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HarmonyCares CEO plans to use $200 million investment to “significantly improve” home care technology

HarmonyCares CEO plans to use 0 million investment to “significantly improve” home care technology
HarmonyCares CEO plans to use 0 million investment to “significantly improve” home care technology

Home care technology is evolving rapidly, with new innovations like artificial intelligence offering providers exciting growth opportunities. HarmonyCares, a physician group that provides home care services to patients in need of care, recently raised $200 million in capital to leverage new technology to deliver better outcomes for patients and physicians, the company announced this week.

“We have evaluated what we are using and see an opportunity for us to significantly upgrade,” HarmonyCare CEO Matt Chance said Tuesday in an interview with McKnight’s Home Care“With all the things that are coming out right now in AI, machine learning and some of these other areas, investing in logistics and routing technologies will allow us to be more efficient and effective within the populations that we serve and really reach those populations more effectively.”

HarmonyCares, which primarily provides home health, home health care, hospice and palliative care, and radiology and laboratory services, is particularly interested in modernizing its logistics systems for scheduling, tracking and deploying employees, Chance said. Part of the $200 million investment will also be earmarked for improving its electronic medical record system.

“Most EMRs aren’t really designed to work from home,” Chance said. “So we’re trying to develop workflows that are both patient- and provider-centric and allow us to create a better experience where providers can not only interact with a patient while sitting at their laptops, but in a way that harmonizes with the visit.”

With the funds raised, Chance said the company will look for ways to use technology to better address the social determinants of patient health (SDOH).

“SDOH is really important for this population,” he said. “There are some technologies that allow us to connect to the broader community resources. We’re using some of those now, but we’re going to continue to improve that.”

Such improvements are critical to HarmonyCares’ two-pronged growth strategy. The $200 million investment, which included contributions from private equity and venture capital firms General Catalyst, McKesson Ventures, K2 HealthVentures, Rubicon Founders, Valtruis, HLM Capital and Oak HC/FT, Chance said, will help the company increase its impact in existing markets while expanding into new geographies and building partnerships. The company currently serves more than 70,000 patients in 15 states.

Technological innovation is critical to the success of value-based healthcare, he added. HarmonyCares focuses on serving both traditional Medicare and Medicare Advantage patients. The latest investment will allow the company to expand the reach of its value-based model to patients with limited access to healthcare.

“For this model to work, you really have to be in one of those value-based models,” he explained. “So it’s critical for us to have value-based agreements with both managed care plans and the government programs that are available so that we can grow and expand to provide access to the population.”

The McKnight’s Tech Daily is an e-newsletter for the readers of McKnight’s Long-Term Care News, McKnight’s Senior Living And McKnight’s home care.