CareBridge – a value-based solutions platform for home- and community-based services – has closed on $140 million in financing.
To date, the company has brought in $180 million in funding, including the $40 million it raised prior to its launch in early 2020. The most recent round was led by the venture capital and private equity firm Oak HC/FT, which also participated in the initial round.
Four of the nation’s five largest Medicaid managed care organizations (MCOs) also contributed and co-invested in the company, according to the CareBridge. The MCOs were not named.
“CareBridge is revolutionizing care for individuals on Medicaid receiving home and community-based services,” Brad Smith, the former director of the Center for Medicare and Medicaid Innovation (CMMI) and executive chairman of CareBridge, said in a press release. “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.”
The financing round values the company at over $1 billion, according to the release.
The funding will go toward the expansion of CareBridge’s HCBS model to Medicaid and dual-eligible patients with physical or intellectual disability across the country, according to the company.
The Nashville, Tennessee-based company’s suite of solutions includes 24/7 clinical support, decision support, data aggregation and electronic visit verification (EVV). Its growth over the last year was also highlighted in the press release: The company has grown more than 17 times, from 1,100 full-risk patients in June of last year to 19,000 such patients currently.
In addition to that further expansion, the financing will be utilized to back CareBridge’s database for HCBS and further its ability to care for patients with intellectual and developmental disabilities (I/DD).
CareBridge was originally formed through the merger of the Knoxville, Tennessee-based HealthStar and Chicago-based Sinq Technologies, both of which were long-term support services tech companies.
Besides being inherently involved with home-based care through HCBS, CareBridge also has partnerships with major players in the space, including Bayada Home Health Care.
“CareBridge is proof that you can build great value-based healthcare companies in the Medicaid space,” Annie Lamont, managing partner of Oak HC/FT, said in the press release. “We are excited to support the CareBridge team as they continue to expand their services to patients across the country.”
By next year, the company is planning to serve members in 16 states and the District of Columbia.
“We are excited to have many of the nation’s largest Managed Medicaid plans as investors,” Mike Tudeen, CEO of CareBridge, said in the release. “Their investment speaks to the uniqueness and importance of CareBridge’s solution. Our strong growth allows us to impact the lives of more individuals and to influence our nation’s system of care around this deserving population.”
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