New Funding Will Give a increase to Waymark’s Market Expansion and Expertise Investments to Continue Bettering Derive entry to and Outcomes for Medicaid Recipients
SAN FRANCISCO, October 18, 2023 (Newswire.com)
Waymark, the Medicaid provider enablement company, on the present time introduced $42 million in contemporary financing to scale skills-enabled, community-based mostly fancy vital care suppliers and their patients enrolled in Medicaid purposes. Original investor Lux Capital led the oversubscribed spherical, and CVS Wisely being Ventures, the enterprise capital arm of CVS Wisely being, joins the company as a brand contemporary investor. Original investors Andreessen Horowitz (a16z) and New Endeavor Mates (NEA) furthermore participated in the spherical. The funding consists of $22 million in equity capital and a $20 million line of credit, bringing Waymark’s entire capital raised to this trace $87 million.
“CVS Wisely being Ventures’ funding portfolio is made out of revolutionary companies which could perhaps be on the forefront of remodeling care shipping. Waymark’s utilize of proprietary recordsdata science applied sciences to increase entry and quality of care is doing exactly that,” talked about Vijay Patel, Managing Accomplice and co-founder, CVS Wisely being Ventures. “We inquire this funding will provide Medicaid members expanded entry to coordinated and holistic smartly being care.”
Waymark will utilize its contemporary funding to continue bettering healthcare entry and outcomes for fogeys enrolled in Medicaid purposes. Patients receiving Medicaid benefits most continuously skills challenges gaining access to care, prescriptions, and social enhance delight in housing and meals. Waymark hires, trains, and deploys native teams of community smartly being workers, pharmacists, therapists and care coordinators to work straight with vital care practices — at no trace to the apply — and take care of gaps in fancy his or her patients enrolled in Medicaid. The company’s native teams are supported by Waymark Signal™, a proprietary machine discovering out skills that has shown industry-leading efficiency in figuring out “rising probability” populations, or patients in danger of avoidable emergency room (ER) and sanatorium utilization, and helps to state Waymark teams to the very best proof-based mostly intervention to fulfill affected person desires. The skills is integrated into a care management tool constructed by Waymark particularly for community-based mostly teams, and contains recordsdata from multiple sources (e.g., native ERs, vital care practices, social products and services databases, and smartly being belief recordsdata) to have interaction patients who’re historically arduous to attain.
“Medicaid purposes non-public historically been overlooked and below-innovated, but Waymark’s groundbreaking partnerships display conceal the actual affect skills-enabled products and services can non-public for communities who want it most,” talked about Deena Shakir, General Accomplice at Lux Capital. “By aligning swap incentives with affected person outcomes, Waymark continues to produce a uniquely efficient manner to advance inhabitants smartly being. There’ll not be such a thing as a higher crew or skills available to rob this wretchedness on, and we’re thrilled to deepen our partnership with your entire Waymark crew.”
Waymark is at this time supporting roughly 50,000 other folk enrolled in Medicaid all one of the vital best ways through both Washington voice and Virginia. Since launching in January 2023, the company has secured partnerships with a lot of large smartly being programs, a federally qualified sanatorium (FQHC), and self sustaining practices all one of the vital best ways through both markets. Via its proof-based mostly care pathways, Waymark has shown promising early improvements in quality scores and scientific outcomes — along with diminished non-emergent emergency division (ED) visits and hospitalizations.
Providence, one among the supreme smartly being programs in the nation, is working with Waymark to increase entry to fancy patients receiving Medicaid. “At Providence, we’re committed to addressing inequities in the communities we fancy,” talked about Dr. Scott Anders, CMO, Rate Essentially based fully Care, Providence Clinical Community, Providence Wisely being & Services and products. “Waymark presents a disciplined Medicaid inhabitants smartly being management manner that improves entry to high-trace care. Waymark’s utilize of recordsdata science combined with a native, person-centered path of is compelling, and we’re fervent to shuffle attempting how they proactively support patients entry the care they want.”
At community clinics delight in Country Doctor Community Wisely being Heart (CDCHC), a Seattle-based mostly federally qualified sanatorium (FQHC) with roots in the civil rights breeze, Waymark is serving to to enlarge provider capacity and carry entire-person care to patients. “We chose to accomplice with Waymark because their native, community-based mostly, multidisciplinary care model aligns now not supreme with the proof of what works in Medicaid, but furthermore our have confidence mission and values,” talked about Matthew Logalbo, MD and Medical Director, CDCHC. “We non-public labored arduous to keep products and services tailor-made to the desires of our patients (e.g., our low-barrier dependancy treatment health center, look enhance consultants, re-entry CHWs, and healthcare for the homeless products and services), but we can not meet the extent of quiz that exists on my own. Waymark presents us with extra capacity exterior the health center setting to have interaction and enhance patients, bring them into care, and join them to our purposes and other sources in the community that can perhaps take care of patients’ social determinants of smartly being.”
Waymark enters into probability-based mostly contracts with Medicaid MCOs to carry community-based mostly fancy his or her rising probability populations and transition vital care practices to cost-based mostly arrangements. By building a brand contemporary community smartly being crew to increase vital care suppliers (PCPs) — paid for through trace-based mostly arrangements with MCOs — Waymark seeks to enlarge the capacity of its healthcare shipping method and align price incentives to enable entire-person care.
“We created Waymark for the reason that proof of what works to increase Medicaid outcomes exists, but the operational capacity, skills and funding is inadequate to scale to the extent of want that exists in communities all one of the vital best ways through the nation,” talked about Dr. Rajaie Batniji, co-founder and CEO of Waymark. “This contemporary financing will enable us to continue hiring and practising a brand contemporary community smartly being crew, enlarge PCP capacity, and somehow persist with it our constitution to increase entry and quality of fancy other folk receiving Medicaid.”