Provider of in-home imaging services and 24/7 radiologist access raises $200M
HarmonyCares, a provider of in-home X-ray services that spans 15 states, has raised $200 million in new capital, leaders announced Monday.
Based in Nashville, Tennessee, the company is focused on physician-led care for vulnerable patients who cannot travel to a traditional healthcare facility. HarmonyCare Diagnostics brings the latest digital X-ray technology to patients’ homes or long-term care facilities, offering rapid results with board certified radiologists “available 24/7.”
Venture capital firm General Catalyst Partners led the funding round, alongside McKesson’s VC arm and an unnamed “large national payer,” among others. HarmonyCares said it will use the money to expand into additional geographies and develop new technologies.
"There is an urgent need to expand access to longitudinal care, particularly as many patients across the U.S. are already struggling to get the care they need," CEO Matthew Chance said in a July 8 announcement. "This latest investment enables us to double down on our commitment to expand access to value-based care for patients with complex clinical and social needs and who often have limited access to care, resources or even family nearby."
HarmonyCares has been around for over 30 years, supporting 70,000-plus patients through value-based partnerships with Medicare Advantage plans and accountable care organizations. Its interdisciplinary team now includes 175 primary care docs and other providers such as nurse care managers, social workers and pharmacists. Along with lab and X-ray work, it offers palliative care, skilled nursing and therapy, hospice services and health assessments. HarmonyCare’s providers also perform chest X-rays to support OSHA compliance requirements such as asbestos screening to ensure safe working conditions.
Other investors include K2 HealthVentures, Rubicon Founders, Valtruis, HLM Capital and Oak HC/FT. Centerview Partners acted as the sole placement agent and Ropes & Gray LLP served as HarmonyCares' legal counsel in connection with the transaction, according to the announcement.
Marty Stempniak has covered healthcare since 2012, with his byline appearing in the American Hospital Association's member magazine, Modern Healthcare and McKnight's. Prior to that, he wrote about village government and local business for his hometown newspaper in Oak Park, Illinois. He won a Peter Lisagor and Gold EXCEL awards in 2017 for his coverage of the opioid epidemic.