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Wednesday, Apr 23, 2025
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CareConnectMD Gets $25M Investment

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.

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Peter J. Brennan
Peter J. Brennan
With four decades of experience in journalism, Peter J. Brennan has built a career that spans diverse news topics and global coverage. From reporting on wars, narcotics trafficking, and natural disasters to analyzing business and financial markets, Peter’s work reflects a commitment to impactful storytelling. Peter’s association with the Orange County Business Journal began in 1997, where he worked until 2000 before moving to Bloomberg News. During his 15 years at Bloomberg, his reporting often influenced financial markets, with headlines and articles moving the market caps of major companies by hundreds of millions of dollars. In 2017, Peter returned to the Orange County Business Journal as Financial Editor, bringing his heavy business industry expertise. Over the years, he advanced to Executive Editor and, in 2024, was named Editor-in-Chief. Peter’s work has been featured in prestigious publications such as The New York Times and The Washington Post, and he has appeared on CNN, CBC, BBC, and Bloomberg TV. A Kiplinger Fellowship recipient at The Ohio State University, he leads the Business Journal with a dedication to uncovering stories that matter and shaping the local business community and beyond.
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