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McKesson Ventures Invests in Home Care, Adds ClearCare to Portfolio

Funding advances vision of a connected healthcare system, prioritizing the role of home care

McKesson-VenturesClearCare, the leader in software solutions for private duty home care agencies, today announced it has secured strategic funding from McKesson Ventures, the venture capital arm of McKesson Corporation.

With this investment, ClearCare will accelerate new integrations into its platform, including telemedicine services, remote monitoring and diagnostics, and the ability to provide medical supplies and medications to all partners across the United States. The funding will also be allocated toward strengthening ClearCare’s cloud-based web and mobile software technology while capitalizing on a growing market demand for healthcare solutions that are proven to save money and shift point-of-care to the home.

“With the rapidly aging baby boomer generation entering retirement years, improving the quality of home care is more important than ever,” said Geoffrey Nudd, CEO at ClearCare. “We’re excited to be the bridge connecting home care to the larger healthcare system. With McKesson’s investment, our organizations can work together to achieve that vision.”

ClearCare boasts the largest home care network in the nation, serving four of the top five national home care enterprises. The agencies powered by ClearCare have the largest number of caregivers (250,000) and seniors (150,000) under care. Today, ClearCare’s network of partners provides more than 150 million hours of care annually, growing by roughly three million hours of care every month. In addition to its network growth, ClearCare is currently working with Harvard on a three-year study to improve measurability of care outcomes.

“Given the shift toward value-based payments, it is more important than ever to cost-effectively support and monitor patients the 360 days they are outside the provider’s office. We see a significant growth opportunity in finally connecting consumer-sponsored at-home care with the traditional healthcare delivery system for better patient coordination,” said Tom Rodgers, SVP and managing director, McKesson Ventures. “We see ClearCare as the strongest and most broadly utilized platform on the market – for customers small or large – to enable high-quality services in the home and track clinical data on each individual’s health status.”

The latest round of strategic funding follows an $11 million funding round in 2014, led by Bessemer Venture Partners (BVP), with participation from Cambia Health Solutions and existing investors Voyager Capital, Qualcomm Ventures and Harbor Pacific Capital. Prior to this strategic investment by McKesson Ventures, ClearCare raised $15.5 million.

About ClearCare

ClearCare Online is a cloud-based home care software platform supporting private-duty home care companies for efficient, cost-effective aging at home. ClearCare's web and mobile platform helps home care agencies operate efficiently, scale services and improve the quality and documentation of care on behalf of their patients.

About McKesson Ventures

McKesson Ventures is the venture capital arm of McKesson Corporation specializing in early and growth stage companies. McKesson Ventures targets companies that both catalyze and benefit from the key changes taking place in the U.S. health care landscape. McKesson Corporation, currently ranked 11th on the FORTUNE 500, is a health care services and information technology company dedicated to making the business of health care run better. We work with payers, hospitals, physician offices, pharmacies, pharmaceutical companies, and others across the spectrum of care to build healthier organizations that help deliver better care to patients in every setting. Visit www.mckessonventures.com to learn more.

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