CareBridge – History, Founders, Products and Business Model

CareBridge is a health care technology company that provides a platform for managing long-term care (LTC) services. The company’s platform connects patients, caregivers, and health plans to provide a more coordinated and efficient LTC experience. CareBridge’s platform is used by a variety of organizations, including health plans, LTC providers, and government agencies.

CareBridge was founded in 2020 by a group of former Aspire Health executives, including former U.S. Senate Majority Leader Bill Frist. The company is headquartered in Nashville, Tennessee, and has raised over $180 million in funding. In 2022, CareBridge was named to Fierce Healthcare’s list of the Top 50 Digital Health Startups to Watch.

Bill Frist - former U.S. Senate Majority Leader Bill Frist — Former U.S. Senate Majority Leader Bill Frist

CareBridge’s platform uses a variety of technologies to manage LTC services, including:

Electronic visit verification (EVV): CareBridge’s EVV platform allows health plans to verify that LTC visits have been completed and that the services were provided by a qualified provider.
Data aggregation: CareBridge’s data aggregation platform collects data from a variety of sources, such as LTC providers, health plans, and government agencies. This data is then used to create a comprehensive view of a patient’s LTC needs.
Predictive analytics: CareBridge’s predictive analytics platform uses data to identify patients who are at risk of LTC problems. This information can then be used to intervene early and prevent problems from occurring.
Care coordination: CareBridge’s care coordination platform connects patients, caregivers, and health plans to provide a more coordinated and efficient LTC experience.

CareBridge’s platform is a cloud-based SaaS solution that is easy to deploy and use. The platform is also highly scalable, so it can be used by organizations of all sizes.

In 2022, CareBridge announced a number of new features and capabilities for its platform, including:

CareBridge Home: This new feature provides a single platform for managing all aspects of home-based LTC services.
CareBridge Payer: This new feature provides health plans with a comprehensive solution for managing LTC services.
CareBridge Provider: This new feature provides LTC providers with a platform for managing their operations and communicating with patients and health plans.

CareBridge is a rapidly growing company with a bright future. The company’s platform is well-positioned to help organizations improve the quality and efficiency of LTC services. With its innovative features and strong partnerships, CareBridge is well-positioned to become a major player in the LTC market.

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Founding History of CareBridge

CareBridge was founded in 2020 by a group of former Aspire Health executives, including former U.S. Senate Majority Leader Bill Frist. The company was founded in response to the growing need for a more coordinated and efficient way to manage long-term care (LTC) services.

The company’s founders saw that the LTC industry was fragmented and inefficient. There was no single platform that could connect patients, caregivers, and health plans to provide a seamless LTC experience. This fragmentation led to a number of problems, including:

Patients were falling through the cracks: Patients were often discharged from hospitals without a clear plan for their LTC needs. This led to patients being readmitted to the hospital or ending up in nursing homes when they could have been cared for at home.
Caregivers were overwhelmed: Caregivers often had to coordinate care with multiple providers, which was time-consuming and difficult. This led to caregivers feeling stressed and burned out.
Health plans were losing money: Health plans were spending billions of dollars on LTC services, but they were not getting the value they expected. This was because they did not have a way to track the quality of care or the outcomes of LTC services.

CareBridge was created to address these problems. The company’s platform connects patients, caregivers, and health plans to provide a more coordinated and efficient LTC experience. The platform also uses data analytics to identify patients who are at risk of LTC problems and intervene early to prevent problems from occurring.

CareBridge has quickly grown since its founding. The company has raised over $180 million in funding and has expanded its platform to support more than 100,000 patients. CareBridge is now used by a variety of organizations, including health plans, LTC providers, and government agencies.

The company’s founders believe that CareBridge has the potential to revolutionize the LTC industry. The company’s platform has the ability to improve the quality and efficiency of LTC services, and it can help to reduce the cost of LTC. CareBridge is well-positioned to become a major player in the LTC market in the years to come.

Here are some of the key milestones in CareBridge’s founding history:

2020: CareBridge is founded by a group of former Aspire Health executives.
2021: CareBridge raises $50 million in Series A funding.
2022: CareBridge raises $100 million in Series B funding.
2023: CareBridge raises $140 million in Series C funding.
2023: CareBridge expands its platform to support more than 100,000 patients.

Products and Services of CareBridge

The company is growing rapidly, serving patients in 11 states and growing more than 17x in the past year., A year ago, the company served 1,100 patients and today it’s serving in the neighborhood of 20,000 full risk patients, Smith said.

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 around the clock. CareBridge’s clinical team includes physicians, nurse practitioners, social workers, behavioral health specialists and pharmacists.

