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Accompany Health launches with $56M to care for low-income patients

Accompany Health, a hybrid care provider for low-income patients with complex needs, announced its launch with $56 million in Series A funding from Venrock, ARCH Venture Partners, IVP, Evidenced and Granite Capital Management. 

WHAT IT DOES

The Bethesda-based company offers low-income patients 24/7 in-home and virtual care services, including primary care and urgent care, mental health services, and social care. 

It provides rides to medical appointments, helps individuals apply for benefits and government programs like Medicaid and SNAP, and assists with obtaining healthy food.

The company also helps with health coaching, advanced care planning and care coordination, such as assistance with long-term care support services and adult daycare programs.

“We know that low-income patients with complex needs have the most serious gaps in care and drive a huge percentage of healthcare costs, but innovators haven’t focused enough on them,” Dr. Bob Kocher, a founder and board member of Accompany Health and partner at Venrock, said in a statement. 

“Accompany Health has assembled a world-class team with a deep dedication to serving those most in need and with the experience with technology and care delivery to get it done.”

MARKET SNAPSHOT

Other hybrid care providers have garnered massive investments to scale their offerings.  

Earlier this month, Harbor Health, a Texas-based primary care clinic group that offers virtual and in-person care, announced it scored $95.5 million in funding, led by General Catalyst, with participation from Alta Partners and 8VC. 

Last year, Carbon Health secured $100 million in Series D funding from CVS Health Ventures. Carbon offers virtual and in-person urgent and primary care, virtual mental healthcare and diabetes care, in-person COVID-19 testing, and work-related healthcare for workplace injuries. 

The company announced it secured the Series D investment just days after revealing it laid off more than 200 employees.

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