CareBridge Gets Funding to Expand Value-Based Home Care Model
CareBridge, a value-based care solution for patients receiving home and community-based services (HCBS), has closed a $140 million financing round. Over the past 12 months, the company says it has expanded from serving approximately 1,100 full-risk patients in June 2021 to serving approximately 19,000 full-risk patients today.
The financing was led by Oak HC/FT with four of the nation's five largest managed Medicaid plans also having co-invested in the company. By next year, the company will be serving members in 16 states and the District of Columbia.
Nashville-based CareBridge exclusively serves Medicaid and dual-eligible patients who have a physical or intellectual disability and are receiving home and community-based services. CareBridge's suite of solutions includes 24/7 clinical support, decision support, data aggregation and electronic visit verification. By taking risk for the total cost and quality of care for a patient, CareBridge works to ensure individuals receive the right level of services at home to help prevent unnecessary hospitalizations and ER visits.
"CareBridge is revolutionizing care for individuals on Medicaid receiving home and community-based 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 coordinate care and provide 24/7 access to a clinician, CareBridge is helping individuals live healthier, more independent lives while remaining at home."
CareBridge's 24/7 clinical support solution includes deploying a tablet to the home of high-risk individuals so that those individuals, their family members, and their caregivers can contact a CareBridge clinician 24 hours a day, 365 days a year. CareBridge's clinical team includes physicians, nurse practitioners, social workers, behavioral health specialists, and pharmacists. The company said the intervention has been shown to reduce emergency room visits, hospitalizations and total costs while receiving a NPS score of 84 from patients and families.
