The in-home care company HarmonyCares – formerly known as U.S. Medical Management – has raised $200 million. The funding round was led by General Catalyst, McKesson Ventures and a “large national payer.”
K2 HealthVentures and other existing investors – such as Rubicon Founders, Valtruis, HLM Capital and Oak HC/FT – also participated in the round.
HarmonyCares will use the money to expand to additional geographies and develop new technology to “drive clinical outcomes and patient satisfaction at scale.” The Troy, Michigan-based company is already in 15 states and cares for over 70,000 patients under Medicare Advantage (MA) plans and Medicare Accountable Care Organization (ACO) programs.
It provides in-home primary care, as well as home health care, hospice care, palliative care, radiology and laboratory services. Its physician-led care teams include nurse care managers, social workers, pharmacists and 24-7 on-call support.
“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,” HarmonyCares CEO Matthew Chance said in a statement. “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.”
General Catalyst has invested in a wide range of health care companies over the years, including Homeward Health, another home-based primary care provider.
“Health care today lacks a platform at scale that comprehensively delivers services to our most complex patients in the convenience of their home,” General Catalyst Managing Director Chris Bischoff said in a statement. “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.”
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