HarmonyCares receives $200 million to expand its value-based home primary care model

HarmonyCares describes itself as a provider of value-based long-term care in the home and has raised $200 million in capital to make its integrated, physician-led care model in the home accessible to more vulnerable patients nationwide.

Based in Troy, Michigan, HarmonyCares serves more than 70,000 patients in 15 states through value-based care partnerships with Medicare Advantage plans and Medicare ACO programs.

HarmonyCares says its physician-led model creates close relationships with patients and a deep understanding of their social and clinical needs. Its interdisciplinary team includes more than 175 primary care physicians and a care team of care managers, social workers, pharmacists and 24/7 on-call patients. The company adds that its evidence-based care model allows physicians to spend more time directly with patients and provide them with personalized care based on patients’ individual needs.

The funding round was led by General Catalyst, McKesson Ventures and a large national payer, and was joined by K2 HealthVentures and existing investors Rubicon Founders, Valtruis, HLM Capital and Oak HC/FT.

“There is an urgent need to expand access to long-term care, especially as many patients in the U.S. already struggle to get the care they need,” HarmonyCares CEO Matthew Chance said in a statement. “This latest investment allows us to double down on our commitment to expand access to value-based care for patients with complex clinical and social needs who often have limited access to care, resources or even nearby family.”

In September 2023, HarmonyCares announced that its MSSP ACO, USMM Accountable Care Partners LLC, achieved $31.1 million in shared savings through the Medicare Shared Savings Program in performance year 2022. These savings make HarmonyCares the top-performing MSSP ACO in savings per beneficiary in the Enhanced Track in 2022 and No. 2 in savings per beneficiary overall, the company said.