WellBe Senior Medical, a Chicago, IL-based in-home value-based care provider, received an investment from CVS Health Ventures.
The amount of the deal was not disclosed.
This strategic partnership and investment will help the company accelerate its national expansion.
Led by Dr. Jeffrey Kang, Founder and CEO, WellBe Senior Medical works with health plans to provide home-based medical care (HBMC) to patients who are facing multiple complex health challenges. 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.
The company 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. By delivering proactive medical care at home, available to patients 24/7/365, WellBe’s model helps avoid unnecessary hospitalizations, reducing total medical cost while improving overall patient satisfaction.
Today, WellBe operates in seven states, has over 107,000 Medicare Advantage members and over $2 billion in premium under management.
