Brentwood-based care coordination software provider CareHarmony announced this week it closed a $15 million Series A funding round.
The company said that its technology has seen an increase in demand as it helped hospitals and health systems save money when programs such as the Medicare Shared Savings Program began mandating progress toward a downside risk model of payment, where the risk is either shared between payers and providers or assumed entirely by providers. The investment will fuel development of its CareBlocks technology and help the company increase hiring.
CareBlocks is marketed as an AI-powered approach platform that combines clinical and financial data sets with social and consumer data.
The funding round was led by San Francisco-based investment firm Maverick Ventures, with participation from Nashville Capital Network, according to a press release. In 2018, CareHarmony secured early-stage funding from the Nashville Capital Network.
“This round of financing is a validation of CareHarmony’s vision to redefine what is possible in virtual care,” said Gokul Mohan, co-founder and CEO of CareHarmony. “As we continue to scale, this capital will help us deliver on our commitment to bring efficient, impactful and measurable virtual care to every patient. The days of rationing care coordination to the top 1-2 percent most complex patients will soon be a thing of the past.”