Chicago-Based WellBe Senior Medical Secures Investment from CVS Health Ventures

This partnership focuses on reducing costs and improving outcomes for clinically complex patients. The investment funds will be utilised to enhance these services and expand their reach across the nation.

Chicago-based WellBe Senior Medical has secured investment from CVS Health Ventures, the corporate venture capital arm of CVS Health. However, the investment amount has not been disclosed yet.

This partnership focuses on reducing costs and improving outcomes for clinically complex patients. The investment funds will be utilised to enhance these services and expand their reach across the nation.

Highlighting CVS’ commitment to offering quality healthcare, especially for adult seniors, Vijay Patel, managing partner, CVS Health Ventures, said, "WellBe's innovative approach to in-home medical care aligns with our vision of redefining the way health care is delivered in a multi-payor, patient-centric manner. Our collaboration with WellBe will support their mission to empower seniors to live healthier, happier lives in their homes.’’

Cofounded by Chicago Pacific Founders (CPF), WellBe works with health plans to provide Home-Based Medical Care (HBMC) to patients who are facing multiple complex health challenges.

Currently operational in seven states, WellBe Senior Medical has served over 107,000 Medicare Advantage members and manages premiums exceeding $2 billion. Medicare Advantage, also known as Medicare Part C, is a health insurance option offered by private companies approved by Medicare. It provides an alternative to the traditional Medicare program by bundling hospital (Part A), medical (Part B), and often prescription drug (Part D) coverage into a single plan. Its model involves specialised geriatric care delivered directly to patients' homes by prescribing providers.

Through global capitated risk arrangements with Medicare Advantage health plans, WellBe guarantees upfront savings to health plans while undertaking the risk associated with managing high-cost populations.

Mary Tolan, founder and managing partner, CPF, commended the company's impact on improving health outcomes for the most frail in communities.

Dr Jeffrey Kang, founder & CEO, WellBe Senior Medical, on the other hand, emphasised the limitations of traditional office-based care for aging patients. He advocated for bringing care directly to the patient's home, offering over 90% of primary care services conveniently.

According to him, the collaboration with CVS Health Ventures further supports WellBe's mission to extend its proven care model to a broader audience.

CVS Health Ventures, a dedicated corporate venture capital fund, is targeting early and growth-stage healthcare companies. Their strategic focus centres on transformative care delivery, whole-person care, and disruptive technology in consumer-centric health.

Headquartered in Chicago, the Chicago Pacific Founders (CPF) is a key player in strategic private equity. It invests in growth companies specialising in value-based care, healthcare services, AI, tech-enabled services, and elder care.