Sharecare demonstrates exponential growth in home health with 1000% year-over-year increase in Medicare Advantage plan penetration
Atlanta, GA /PRNewswire/ - Sharecare (Nasdaq: SHCR), the digital health company that helps people manage all their health in one place, today announced that more than 400 Medicare Advantage plans - including several of the nation's largest payors – are exclusively leveraging its home health platform and network of caregivers, CareLinx by Sharecare, to scale in-home care supplemental benefit programs in 2022. Representing year-over-year growth of more than 1000% in terms of plan penetration, CareLinx by Sharecare is now available as a free in-home personal care benefit to more than 1.5 million Medicare Advantage members through their health plan – a four-fold increase in covered lives over 2021.
"The trusted human touch provided by our tech-enabled caregivers addresses the full scope of a patient's in-home needs and identifies potential gaps in care in a manner that is dignified, verified, and comprehensive," said Jeff Arnold, chairman and CEO of Sharecare. "The accelerated demand we are experiencing for CareLinx by Sharecare is a strong foundational element of our fiscal 2022 outlook, particularly as healthcare continues to move homeward and organizations like our large health plan and employer clients begin to offer best-in-class in-home personal care solutions direct to their members and employees as a benefit."
Powered by its network of over 450,000 background-checked, tech-enabled caregivers, CareLinx by Sharecare delivers intermittent on-demand personal care services in people's homes, while leveraging mobile technology to facilitate rich data capture, population health analytics, and the enabling of real-time care coordination with remote clinical teams. In addition to supporting members with Activities of Daily Living (ADL) such as bathing, dressing, grooming, meal preparation, light housekeeping, and more, CareLinx's professional caregivers also help to identify risks or needed resources in the home – from food insecurity to unhealthy living conditions. Through comprehensive and seamless data integration with health plans, CareLinx by Sharecare assists members in closing gaps in care while supporting chronic condition management, care coordination, and transitional care management to reduce readmissions and, most importantly, help members remain healthy at home longer.
"At Sharecare, we are uniquely positioned to service the needs of Medicare Advantage members by putting them at the center of their own healthcare journey while surrounding them with the full continuum of support they deserve – from clinical care coordination to identifying and rectifying poor social determinants of health in and around the patient's home," said Sherwin Sheik, head of home health at Sharecare. "We look forward to working with our partners to advance the health of Medicare Advantage members by developing and implementing individualized care plans that reduce readmissions and ultimately keep patients healthy and happy in the comfort of their home."
With an exclusive offering for AARP members and key partnerships with the U.S. Department of Veterans Affairs through the Elizabeth Dole Foundation and several of the largest health plans in the U.S., over 1.5 million Medicare Advantage members have access to CareLinx by Sharecare for free through their health plans. Providing services across the continuum of care, including non-medical, companionship and housework, and personal and clinical, CareLinx's experienced non-medical and skilled medical care providers include Companion Caregivers, Personal Care Providers, Certified Nursing Assistants (CNAs), Medical Assistants (MAs), Licensed Vocational Nurses (LVNs), Licensed Practical Nurses (LPNs), Registered Nurses (RNs), and Nurse Practitioners (NPs).
The growth in CareLinx's covered lives and health plan clients supports Sharecare's previous guidance at the time of the August 2021 acquisition that the Company expects CareLinx revenue to grow organically by at least 75% in FY2022.
To learn more about CareLinx by Sharecare and its offerings for Medicare Advantage members, please visit this website.
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Forward-looking statements in this press release include, but are not limited to, partnerships or other relationships with third parties or customers, statements regarding future financial expectations and the benefits of the CareLinx acquisition. We cannot assure you that the forward-looking statements in the information in this release will prove to be accurate. These forward-looking statements are subject to a number of significant risks and uncertainties that could cause actual results to differ materially from expected results. Descriptions of some of the factors that could cause actual results to defer materially from these forward-looking statements are discussed in more detail in our filings with the SEC, including the Risk Factors section of the prospectus for our business combination filed with the SEC on June 3, 2021. Furthermore, if the forward-looking statements prove to be inaccurate, the inaccuracy may be material. In light of the significant uncertainties in these forward-looking statements, you should not regard these statements as a representation or warranty by us or any other person that we will achieve our objectives and plans in any specified time frame, or at all. The forward-looking statements in this release represent our views as of the date of this release. We anticipate that subsequent events and developments will cause our views to change. However, while we may elect to update these forward-looking statements at some point in the future, we have no current intention of doing so except to the extent required by applicable law. You should, therefore, not rely on these forward-looking statements as representing our views as of any date subsequent to the date of this release.
Sharecare is the leading digital health company that helps people – no matter where they are in their health journey – unify and manage all their health in one place. Our comprehensive and data-driven virtual health platform is designed to help people, providers, employers, health plans, government organizations, and communities optimize individual and population-wide well-being by driving positive behavior change. Driven by our philosophy that we are all together better, at Sharecare, we are committed to supporting each individual through the lens of their personal health and making high-quality care more accessible and affordable for everyone. To learn more, visit www.sharecare.com.