SCAN Group invests in MedArrive, expects ‘explosive growth’ in home care
The SCAN Group, more recognizable through its Medicare Advantage (MA) SCAN health plan, has made a strategic investment in the home-focused company MedArrive.
MedArrive is a healthcare logistics and services platform that enables payers and providers to leverage paramedics, paramedics, and other healthcare workers to deliver more home care. The SCAN Group MA plan based in Long Beach, Calif., Serves more than 220,000 members.
SCAN declined to disclose financial details of the investment, but Binoy Bhansali, vice president of business development, told Home Health Care News that this would likely be “just the start” of its relationship with MedArrive.
“Yes [MedArrive] continues to progress and we see a lot of value in the business, we plan to continue to invest in the business and support it over time, âBhansali said.
He also added that SCAN would “absolutely” look for more investments to be made in the home care space in the short term.
In fact, the company sees its investments in companies like MedArrive – as well as its recent investment in home kidney care company Monogram Health – as a way to start growing as a business.
âWe are excited about our evolution, from becoming an MA plan to an entity capable of meeting the needs of members throughout the healthcare value chain,â said Bhansali. âFrom a scoping perspective, that’s how we see our broader diversification strategy. This is the number of additional lives we positively impact. And an investment in MedArrive is a step towards that goal.
As part of the investment, Bhansali will join the board of MedArrive.
Although SCAN has focused on the home since its inception, it does not make larger investments in space that could change the way the organization operates in the long run.
Uber Health (NYSE: UBER) veteran Dan Trigub launched MedArrive in 2020, and his relationship with SCAN executives ultimately led to talks that resulted in the investment.
An initial partnership between the two was established to increase immunization rates for specific demographics of homebound older people, which has worked well.
âSo this is the context in which the relationship was born, and now we are undoubtedly in a phase of explosive growth in the provision of home care,â said Bhansali. âAnd whether it’s on the primary care side through our investment in Welcome Health or MedArrive, or bringing in other home health professionals over time, it’s an amazing setting to make sure we’re responding. the needs of members in a holistic and holistic manner. “
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For now, SCAN considers the investment to be both strategic and financial.
âWhen we can see a path to a lasting and deep strategic partnership with a supplier, it makes sense to invest to ensure that we are aligned and can be at the table to shape company strategy and really contribute. to its growth, âBhansali said. âAnd we are also very excited about the potential of this investment, not only for the impact on the lives of patients, but also for the financial return. I think they are well positioned, that they have a great team and that they have a unique offer in the market.
MedArrive has more than 50,000 highly qualified field providers, including EMS professionals from its national network. Its offerings include complex condition monitoring, transitional care, readmission prevention, vaccinations, medication administration and more.
The relatively new company sees this investment as a way to advance its growth and mission faster.
âEnabling access to high-quality care for more people, especially the elderly and others who are not adequately served by the current medical system, is at the heart of our mission at MedArriveâ, MedArrive CEO and co-founder Trigub said in a statement. Release. âThis investment by SCAN Groupâ¦ is validation of our unique approach and our belief that the future of healthcare lies in the home.