Boulder Care receives funding as its opioid telehealth program generates industry-leading retention rates – TechCrunch

Boulder Care, a Portland, Oregon-based telehealth provider focused on medical treatment and support for people overcoming substance use disorders, raised $36 million in Series B funding.

Founded in 2017 by Stephanie Strong, the company’s mission is to address national overdose rates, particularly with opioid and alcohol use disorders. A 2017 White House analysis shows the cost of the opioid epidemic was over half a billion dollars.

Stephanie Strong, CEO of Boulder Care

About 92,000 people in the United States died from drug overdoses in 2020, including illicit drugs and prescription opioids, according to figures from the National Institute on Drug Abuse. The number of overdose deaths has been rising steadily since the late 1990s, but the 2020 figure is a sharp increase from just over 70,600 deaths in 2019.

To fulfill its mission, Boulder Care provides thousands of doses of naloxone, a drug to reverse an opioid overdose, to patients and offers telehealth support alongside the drug, including case management, peers and basic needs support. Boulder strives to connect disparate providers across the continuum of care, “rather than facilitating ‘warm transfers,’ we never let go of a patient’s hand,” Strong told TechCrunch.

It’s been a hot minute since we checked in with the company, last profiled at the start of the global pandemic when its opioid treatment was gaining traction. Around this time, Boulder Care secured $10 million in Series A funding, led by Tusk Venture Partners.

During that time, the company has grown from caring for hundreds of patients to thousands of patients, Strong said. And, as the industry moves towards value-added potential, it made sense to seek additional funding to accelerate growth.

“We are now working with dozens of plans and want to meet the needs that are necessary,” she added. “We also plan to methodically enter partnerships and new states.”

Series B backers include Qiming Venture Partners (US), Goodwater Capital, Laerdal Million Lives Fund and existing investors First Round Capital, Greycroft, Tusk Venture Partners and Gaingels. The new investment gives the company more than $50 million in total investment.

The company has had 100% year-over-year client renewals since 2017, and 70% of its patients stay with the program for 12 months. Strong also touts that its 90% one-month retention rate is a three-fold improvement over industry benchmarks.

It also launched partnerships with 20 enterprise customers, enabling millions of people nationwide to access the company’s services through health plans and employers, including Regence, Anthem, Comcast and Hewlett Packard. through ComPsych EAP.

In the 2 years since Series A, Boulder Care has also seen impressive growth numbers: it serves several thousand patients with opioid and alcohol use disorders and has multiplied its revenue by more than 10.

Much of its revenue comes from reimbursement within the network of Managed Medicaid agreements that cover low-income members with complex needs. This means that most Boulder Care patients pay nothing out of pocket to be part of the program.

With this funding, Strong plans to triple the size of Boulder Care’s medical group, expand and deepen its presence in multiple markets, and implement payer contracts that hold the company accountable for clinical outcomes and not clinics.

The company isn’t alone in leveraging technology to solve the addiction problem. Others have also attracted venture capital in the past two years – for example, Path, which offers care as part of a social benefit; Affect, which focuses on methamphetamine abuse; and Monument and Tempest, both aimed at alcoholism.

Strong says what sets Boulder Care apart from some of its competitors is the number of health plan contracts it has and most of its patients pay nothing for the program, or maybe a co-payment of 4. $, compared to others offering monthly subscription rates which are pricing people who can’t afford to sustain this long term.

Next, the company will focus on growing in new states “in a thoughtful way,” Strong said. As it enters new states, the company aims to forge relationships with local and state programs to fill gaps in care through telehealth. He’s also working with regulators on what telemedicine can look like as addiction care evolves.

Comments are closed.