CareBridge attracts financing 

NASHVILLE, Tenn. – CareBridge, a value-based care solution for patients receiving home and community-based services, has closed a $140 million financing round, valuing the company at more than $1 billion. 

Over the past 12 months, the company, whose intervention has been shown to reduce emergency room visits, hospitalizations and total costs, has grown more than 17x, expanding from serving about 1,100 full-risk patients in June 2021 to about 19,000 today. 

“CareBridge is revolutionizing care for individuals on Medicaid receiving home and community-based services," said Brad Smith, former director of the Center for Medicare and Medicaid Innovation (CMMI) and executive chairman of CareBridge. "By helping coordinate care and provide 24/7 access to a clinician, CareBridge is helping individuals live healthier, more independent lives while remaining at home." 

CareBridge's 24/7 clinical support solution includes deploying a tablet to the home of high-risk individuals so that those individuals, their family members and their caregivers can contact a CareBridge clinician 24 hours a day, 365 days a year. The clinical team includes physicians, nurse practitioners, social workers, behavioral health specialists and pharmacists.  

CareBridge’s financing was led by Oak HC/FT, joined by four of the nation's largest managed Medicaid plans, which together serve nearly 60% of all Americans receiving home and community-based services. By next year, the company will serve members in 16 states and the District of Columbia.  

"We are excited to have many of the nation's largest Managed Medicaid plans as investors," said Mike Tudeen, CEO of CareBridge. "Their investment speaks to the uniqueness and importance of CareBridge's solution. Our strong growth allows us to impact the lives of more individuals and to influence our nation's system of care around this deserving population." 

The financing will be used to support the company's continued geographic expansion, the ongoing build out of the nation's largest database for home and community-based services, and the expansion of services to patients with Intellectual and Developmental Disabilities (IDD).