Homeward Aims to Provide Care in Rural Areas with $50M in New Funding
There are various companies out there helping people get healthcare, and Homeward is looking to do the same in rural America, which is facing increasingly strenuous healthcare circumstances as hospitals and physicians dwindle. As for the care available, it is often expensive or far away. With the new round of funding, Homeward is looking to expand into new states and markets, which you can learn more about below.
Homeward, a company committed to rearchitecting the delivery of health and care in partnership with communities everywhere, starting in rural America, today announced a $50 million Series B funding round co-led by ARCH Venture Partners and Human Capital. The funding round also includes participation from General Catalyst, which led Homeward’s Series A funding, and Lee Shapiro and Glen Tullman, Co-Founders of 7wireVentures, one of the country’s most successful early stage healthcare venture funds.
Homeward also announced its first value-based care partnership with Priority Health to deliver comprehensive care to Medicare Advantage members in rural Michigan. The company will use the new funds to accelerate expansion into new markets through value-based contracts with health plans. Homeward will also invest in scaling its on-the-ground and virtual multidisciplinary care teams, including specialty care, as it expands into additional states in the coming months.
“Despite the fact that nearly one in five Americans live in rural communities, our current healthcare system is ill-equipped to support these individuals with consistent access to high-quality care,” said Dr. Jennifer Schneider, chief executive officer of Homeward. “Homeward’s partnership with Priority Health is a monumental step to provide convenient, personalized, and high-quality care to Medicare beneficiaries across Michigan, but we are just getting started. Our target market is tightly distributed among a small handful of health plans. In fact, approximately 90 percent of Medicare-eligible beneficiaries who live in rural markets are covered by seven payers. This funding enables us to reach rural populations even faster in partnership with health plans and local physicians.”
Homeward is an in-network provider that deploys an integrated care model including mobile, community-based care and technology. Through this approach, Homeward improves convenient access to care, supports ongoing health management, and appropriately triages clinical services to help healthcare professionals practice at the top of their license. Homeward providers see members in mobile clinics throughout the community, virtually, and in members’ homes. These teams conduct physical exams, perform diagnostic tests, and integrate with regional health systems, local physicians, and specialists to provide care coordination, referring members to local in-person services as needed. Using cellular-based remote monitoring, Homeward keeps members connected to their multidisciplinary care team wherever they are, and uses the information to deliver a deeply personalized care experience and positive health outcomes.
“Homeward is spearheading a transformational change in how healthcare is delivered and paid for in rural communities,” said Robert Nelsen, co-founder and managing director at ARCH Venture Partners. “We prioritize investing in bold, industry-changing business models and proven leadership teams, and we’re confident that Homeward will deliver on its commitment to overcome the traditional access barriers in rural markets.”
Americans living in rural communities are experiencing increasing health disparities due to accelerated rural hospital closures and physician shortages. In fact, Americans living in rural communities suffer a mortality rate 23 percent higher than those in urban communities due to the lack of access to quality care.
“Homeward has combined an impactful mission with what we believe to be an incredible leadership team,” said Armaan Ali, co-founder and chief executive officer of Human Capital. “We’re impressed with their early success as they continue to improve access to care while also striving to uplift communities within the markets they serve. We’re excited to help build what we feel is a world-class team at Homeward.”
Homeward is rearchitecting rural health and care for the 60 million Americans living in rural communities. As a new value-based care provider, Homeward employs multidisciplinary care teams, available in-home, virtually, and on the ground via mobile care units, with remote monitoring to better connect patients to high-quality, affordable, and comprehensive care. Today, the company supports Medicare-eligible beneficiaries, including by partnering with Medicare Advantage plans, and takes full risk for the cost of care of its members to improve outcomes and reduce costs. For more information, please visit www.homewardhealth.com.
The original press release can be found on Homeward’s website.
Spencer Hulse is a news desk editor at Grit Daily News. He covers startups, affiliate, viral, and marketing news.