CareConnectMD Inc., a Costa Mesa-based provider of primary care and care coordination services for Medicare participants, today announced the close of a $25 million financing round led by Minneapolis-based TT Capital Partners.
CareConnectMD said it will use the funds to improve its technology and expand its presence in California, Ohio and Texas as well as new markets.
The company 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. It is currently one of only eight high-needs direct contracting entities certified by the Centers for Medicare & Medicaid Services (CMS) to reduce Medicare expenditures while enhancing the quality of care to members.
“We’ve developed a highly repeatable care model that has proven to improve both care and quality of life while also reducing costs,” Founder and Chief Executive Kim Phan said in a statement.
“CCMD has extensive experience designing successful risk-based care delivery models and delivering care to high-needs seniors,” said Dawn Owens, CEO and Partner of TT Capital Partners, who will join CCMD’s board of directors as part of the investment. “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.”
CareConnect’s financial adviser was Chicago-based Ziegler while its legal adviser was Hooper, Lundy & Bookman, P.C. The legal advisor for TTCP was Faegre Drinker Biddle & Reath LLP.