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CareCar Raises $3M to Expand Tech-enabled Benefit Manager Platform

CareCar Raises $3M to Expand Tech-enabled Benefit Manager Platform

What You Should Know:

–  CareCar, a tech-enabled benefit manager and value-based healthcare services platform, announced that it has raised $3M in seed funding led by Kapor Capital and Impact America Fund, with Concrete Rose participating as a co-investor.

– CareCar specializes in managing non-emergency medical transportation benefits and in-home care benefits (ADLs, IADLs, Home Assessments & Modifications). The platform automates the logistics, HIT, and UM & QA aspects of member benefit offerings, creating cost efficiencies, and allowing CareCar to focus on leveraging each encounter to add value to your organization (close HEDIS gaps, survey, reduce ED visits, draw blood for labs, etc.)

– CareCar plans to use the funds to accelerate its growth into new markets, with a focus on expanding its services in the fast-growing senior homecare sector.

Smarter Benefit Management

The United States is graying rapidly, primarily due to lower birth rates and longer life expectancies. The U.S. Census Bureau projects that people age 65 and up will outnumber children in the U.S. for the first time in 2034. As older adults make up a larger share of the population, demand for services like in-home care and non-emergency medical transportation are rising. Founded in 2016, CareCar can help organizations meet the needs of their members with a variety of services and provide a sophisticated platform to manage those benefits and costs.

CareCar has significantly expanded its benefit management services in response to growing demand, providing exceptional care to health plan members while leveraging data from each encounter to help payers achieve better quality metrics and attract and retain members. As CareCar scales up and broadens its service portfolios, the company is expanding its Care Partner network of qualified healthcare professionals to sustain quality of care and help the communities they serve thrive.

CareCar currently manages supplemental benefits for approximately 150,000 patients in California and North Carolina. The company is implementing a growth plan to more than double its current members and reach 500,000 covered lives. At the same time, CareCar plans to onboard 500 more community-based Care Partners, certified vetted caregivers with experience as certified nursing assistants, medical assistants, home health aides, nursing students, and other qualified caregivers. Care Partners are capable of delivering exceptional care and capturing critical data.

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