ConcertoCare is a tech-enabled, risk-based integrated care company that provides comprehensive health services to seniors with unmet health and social needs in their homes. The company offers a range of services, including palliative care, home-based primary care, and Programs of All-Inclusive Care for the Elderly (PACE). ConcertoCare operates in multiple states across the United States, focusing on delivering personalized, in-home care to improve health outcomes and quality of life for seniors.
Company Overview
ConcertoCare's mission is to keep medically and socially complex seniors healthy and in their homes for as long as possible, reducing the need for emergency department visits and hospitalizations. The company employs an interdisciplinary care team comprising physicians, nurses, pharmacists, health coaches, behavioral health specialists, and social workers. This team is available to seniors both in person and virtually to address medical and social needs, such as managing chronic conditions and accessing nutritious meals.
Services Offered
- CarePartners In-Home Support: For patients with Medicare, Medicare Advantage, or Medicare-Medicaid who have complex care needs and an existing primary care provider. Patients retain their existing doctors and benefit plans.
- In-Home Primary Care Provider: For seniors without a primary care provider, offering in-home primary care and coordinating services to help maintain physical and emotional health and independence at home.
Technological Integration
ConcertoCare utilizes a proprietary technology platform, Patient3D, to analyze patient data, identify social needs, formulate care plans, and drive quality improvement. This platform assists care teams in assimilating large quantities of complex data, generating insights into patient needs, and managing care delivery workflows. Patient3D has been recognized for its effectiveness, earning ConcertoCare the Best in Show award in the 2022 McKnight’s Excellence in Technology Awards.
Funding and Expansion
In February 2022, ConcertoCare secured a $105 million Series B funding round led by Wells Fargo Strategic Capital, with participation from Obvious Ventures, Vast Ventures, the Schusterman Family Foundation, SteelSky Ventures, Pennington Partners, and returning investor Deerfield Management. This funding aims to scale ConcertoCare's care model to provide comprehensive health services to more seniors in their homes. Additionally, ConcertoCare acquired Crown Health, a home-based primary care practice serving the Pacific Northwest, to accelerate growth and impact on clinical outcomes for seniors in the region.
Market Analysis
The home healthcare market is experiencing significant growth, driven by an aging population and a preference for in-home care services. Home health care spending reached $123.7 billion in 2020, a 9.5% increase over $113 billion in 2019. ConcertoCare operates in a competitive landscape with other in-home care providers such as Heal and Dispatch Health. The company's full-stack approach to improving outcomes for medically complex seniors positions it as a key player in the market.
Competitive Landscape
ConcertoCare faces competition from various home care providers and healthcare organizations. Major competitors include established healthcare providers and tech-driven startups offering similar services. ConcertoCare differentiates itself through its personalized care approach, innovative technology solutions, and comprehensive service offerings. The company's focus on patient-centered care and integration of advanced technology enhances its competitive position.
Recent Developments
In December 2023, InnovAge, a leading provider of the PACE model, announced the acquisition of two PACE programs in California from ConcertoCare. This acquisition aligns with InnovAge's strategy to expand its footprint and enhance its service offerings for seniors.
