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General Catalyst leads in-home care provider HarmonyCares $200M round

In-home, value-based longitudinal primary care provider HarmonyCares announced it secured $200 million in a funding round led by General Catalyst, a large national payor and McKesson Ventures. 

K2 HealthVentures and existing investors Valtruis, Rubicon Founders, Oak HC/FT and HLM Capital also participated in the round. 

WHAT IT DOES

HarmonyCares is a physician-led, value-based primary care provider that treats older adults with serious health conditions in their homes. 

Its team consists of more than 175 primary care providers as well as pharmacists, social workers and nurse case managers. The company also offers 24/7 on-call patient support and partners with Medicare ACO programs and Medicare Advantage plans. 

The company will use the funds to scale its reach geographically and advance its technology offerings. 

“Healthcare today lacks a platform at scale that comprehensively delivers services to our most complex patients in the convenience of their home,” Chris Bischoff, managing director at General Catalyst, 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.”

MARKET SNAPSHOT

Michigan-based HarmonyCares was founded in 1993 as U.S. Medical Management LLC (USMM), a house-call physician practice. 

In 2021, managed care company Centene, a majority stakeholder in USMM, announced it signed a definitive agreement to sell its majority stake to HLM Venture Partners, Rubicon Founders, Oak HC/FT, and Valtruis, a WCAS company. 

A year later, USMM became HarmonyCares in a huge rebranding campaign and joined the Centers for Medicare and Medicaid Services (CMS) Innovation Center ACO REACH program to focus on providing value-based care for patients. 

Other companies focused on providing in-home care services to patients include Denver-based DispatchHealth, home-based cancer care platform Reimagine Care and California-based virtual care company Included Health. 

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