HarmonyCares in Troy Secures $200M to Expand Access to In-home Care Nationwide

HarmonyCares, a provider of value-based in-home longitudinal care based in Troy, today announced it has raised $200 million of capital to bring its integrated, physician-led in-home care model to more vulnerable patients nationwide.
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HarmonyCares has raised $200 million of capital to bring its in-home care model to more vulnerable patients nationwide. // Stock photo

HarmonyCares, a provider of value-based in-home longitudinal care based in Troy, today announced it has raised $200 million 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 joined by K2 HealthVentures and existing investors Rubicon Founders, Valtruis, HLM Capital, and Oak HC/FT.

In addition to helping to expand HarmonyCares services geographically, the investment is expected to advance the development of new technology to drive clinical outcomes and patient satisfaction at scale.

“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,” says 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 provided care for older adults living with serious health conditions. Today, the company supports more than 70,000 patients in 15 states through value-based care partnerships with Medicare Advantage plans and Medicare ACO programs.

“Health care today lacks a platform at scale that comprehensively delivers services to our most complex patients in the convenience of their home,” says 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 is based on establishing 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.

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.