IRVINE, CA--(Marketwired - Nov 1, 2016) - ConcertoHealth, the nation's leading provider of healthcare services for complex, frail, elderly, and Medicare-Medicaid dual-eligible patients, today announced the completion of a $30 million round of financing from existing investors. The new round of growth equity will support rapid expansion of the company's proven care model with new and existing payor partners.
The financing was co-led by Aboretum (Ann Arbor, MI) and Deerfield Management Company (New York, NY). Leslie Henshaw, partner, Deerfield Management Company will join ConcertoHealth's board of directors. Tim Petersen, managing director, Arboretum Ventures, remains chairman of the board.
"This is a vital time in ConcertoHealth's growth cycle, as we expand operations in our current Michigan and Washington markets and look to extend our proven clinical care model to new markets," said Alec Cunningham, president and chief executive officer, ConcertoHealth. "The renewed commitment from our investment partners is affirmation of ConcertoHealth's growth prospects, and will allow us to meet enormous market demand for a value-based healthcare delivery solution for our nation's most vulnerable patients."
"Arboretum is pleased to have co-led this round of financing, which will allow ConcertoHealth to address the significant market demand for their care model," said Tim Petersen. "ConcertoHealth provides excellent team-based primary care and a population health management platform that empowers health plans and providers to manage patient care more efficiently and effectively. ConcertoHealth has proven that their unique care model works, having consistently produced market-leading healthcare quality, regulatory compliance, and medical-cost performance results."
ConcertoHealth integrates clinical care with social services to ensure patients receive individualized primary and preventive care across and between settings. The company has deep expertise caring for Medicare, Medicaid and complex medical needs patients.
"ConcertoHealth's proven, risk-bearing primary care platform solution is unique," said Leslie Henshaw. "The demand for Concerto's services demonstrates that health plans and other payors recognize the value of such a solution, and believe it will accelerate their transition toward value-based care. ConcertoHealth is very well positioned to capitalize on this opportunity, and create a more sustainable, patient-centered, accountable healthcare system."
About Arboretum
Arboretum Ventures is a venture capital firm specializing in the healthcare sector. Founded in 2002 and located in Ann Arbor, Mich., the firm manages $450 million in capital and has invested in more than 35 companies. Arboretum focuses on medical device, diagnostic, healthcare IT, and healthcare service companies that can achieve significant milestones and value creation in a capital-efficient manner. More than simply a financial resource, Arboretum is a collaborative, value-added investor, actively engaging our portfolio companies in strategy, operations, recruiting, fundraising, and exit planning. Arboretum's guiding vision is to identify transformative healthcare companies that are developing improved and less costly solutions that address significant healthcare problems. For more information, please visit http://www.arboretumvc.com.
About Deerfield
Deerfield is an investment management firm committed to advancing healthcare through investment, information and philanthropy. For more information, please visit www.deerfield.com.
About ConcertoHealth
ConcertoHealth Inc. is a leading provider of primary care and supporting services for complex, frail, elderly, and dual-eligible patients. Committed to operating exclusively in value-based agreements, ConcertoHealth's care model is designed to improve healthcare quality and patient outcomes for vulnerable populations. The company's physicians and nurse practitioners deliver care to their patients in any setting -- be it in a ConcertoHealth Care Center, at home, in the hospital, or in an outpatient setting. The company's Care Model goes beyond the scope of traditional primary care services, to include hospital-based physicians, nurse case managers, care coordinators, social workers, pharmacists, dieticians, and logistical supports, among others. ConcertoHealth's proprietary population health management technology provides the company's employed physicians and independent physicians alike, with the tools required to accept accountability for patient outcomes. The ConcertoHealth Care Model delivers a high-touch, personalized experience for patients, a comprehensive patient support system for primary care practices, and a value-based care-enabling platform for payors and their provider networks. ConcertoHealth is headquartered in Irvine, Calif. For more information, please visit www.concertohealthcare.com.