CVS Health Ventures, the corporate venture capital arm for the retail pharmacy giant, has invested $100 million into Carbon Health, a “hybrid” primary care services provider.
The investment is part of an initial close of Carbon’s Series D funding round and will enable Carbon to scale its connective care model to new areas, sign new value-based care arrangements and invest in technology. As part of the deal, CVS Health will also pilot Carbon’s operating model inside existing CVS Health locations, leveraging its software to do so for CVS customers.
Carbon Health’s connective care blends software and expert care so patients can establish a relationship with their own integrated team, monitor and manage their health and access in-person care when and where they need it.
“While healthcare has evolved tremendously over the past few years, there are still many ways in which care delivery and quality have not. We're focusing on everyday touchpoints with an integrated care team to help patients achieve better health outcomes––because healthcare is not just what happens during a visit but also what happens in between,” Eren Bali, CEO and co-founder of Carbon Health, said in a statement. “Now, with the support of CVS Health, we can further accelerate our goal of designing healthcare as it should be––simple, flexible and personal.”
Carbon Health has more than 125 physical locations in 13 states, virtual care coverage and an average Net Provider Score (NPS) of 85, according to the company.
The news comes just after reports have swirled that CVS is in talks to acquire Oak Street Health, a primary care provider for Medicare, for a whopping $10 billion. CVS Health also moved to acquire home healthcare company Signify Health for $8 billion. The deals reveal CVS Health’s strategy to move further into the healthcare services space.
“Our investment in Carbon Health is another important step toward our vision of becoming the leading health solutions company for consumers,” Vijay Patel, managing partner and co-founder of CVS Health Ventures, said in a statement. “This pilot will allow us to explore Carbon Health’s potential to advance the retail health experience, connecting consumers to care where and when they need it with a simple and engaging user-driven experience that can be adapted and delivered across our platform.”
Amy joined TriMed Media as a Senior Writer for HealthExec after covering home care for three years. When not writing about all things healthcare, she fulfills her lifelong dream of becoming a pirate by sailing in regattas and enjoying rum. Fun fact: she sailed 333 miles across Lake Michigan in the Chicago Yacht Club "Race to Mackinac."