CareBridge Closes $140M Financing to Expand Value-Based Care to Individuals Receiving Home and Community Based Services
NASHVILLE, Tenn., June 8, 2022 /PRNewswire/ -- CareBridge, the nation's leading value-based care solution for patients receiving home and community-based services (HCBS), announced today it has closed a $140M financing to continue expanding its services across the country. 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.
"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. "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."
Over the past 12 months, the company has grown more than 17x, expanding from serving approximately 1,100 full risk patients in June 2021 to serving approximately 19,000 full risk patients today.
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 is able to ensure individuals receive the right level of services at home to help prevent unnecessary hospitalizations and ER visits.
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. CareBridge's intervention has been shown to reduce emergency room visits, hospitalizations and total costs while receiving a NPS score of 84 from patients and families.
"CareBridge is proof that you can build great value-based healthcare companies in the Medicaid space.," said Annie Lamont, Managing Partner of Oak HC/FT. "We are excited to support the CareBridge team as they continue to expand their services to patients across the country."
Joining Oak HC/FT as investors in the company are four of the nation's largest Managed Medicaid plans, which together serve nearly 60% of all Americans receiving home and community-based services. By next year, the company will be serving 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," said Mike Tudeen, Chief Executive Officer of CareBridge. "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."
The financing, which valued the company at over $1 billion, will be used to support the company's continued geographic expansion, ongoing build of the nation's largest database for home and community-based services, and expansion of services to patients with Intellectual and Developmental Disabilities (IDD).
CareBridge is a value-based healthcare company that assists health plans and states in caring for individuals receiving home and community-based services. CareBridge's solutions include 24/7 clinical support, decision support, data aggregation, and electronic visit verification. CareBridge's solutions have been shown to reduce emergency room visits, hospitalizations and total costs while receiving a NPS score of 84 from patients and families. For more information on CareBridge, please visit www.carebridgehealth.com.
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