With the latest funding news, the trend to provide care outside the walls of a hospital or clinic continues to accelerate.
ConcertoCare, which provides home care for seniors with a range of medical and social needs, announced Thursday that it has raised $105 million as the New York City-based provider looks to expand in eight states and beyond.
Wells Fargo Strategic Capital led the Series B round, which brings the firm’s total funding to date to $149.5 million, Concerto Care in a say Press ReleasesObvious Ventures, Vast Ventures, the Shusterman Family Foundation, SteelSky Ventures, Pennington Partners and returning investor Deerfield Management also contributed.
Concerto also announced that it has acquired Crown Health, a leading home-based primary care agency serving the Pacific Northwest for an undisclosed amount. The company said the acquisition will accelerate its growth and increase Concerto’s impact on clinical outcomes and the lives of older adults across the region.
Taken together, the acquisition and the funds raised will support the company’s goal of serving more seniors and other unmet health and social needs at home, CEO Dr. Julian Harris said in an email. Satisfied adults provide comprehensive care.
“These vulnerable patients often fail the traditional U.S. health care system, which is often exacerbated by health inequities,” said Harris, also a practicing physician and former chief of the Office of Management and Budget. Healthcare Financial Officer. “Our focus is on building a great company, growing our team, adding new capabilities to our Patient3D technology platform and expanding our partnerships and reach to further increase access to the Concerto model of care.”
The company employs a technology-enabled, multidisciplinary approach to caring for patients at home. Teams of doctors, nurses, pharmacists, health coaches, mental health professionals and social workers serve patients in person and virtually help with everything from chronic disease management to improving access to nutritious meals.
Concerto currently operates in Washington, Massachusetts, Virginia, New York, Ohio, Florida, California and Oregon. Next year, the company said it would expand partnerships with value-based health plans and expand into new markets across the U.S., but declined to give details on where it would expand.
Concerto also expects to grow through aggressive hiring, according to the company. The latest funding round will also help.
Rodney Altman, managing director of Wells Fargo Strategic Capital, said in a statement that he was delighted to lead the round, which will “enable the Concerto Care To meet the growing demand for primary and complex Care delivered to home. Concerto Care Integrate medical, behavioral, and social determinants of health into a model that helps improve outcomes across all dimensions Care Quality, patient experience and cost. “
Photo: Romolo Tavani, Getty Images
