-based care solution for patients receiving Home and Community Services (HCBS), closed a $140 million funding round. Over the past 12 months, the company says it has gone from around 1,100 high-risk patients in June 2021 to around 19,000 high-risk patients today.
The funding was led by Oak HC/FT, with four of the nation’s five largest managed Medicaid plans also co-investing in the company. By next year, the society will serve members in 16 states and the District of Columbia.
Nashville-based CareBridge exclusively serves Medicaid and dual-eligibility patients who have physical or intellectual disabilities and receive home and community services. CareBridge’s suite of solutions includes 24/7 clinical support, decision support, data aggregation and electronic visit verification. By taking risks for the total cost and quality of care for a patient, CareBridge ensures that individuals receive the right level of home care services to help prevent unnecessary hospitalizations and emergency room visits.
“CareBridge is revolutionizing care for people on Medicaid receiving home and community services,” said Brad Smith, former director of the Center for Medicare and Medicaid Innovation (CMMI) and executive chairman of CareBridge, in a statement. “By helping to coordinate care and providing 24/7 access to a clinician, CareBridge helps individuals live healthier, more independent lives while staying at home.”
CareBridge’s 24/7 clinical support solution includes the deployment of a tablet in the homes of high-risk individuals so that those individuals, their family members and caregivers can contact a CareBridge 24 clinician 24 hours, 365 days a year. The CareBridge clinical team includes physicians, nurse practitioners, social workers, behavioral health specialists and pharmacists. The company said the intervention reduced emergency room visits, hospitalizations and total costs while achieving an NPS score of 84 from patients and families.