CVS Health's venture capital arm made an unspecified investment in WellBe Senior Medical, entering a strategic partnership with the senior primary care provider.
A spokesperson for WellBe Senior Medical declined Sunday to disclose the funding amount from CVS Health Ventures. In a news release, WellBe CEO Dr. Jeff Kang said the money would be used to accelerate the company’s national expansion.
WellBe provides in-home primary care to 107,000 Medicare Advantage beneficiaries in Illinois, Georgia, Utah, Ohio, West Virginia, Pennsylvania and Utah.
Related: Humana's CenterWell Primary Care joins move into the home
The company’s strategy of providing in-home care to vulnerable seniors aligns with CVS Health Ventures’ vision of “redefining the way health care is delivered in a multi-payer, patient-centric manner,” Vijay Patel, managing partner of CVS Health Ventures, said in a statement.
WellBe Senior Medical has had a partnership with CVS Aetna since 2020. It enters into capitated risk arrangements with private payers to provide home-based healthcare to Medicare Advantage members with chronic conditions. Private equity firm Chicago Pacific Founders launched WellBe Senior Medical in 2019.
WellBe is among a growing number of healthcare companies providing in-home primary care to at-risk seniors. Last summer, CenterWell Primary Care, a unit of Humana, began offering home-based care in select cities in Georgia and Louisiana. CVS-owned Oak Street Health also provides some in-home services to older adults.
