Angling for a part of the multi-billion dollar Medicare Advantage business with a pitch to combine holistic medical practitioners into its system of service providers has profited Clever Care Health Plan some big backers and a large market opportunity, the company states.
The company has allocated $23 million in a fresh round of funding from investors headed by Norwest Partners for its unusual take on how to build a new network of healthcare providers for possible Medicare Advantage recipients.
The Companies Involved
Many healthcare startups have accumulated thousands of millions of dollars to tackle the Medicare Advantage event.
These involve companies like Bright Health, Clover Health, Devoted Health, and Oscar, but, to date, no one has tried to put an importance on cultural consciousness and holistic healing that chief operating manager Myong Lee and his co-founders decided on.
Accompanying Lee in the launch of Clever Care’s services are chief administrator David Firdaus and chief financial manager, Hiep Pham.
The three have a great history of serving together at different health plans.
“We see to have a unique supplemental advantage on the Eastern Medicine side,” stated Lee of the company’s pitch.
Although there’s one glitch.
If the Centers for Medicare and Medicaid Services will allow the treatments for coverage. “All of this is depending on CMS consent,” Lee confirmed.
Previously, CMS has known some holistic medical practices — distinctly acupuncture — is suitable for coverage, and Lee and his crew are hoping that more permissions could be forthcoming.
Lee told that the difficulty was especially acute for California’s ageing immigrant community, which does not certainly feel comfortable obtaining the current healthcare system.
Usually, these communities are composed of people who don’t talk English very well and whose requirements are going unmet by the current providers.
As Norwest general associate Casper de Clerq noted, Medicare Advantage has expanded to encompass about 35% of all Medicare beneficiaries.
The company stated that it would use the funds to build its California Medicare Advantage health program and recruit staff for its two offices in Little Saigon in Orange County and Arcadia in Los Angeles County.
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