HarmonyCares Gets $200M to Expand in-Home Value-Based Primary Care Model
HarmonyCares, which bills itself as a provider of value-based in-home longitudinal care, has raised $200 million of capital to bring its integrated, physician-led in-home care model to more vulnerable patients nationwide.
Troy, Mich.-based HarmonyCares supports more than 70,000 patients in 15 states through value-based care partnerships with Medicare Advantage plans and Medicare ACO programs.
HarmonyCares says its physician-led model establishes close relationships with patients and a deep understanding of their social and clinical needs. Its interdisciplinary team includes more than 175 primary care providers and a care team consisting of nurse care managers, social workers, pharmacists, and 24x7 on-call support for patients. The company adds that its evidence-based care model allows providers to spend more time directly with patients, delivering personalized care based on the individual needs of the patient.
The funding round was led by General Catalyst, McKesson Ventures, and a large national payer, which were joined by K2 HealthVentures and existing investors, Rubicon Founders, Valtruis, HLM Capital, and Oak HC/FT.
"There is an urgent need to expand access to longitudinal care, particularly as many patients across the U.S. are already struggling to get the care they need," said Matthew Chance, CEO of HarmonyCares, in a statement. "This latest investment enables us to double down on our commitment to expand access to value-based care for patients with complex clinical and social needs and who often have limited access to care, resources, or even family nearby."
In September 2023, HarmonyCares announced that its MSSP ACO, USMM Accountable Care Partners LLC, achieved shared savings of $31.1 million through the Medicare Shared Savings Program in performance year 2022. These savings rank HarmonyCares as the best-performing MSSP ACO in savings per beneficiary on the Enhanced track in 2022, and No. 2 in savings per beneficiary overall, the company said.