CareBridge Home: This product provides a single platform for managing all aspects of home-based LTC services. The platform includes features such as care planning, scheduling, and communication.
CareBridge Payer: This product provides health plans with a comprehensive solution for managing LTC services. The platform includes features such as risk assessment, care coordination, and payment.
CareBridge Provider: This product provides LTC providers with a platform for managing their operations and communicating with patients and health plans. The platform includes features such as scheduling, billing, and documentation.

In addition to these products, CareBridge also offers a variety of services, such as:

Consulting: CareBridge offers consulting services to help organizations implement its platform and improve their LTC operations.
Training: CareBridge offers training services to help users of its platform learn how to use its features and benefits.
Support: CareBridge offers 24/7 support to help users of its platform troubleshoot problems and get help with using its features.

CareBridge’s products and services are designed to help organizations improve the quality and efficiency of LTC services. The company’s platform can help to:

Coordinate care: CareBridge’s platform can help to coordinate care between patients, caregivers, and health plans. This can help to ensure that patients receive the care they need in a timely manner.
Improve communication: CareBridge’s platform can help to improve communication between patients, caregivers, and health plans. This can help to reduce errors and improve the overall quality of care.
Track outcomes: CareBridge’s platform can track the outcomes of LTC services. This information can be used to improve the quality of care and identify areas where improvement is needed.
Reduce costs: CareBridge’s platform can help to reduce the cost of LTC services. This can be done by improving the efficiency of care coordination and reducing errors.

CareBridge’s products and services are used by a variety of organizations, including health plans, LTC providers, and government agencies. The company has a strong track record of customer satisfaction and is well-positioned to continue to grow in the years to come.

Business Model of CareBridge

Here’s an in-depth exploration of the business model of CareBridge:

Customers

CareBridge’s customers include health plans, LTC providers, and government agencies. The company’s platform is used by a variety of organizations, including:

Health plans: Health plans use CareBridge’s platform to manage their LTC benefits. The platform can help health plans to track the cost of LTC services, identify patients who are at risk of LTC problems, and intervene early to prevent problems from occurring.
LTC providers: LTC providers use CareBridge’s platform to manage their operations. The platform can help LTC providers to schedule appointments, track billing, and communicate with patients and health plans.
Government agencies: Government agencies use CareBridge’s platform to manage their LTC programs. The platform can help government agencies to track the cost of LTC services, identify patients who are at risk of LTC problems, and intervene early to prevent problems from occurring.

Products and services

CareBridge’s platform offers a variety of features and services, including:

Care planning: CareBridge’s platform can help organizations to create and manage care plans for patients. The platform can also help organizations to track the progress of patients and make adjustments to care plans as needed.
Scheduling: CareBridge’s platform can help organizations to schedule appointments for patients. The platform can also help organizations to track the availability of providers and ensure that patients are scheduled with the right providers.
Communication: CareBridge’s platform can help organizations to communicate with patients, caregivers, and providers. The platform can also help organizations to track the communication that has taken place and ensure that all parties are kept up-to-date on the patient’s care.
Risk assessment: CareBridge’s platform can help organizations to assess the risk of LTC problems for patients. The platform can use data analytics to identify patients who are at risk of problems and intervene early to prevent problems from occurring.
Care coordination: CareBridge’s platform can help organizations to coordinate care between patients, caregivers, and providers. The platform can help organizations to ensure that patients receive the care they need in a timely manner and that care is delivered in a coordinated way.
Payment: CareBridge’s platform can help organizations to manage the payment of LTC services. The platform can help organizations to track the cost of LTC services, bill patients and providers, and resolve payment disputes.
Billing: CareBridge’s platform can help organizations to track the billing of LTC services. The platform can help organizations to track the cost of LTC services, bill patients and providers, and resolve payment disputes.
Documentation: CareBridge’s platform can help organizations to document the care that is provided to patients. The platform can help organizations to ensure that all care is properly documented and that records are kept in a secure manner.

Pricing

CareBridge’s pricing is based on a subscription model. The price of a subscription varies depending on the number of users and the features that are included. For example, a subscription for a health plan with 10,000 users and all features would cost more than a subscription for a LTC provider with 1,000 users and basic features.

Revenue streams

CareBridge’s primary revenue stream is subscription fees. The company also generates revenue from consulting and training services. Consulting services help organizations to implement CareBridge’s platform and improve their LTC operations. Training services help users of CareBridge’s platform learn how to use its features and benefits.

Overall, CareBridge’s business model is well-positioned to succeed in the growing LTC market. The company’s platform addresses a real need in the market, and it is backed by strong technology and a talented team. With continued growth in the LTC market, CareBridge is well-positioned to generate significant revenue and profit in the years to come.

CareBridge plans to serve members in 16 states and the District of Columbia by next year, executives said.

Website – CareBridge Health

Also Read: JupiterOne – History, Founders, Business & Revenue Model

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