Fri, Aug 5, 2022 3:26 PM
COSTA MESA, Calif.--(BUSINESS WIRE)--Aug 5, 2022--
Add before first paragraph of release dated July 5, 2022: The statements contained in this document are solely those of the authors and do not necessarily reflect the views or policies of CMS. The authors assume responsibility for the accuracy and completeness of the information contained in this document.
The updated release reads:
CARECONNECTMD ANNOUNCES $25 MILLION INVESTMENT FROM TT CAPITAL PARTNERS TO FUEL EXPANSION AND HIRING
Company will use funding to bring its unique model to other U.S. statesand enhance its technology platform
The statements contained in this document are solely those of the authors and do not necessarily reflect the views or policies of CMS. The authors assume responsibility for the accuracy and completeness of the information contained in this document.
CareConnectMD, Inc. (CCMD), a Costa Mesa, Calif., provider of primary care and care coordination services tailored to meet the needs of complex Medicare participants, today announced the close of a $25 million financing round led by Minneapolis-based TT Capital Partners (TTCP). CareConnectMD will leverage the investment to deepen its presence in California, Ohio and Texas and expand into other markets—and to enhance its technology platform to scale and streamline care delivery.
CCMD’s California-based medical group contracts with managed care and insurance plans to provide comprehensive primary and palliative care to high-risk populations in their homes or choice of care environments, such as skilled nursing facilities (SNFs). The company also partners with other primary care physician groups, enabling them to participate in value-based care (VBC) programs as a part of CCMD’s high-needs Direct Contracting Entity (DCE).
CCMD is currently one of only eight high-needs DCEs in the country selected by the Centers for Medicare & Medicaid Services (CMS) to participate in the first performance of the Global and Professional Direct Contracting Model (GPDC), recently rebranded by CMS as the Accountable Care Organization Realizing Equity, Access, and Community Health program (ACO REACH).
The DCE model is a financial risk-sharing arrangement developed by CMS to reduce Medicare expenditures while enhancing the quality of care to members. CMS designed the program to help drive the shift to value in Medicare, reduce the administrative burden on providers, and empower beneficiaries to engage in their own healthcare. CMS has introduced several Medicare value-based programs in recent years to reward healthcare providers with incentive payments for the quality of care they deliver, all part of CMS’s larger strategy to reform how healthcare is delivered and compensated.
“High-needs patients account for only 5 percent of the U.S. population, but 50 percent of the nation’s overall healthcare costs, providing a tremendous opportunity for innovative care models to improve quality, drive savings, and enhance the quality of life for the most frail participants,” said Dawn Owens, CEO and Partner of TT Capital Partners, who will join CCMD’s board of directors as part of the investment. “CCMD has extensive experience designing successful risk-based care delivery models and delivering care to high-needs seniors. We are delighted to be partnering with a company that is poised to be a next-generation leader in the shift to value in Medicare.”
“For 25 years, we’ve been pioneers in the healthcare of the fragile, delivering clinical care to medically complex patients,” said Kim Phan, founder and CEO of CCMD. “We’ve developed a highly repeatable care model that has proven to improve both care and quality of life while also reducing costs. And as one of just eight high-needs DCEs in CMS’s new program, we now have the opportunity to revolutionize care delivery by allowing providers and facilities to enter into value-based contracts. We are excited about the opportunities before us and thrilled to welcome TT Capital Partners as an investor and a partner.”
CCMD Managing Director Alan Hoops, who previously served as executive chairman of HealthEssentials, as chairman and CEO of CareMore Health Plan, and as chairman and CEO of PacifiCare Health Systems, added, “CCMD has assembled a highly skilled team with extensive experience delivering quality care for medically complex and high-needs patients. The company is addressing an urgent market need and is well positioned to drive improved outcomes and meaningfully impact in the shift to value in Medicare.”
CCMD provides comprehensive care for medically complex and high-needs patients, whether they live in specialized facilities or their own homes, including routine visits, supportive care, geriatric behavioral services, and 24/7 on-call providers. The company also offers palliative care services and telemedicine.
Chicago-based Ziegler acted as financial advisor to CCMD. Legal advisor for CCMD was Hooper, Lundy & Bookman, P.C.; and legal advisor for TTCP was Faegre Drinker Biddle & Reath LLP.
CareConnectMD provides personalized and compassionate medical care for fragile and medically complex patients in skilled nursing and long-term care facilities, as well as in the home. The company’s high-needs Direct Contracting Entity (DCE) is one of only eight high-needs DCEs in the first cohort of the program announced by CMS. Through the DCE, the company enables original Medicare providers to enter into value-based arrangements, aligning incentives across all healthcare constituents to provide the best care possible. The company’s highest priority remains ensuring that patients receive the right care at the right time, through improved communication, better coordination, and compassionate care. Helping patients live their best life. To learn more, visit www.careconnectmd.com.
About TT Capital Partners
TT Capital Partners (TTCP) is a value-add healthcare investor that provides capital, expertise and insight to healthcare technology and services companies that have the potential to become market leaders. With its exclusive focus on healthcare, extensive industry network, and deep investing and operating experience, TTCP has invested in some of the most high-growth businesses that are innovating and disrupting how healthcare is delivered, managed and consumed. CCMD joins several other TTCP investments that are leading the transition to value-based care. Learn more at www.TTCapitalPartners.com.
View source version on businesswire.com:https://www.businesswire.com/news/home/20220705005167/en/
CONTACT: Becky Gauerke
TT Capital Partners
KEYWORD: OHIO CALIFORNIA TEXAS UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: HEALTH PROFESSIONAL SERVICES NURSING MANAGED CARE HEALTH INSURANCE
SOURCE: CareConnectMD, Inc.
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PUB: 08/05/2022 06:25 PM/DISC: 08/05/2022 06:26 PM