Home-based provider HarmonyCares announced Monday it raised $200 million in new funding to develop technologies and expand services to more older adults in a wider geographic area.
General Catalyst, McKesson Ventures and a large unnamed national payer led the funding round, according to a news release. Additional investors included K2 HealthVentures, Rubicon Founders, Valtruis, HLM Capital and Oak HC/FT.
Related: What in-home senior care brings to Medicare Advantage
HarmonyCares provides longitudinal services to 70,000 older adults in 15 states mostly in the Midwest. Such services offer more holistic and integrated care to medically complex patients. The company plans to use the funding to expand to new markets within those states and adjacent ones where it has existing contracts with large health insurers, according to CEO Matthew Chance. He said the company will also use the money to upgrade its electronic medical record system and develop logistics technology that aids in tracking and deploying staff.
The physician-led company, based in Troy, Michigan, provides healthcare to older adults with serious health conditions through contracts with Medicare Advantage plans and Medicare accountable care organizations. It uses interdisciplinary teams of physicians, nurse care managers, social workers and pharmacists who are backed up by 24/7 call center support.
HarmonyCare is among a growing number of providers that partner with Medicare Advantage plans to offer home-based care to frail older adults in their homes. Other companies include WellBe Senior Medical, Patina Health and CenterWell Primary Care.
