Caring for harmonyis a virtual care coordination startup with a mission to help hospitals deliver more value-based care.
that task got a $15 million improve through Series A financing. Maverick Ventures led the round with participation from Nashville Capital Network. The company will use its new influx of capital to fuel the growth of its platform and accelerate hiring.
Because value-based care motivates providers to focus on quality of care, moving to these models of care requires them to make care decisions based on a wealth of data. Because of this, investors and vendors are eyeing data-driven companies like CareHarmony.For example, value-based care startups Bridge of Care and Aledad They raised $140 million and $123 million, respectively, in June.
In its press release, CareHarmony noted that federal programs such as Medicare Shared Savings Plan High-income hospitals and health systems are being asked to adopt contracts based on downside risk in an increasingly shorter period of time.
Brentwood, Tennessee-based CareHarmony was founded in 2015 to upend the existing “encounter-based data view of the world,” said Gokul Mohan, the company’s co-founder and CEO. What he means is that providers often base the care they provide on intermittent treatment, rather than considering other data that can create a more comprehensive picture for each patient. CareHarmony is challenging this paradigm by leveraging machine learning on new datasets, including clinical, claims and social data from patients, to improve scalability of care teams, he said.
By applying machine learning algorithms to these datasets, CareHarmony provides recommendations for care teams to assign targeted interventions based on patient profiles. The model is designed to ensure clinicians can deliver the right care to the right patient at the right time and at scale. It allows patients to be treated as unique individuals and have a “truly personalized path” through the healthcare ecosystem, Mohan added.
Many providers have attempted to “integrate” care coordination solutions within their EMRs, and the result is a highly manual process with unstructured data and limited population visibility, Mohan said.
“Simply put — it can’t scale,” he said. “With our CareBlocks platform, focusing on new datasets that didn’t exist before is a complete paradigm shift. With this, encounters in EMR are not the end of the patient journey, but only the beginning.”
CareHarmony works with hospitals and health systems that use risk-based contracts or other value-based arrangements. According to Mohan, more than 40 hospitals and health systems in more than 20 states are customers.he claim CareHarmony customers participating in the Medicare Shared Savings Program achieved shared savings 95% of the time over the past four years, including 100% success in the most recent performance year. The company bills customers on a per-patient monthly basis.
brochure Currently values The price for CareHarmony is about $71 million.As the shift to value-based care continues, we’ll just have to see if this number grows and if CareHarmony can differentiate itself from its competitors, which include MD Revolution and Signal health.
Photo: Liubomir Worona, Getty Images
