ConcertoCare Raises $105M to Expand Home Care Model
ConcertoCare, a tech-enabled, value-based care provider of at-home, comprehensive care for seniors and other adults with unmet health and social needs, has announced a new funding round and the acquisition of a home-based primary care practice.
ConcertoCare currently serves seniors in eight states, and has raised a total of $149.5 million in equity funding to date.
The company deploys physician-led interdisciplinary teams— supported by its population health platform, Patient3D, and clinical decision support tools — to manage medically and socially complex and costly patients in ways that keep them in their homes and out of the hospital.
ConcertoCare deploys an interdisciplinary care team made up of physicians, nurses, pharmacists, health coaches, behavioralists, and social workers that is available to them in person and virtually The teams use a range of connected devices, and the data they generate, to help people manage their conditions and to optimize care delivery. ConcertoCare says it works with a variety of payers, including Medicare Advantage, Medicare-Medicaid plans, and CMS value-based care programs, and can deliver care alongside a patient’s current primary care physician or serve as the provider of record. For qualifying members, ConcertoCare further expands its community-based, interdisciplinary care delivery model through its PACE, or Programs of All-Inclusive Care for the Elderly offering.
The company closed a $105 million Series B funding round led by Wells Fargo Strategic Capital. The funding round also includes investment from Obvious Ventures, Vast Ventures, The Schusterman Family Foundation, SteelSky Ventures, Pennington Partners, and returning investor Deerfield Management.
Concerto also announced it has acquired Crown Health, a home-based primary care practice serving the Pacific Northwest.
“Our mission at ConcertoCare is to keep the country’s most medically and socially complex seniors and other adults healthy and in their homes for as long as possible, and out of the emergency department and the hospital, while simultaneously empowering them to live their best lives,” said Julian Harris, M.D., M.B.A., chairman and CEO of ConcertoCare, in a statement. “This commitment from our new and existing investment partners enables us to continue innovating, growing, and improving health outcomes and quality of life for these vulnerable patients who are too often failed by the traditional American healthcare system, a situation that is frequently exacerbated by health inequities.”
