Homeward, a healthcare supply firm centered on rural healthcare, has introduced a $50 million Series B funding spherical co-led by ARCH Venture Partners and Human Capital.
The firm additionally introduced its first value-based care partnership with Priority Health to ship care to Medicare Advantage members in rural Michigan. Homeward stated it will use the brand new funds to speed up growth into new markets by value-based contracts with well being plans.
The funding spherical additionally contains participation from General Catalyst, which led Homewards Series A funding, and Lee Shapiro and Glen Tullman, cofounders of 7wireVentures, an early stage healthcare enterprise fund.
Homeward may even make investments in scaling its on-the-ground and digital multidisciplinary care groups, together with specialty care, because it expands into extra states in the approaching months.
WHY THIS MATTERS
Homeward addresses a necessity in rural America, in line with CEO Dr. Jennifer Schneider.
Despite the truth that almost one in 5 Americans dwell in rural communities, our present healthcare system is ill-equipped to assist these people with constant entry to high-quality care, Schneider stated by assertion. Our goal market is tightly distributed amongst a small handful of well being plans. In truth, roughly 90% of Medicare-eligible beneficiaries who dwell in rural markets are lined by seven payers. This funding permits us to achieve rural populations even sooner in partnership with well being plans and native physicians.
THE LARGER TREND
Homeward is an in-network supplier that deploys an built-in care mannequin together with cellular, community-based care and know-how. Homeward suppliers see members in cellular clinics all through the neighborhood, just about, and in members’ houses. These groups conduct bodily exams, carry out diagnostic assessments, and combine with regional well being techniques, native physicians, and specialists to offer care coordination, referring members to native in-person companies as wanted.
The firm helps Medicare-eligible beneficiaries, together with by partnering with Medicare Advantage plans, and takes full threat for the price of care of its members.
Schneider and different veterans from power care administration firm Livongo launched Homeward in March with a $20 million funding from General Catalyst.
It quickly partnered with Rite Aid to permit pharmacists to attach their Medicare-eligible clients with Homeward for care.
Americans residing in rural communities are experiencing rising well being disparities as a result of accelerated rural hospital closures and doctor shortages. In truth, Americans residing in rural communities undergo a mortality price 23% larger than these in city communities as a result of lack of entry to care, in line with Homeward.
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