Optum Ventures, CVS Ventures, Anthem and HLM Venture Partners have announced that they are invest in CareBridge, a value-based care company for patients receiving home and community services.
CareBridge closed a $140 million funding round to begin expanding to more than a dozen states. Over the past year, the company has grown from approximately 1,100 patients at full risk last June to 19,000 to date and is now valued at over $1 billion.
Although the group exclusively serves Medicaid patients who have physical or intellectual disabilities and receive home and community services, the investment represents a growing payer interest in value-based care.
And with healthcare trends moving towards value-based models of care, CHWs could be in the perfect position for growth.
“ASCs continue to grow year over year as more and more cases are migrated to the setting,” said Tina DiMarino, DNP, RN, administrator of the Mid-Atlantic Surgery Pavilion in Aberdeen, Md. Becker’s. “CHWs are playing an important role in shifting to a value-based model of healthcare. CHWs also provide positive patient outcomes at a more reasonable cost.”
CMS and payers see opportunities in bundled payments versus traditional fee-for-service models. Many CHW companies and medical practices have recently entered into partnerships to strengthen value-based care and take advantage of these contracts. For example, Surgery Partners, based in Brentwood, TN, is working with ValueHealth to expand access to surgical care, with the goal of creating new CHWs and rolling out ValueHealth’s value-based surgical programs to all sites. from Surgery Partners.
For CareBridge, the funding will be used to support the company’s expansion into 16 states and Washington, DC, by next year. The expansion will be an ongoing build of the nation’s largest database for home and community services and the expansion of services for patients with intellectual and developmental disabilities.
“CareBridge is proof that you can build high-value healthcare businesses in the Medicaid space,” said Annie Lamont, managing partner of Oak HC/FT, according to a June 8 press release and the Nashville Business Journal. “We are thrilled to support the CareBridge team as they continue to expand their services to patients across the country.”