Optum, Anthem among backers of value-based care startup's $140M financing round

CareBridge, a value-based care company for patients receiving home and community-based services, has closed a $140 million financing round to begin expanding to more than a dozen states.  

Financing for the Nashville, Tenn.-based company was led by investment firm Oak HC/FT and included four of the nation's five largest managed Medicaid plans: Optum Ventures, CVS Ventures, Anthem and HLM Venture Partners, according to a June 8 news release and the Nashville Business Journal.

Over the last year, the company has grown from serving approximately 1,100 full-risk patients last June to 19,000 to date and is now valued at over $1 billion. It exclusively serves Medicaid and dual-eligible patients who have a physical or intellectual disability and are receiving home and community-based services. Services include 24/7 clinical support, decision support, data aggregation and electronic visit verification.

The financing will be used to support the company's expansion to 16 states and Washington, D.C., by next year, an ongoing build of the nation's largest database for home and community-based services and expansion of services to patients with intellectual and developmental disabilities.

"CareBridge is proof that you can build great value-based healthcare companies in the Medicaid space," Annie Lamont, managing partner of Oak HC/FT, said. "We are excited to support the CareBridge team as they continue to expand their services to patients across the country."

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