Subjects: VEN, SCZ
WellBe Senior Medical Secures Investment from CVS Health Ventures to Accelerate Nationwide Expansion
CHICAGO, Jan. 7, 2024 /PRNewswire/ -- WellBe Senior Medical, an in-home value-based care provider to the Medicare Advantage population, announced an investment from CVS Health Ventures, the corporate venture capital arm of CVS Health. This strategic partnership and investment will help to accelerate WellBe's national expansion. Today, WellBe operates in seven states, has over 107,000 Medicare Advantage members and over $2 billion in premium under management, and is the fastest-growing independent provider of value-based care in the home for Medicare Advantage.
The company's rapid growth underscores the critical need for better solutions and investment in senior healthcare. "CVS Health Ventures is committed to helping provide seamless access to quality health care, especially for vulnerable populations like seniors," says Vijay Patel, Managing Partner of CVS Health Ventures. "WellBe's innovative approach to in-home medical care aligns with our vision of redefining the way health care is delivered in a multi-payor, patient-centric manner. Our collaboration with WellBe will support their mission to empower seniors to live healthier, happier lives in their homes."
WellBe's prescribing providers bring specialized geriatric care into the patient's home. Many of the services available from a typical physician clinic are now delivered to the home, proactively managing care for the sickest and most complex Medicare Advantage patients. WellBe partners with Medicare Advantage health plans via global capitated risk arrangements to manage the ten to fifteen percent of members with very high and rising medical loss ratios. This allows WellBe to guarantee savings up front to the health plan and take on the risk of managing this costly population. By delivering proactive medical care at home, available to patients 24/7/365, WellBe's best-in-class model helps avoid unnecessary hospitalizations, reducing total medical cost while improving overall patient satisfaction. Additionally, WellBe improves HEDIS measures leading to an increase in Star Ratings from a low of 2.5 to a high of 4.5.
WellBe was cofounded by Chicago Pacific Founders (CPF) and provided the capital to grow WellBe to this point. CPF invests in founder-led healthcare services companies and helps drive healthcare services innovation forward. "WellBe has proven its ability to significantly improve the quality and health outcomes for the sickest and most frail in our communities," said Mary Tolan, Founder and Managing Partner of CPF. "We are passionate about WellBe's commitment to providing the level of care we want for our family members and loved ones. The patient outcomes speak profoundly of the company."
"All of us have had an elderly friend or family member whose health increased in complexity with age, limiting every aspect of their life," said Dr. Jeffrey Kang, Founder and CEO of WellBe Senior Medical. "This makes traditional office-based care inconvenient, unresponsive, and often unavailable when it's needed. Instead of trying to bring these frail patients to the care, the solution is to bring the care to the patient, in the comfort of their own home. We've found that WellBe can provide more than 90 percent of what occurs in a primary care doctor's office conveniently at home. Access to WellBe's in-home geriatric care should be available to everyone, which is why we're passionate about partnering with payors nationwide, removing yet another barrier to care for patients. This collaboration with CVS Health Ventures fuels our mission to share our proven care model with more payors, more communities, and more patients."
About WellBe Senior Medical
WellBe Senior Medical works with health plans to provide home-based medical care (HBMC) to patients who are facing multiple complex health challenges. WellBe's providers are committed to providing personalized CompleteCaretm wherever our patients call home. Our care team works together with patients, their caregivers, and physicians to nurture all aspects of health. For more information, or to see if you or a loved one is eligible to receive care from WellBe Senior Medical please visit wellbe.com or call 1-855-493-5523.
About CVS Health Ventures
CVS Health Ventures is a dedicated corporate venture capital fund that works with high-potential, early-stage and growth-stage companies focused on making health care more accessible, affordable, and simpler. The company focuses on investments that transform care delivery and focus on whole person care, consumer-centric health, and disruptive technology enablement. CVS Health Ventures' goal is to enable promising entrepreneurs to scale more quickly and effectively through access to their unmatched enterprise capabilities and consumer touchpoints, while offering expertise and insights from their company's unique perspective. For more information, visit cvshealth.com/health-care-redefined/ventures.html.
About Chicago Pacific Founders
Based in Chicago and San Francisco, Chicago Pacific Founders ("CPF") is a leading strategic private equity firm focused on investing in growth companies within value-based care, healthcare services, AI and tech enabled services, and caring for aging populations. CPF believes that the most significant societal impact and investment returns from healthcare for the next decade will be generated by investment in delivery model innovation. CPF's leadership team is made up of former healthcare founders, senior executives, and investment professionals with a passion and track record of building healthcare businesses. Additionally, CPF has a vertically integrated Senior Housing strategy and a complementary medical office investment strategy that leverages CPF's extensive healthcare industry relationships. For more information, please visit www.cpfounders.com.
CONTACT: Brian Reuhl
[email protected]
SOURCE WellBe Senior Medical
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