HarmonyCares Secures $200M to Expand Access to In-Home Primary Care

The investment will enable HarmonyCares to bring its in-home value-based primary care model, which already supports 70,000 patients in 15 states, to more people across the U.S.

NASHVILLE, Tenn., July 8, 2024 /PRNewswire/ -- HarmonyCares, a leading provider of value-based in-home longitudinal care, today announced that it has raised $200M of capital to bring its integrated, physician-led in-home care model to more vulnerable patients nationwide. The funding round was led by General Catalyst, McKesson Ventures, and a large national payor which were joined by K2 HealthVentures and existing investors, Rubicon Founders, Valtruis, HLM Capital, and Oak HC/FT to expand HarmonyCares services to additional geographies and develop new technology to drive clinical outcomes and patient satisfaction at scale.

Across the U.S., many patients struggle to access primary care services. In fact, in a recent survey, 33 percent of Medicare Advantage patients and 32 percent of Medicare patients said that they struggle to access primary care. As a result, these patients often face poorer health outcomes, increased preventable hospitalizations, and higher healthcare costs due to delayed treatment and unmanaged chronic conditions.

"There is an urgent need to expand access to longitudinal care, particularly as many patients across the U.S. are already struggling to get the care they need," said Matthew Chance, CEO of HarmonyCares. "This latest investment enables us to double-down on our commitment to expand access to value-based care for patients with complex clinical and social needs and who often have limited access to care, resources, or even family nearby."

For more than 30 years, HarmonyCares has led the industry in providing care for older adults living with serious health conditions. Today, HarmonyCares supports more than 70,000 patients in 15 states through value-based care partnerships with Medicare Advantage plans and Medicare ACO programs.

"Healthcare today lacks a platform at scale that comprehensively delivers services to our most complex patients in the convenience of their home," said Chris Bischoff, Managing Director at General Catalyst. "HarmonyCares is well on this journey and actively manages our most vulnerable patients in an economic model where incentives are aligned. We are excited to welcome Matt and the broader HarmonyCares team to our Health Assurance ecosystem."

HarmonyCares' physician-led model establishes close relationships with patients and a deep understanding of their social and clinical needs. Its interdisciplinary team includes more than 175 primary care providers and a care team consisting of nurse care managers, social workers, pharmacists, and 24-7 on-call support for patients. Its evidence-based care model allows providers to spend more time directly with patients, delivering personalized care based on the individual needs of the patient.

Centerview Partners acted as the sole placement agent and Ropes & Gray LLP served as HarmonyCares' legal counsel in connection with the transaction.

About HarmonyCares
HarmonyCares is a leading value-based care provider of in-home primary care services for people with complex healthcare needs. Based in Troy, Michigan, HarmonyCares operates home-based primary care practices in 15 states, constituting a 175+ primary care provider group that delivers high quality primary care under an integrated, physician-driven model which includes ancillary services such as home health, hospice, palliative care, radiology, and laboratory.

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SOURCE HarmonyCares