Sharecare expands home care offering beyond Medicare Advantage to deliver comprehensive personalized clinical and non-medical services to high-risk populations

Rhea-AI Summary

Sharecare (NASDAQ: SHCR) has enhanced its home care services beyond Medicare Advantage, now providing targeted care management programs and transitional care to high-risk populations including health plans and employers. Currently, CareLinx is accessible to over 2 million Medicare Advantage members, with improved member experiences reflected in a Net Promoter Score of 96. The service is designed to reduce costly hospital readmissions and improve health outcomes, bolstered by data-driven care coordination. Recent studies indicate potential savings of $25 billion in healthcare costs due to better continuity of care, highlighting the need for integrated home care services.

Positive

• Expanded care services beyond Medicare Advantage to a broader audience.
• CareLinx currently serves over 2 million Medicare Advantage members, enhancing market reach.
• Achieved a Net Promoter Score of 96, indicating high customer satisfaction.
• Demonstrated ability to lower healthcare costs through reduced hospital readmissions and ER visits.
• Increased clinical house-call visits by 30%, enhancing risk adjustment.
• Improved quality ratings and STAR ratings for health plans using CareLinx.

Negative

• None.

News Market Reaction – SHCR

-1.70%

1 alert

-1.70% News Effect

On the day this news was published, SHCR declined 1.70%, reflecting a mild negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

CareLinx by Sharecare delivers targeted care management programs and transitional care on behalf of payors, employers, and health systems

ATLANTA, Feb. 27, 2023 /PRNewswire/ -- Sharecare (Nasdaq: SHCR), the digital health company that helps people manage all their health in one place, today announced it has expanded its home care offerings beyond Medicare Advantage to deliver targeted care management programs and transitional care for high-risk populations across all lines of business within health plans, as well as large employers and health systems. With several of the largest payors in the U.S. already among Sharecare's home care customers, CareLinx by Sharecare is currently available to over 2 million Medicare Advantage members as a supplemental benefit, with nearly half of those in transitional care programs.

According to a study published in BMC Health Services Research, as much as $25 billion in annual healthcare costs can be attributed to a lack of continuity and coordination during care transitions from the hospital to the home¹. Another study² found that 4% of commercially insured members are hospitalized each year, driving 37% of a population's health care costs. Further, of the 4% who are hospitalized each year, 17% are readmitted within 12-months post discharge, which accounts for nearly two-thirds of the cost of all discharged patients in that time period. Meanwhile, home care services that are tightly coupled with discharge planning and facility care teams have demonstrated a tremendous impact on lowering these costs by reducing hospital readmissions and emergency department utilization.

"The right home care provider plays a crucial role in not only improving an individual's quality of life but also preventing more costly medical interventions, such as hospitalization, readmissions, or long-term care facility stays," said Jaffry Mohammed, chief operating officer at Sharecare. "With Sharecare's ability to support members at every point throughout their whole health and well-being journey, including assuming responsibility for the coordination and management of their care within the home, we are uniquely positioned to help solve many of the biggest challenges facing our enterprise partners and their high-risk populations today." 

Tailored to meet members' specific functional needs and chronic conditions, CareLinx by Sharecare is highly customizable and designed to improve the member experience, support member acquisition and retention, improve quality ratings, and increase revenue growth and cost savings. With a Net Promoter Score (NPS) of 96 – ten times higher than the industry average – CareLinx by Sharecare provides 24/7, on-demand member support and is powered by its network of hundreds of thousands of background-checked, tech-enabled, non-medical and skilled medical care providers.

In addition to providing non-medical personal care services – including addressing loneliness and social isolation – in people's homes, CareLinx by Sharecare helps optimize members' health in real-time, by surfacing and addressing social and clinical risk factors, which help close care gaps, reduce preventable medical utilization, and, most importantly, enable members to remain healthy at home longer. Acting as an extension of remote clinical teams, CareLinx by Sharecare leverages in-home assessments and mobile technology to facilitate rich data capture, population health analytics, and the enabling of exceptional care coordination. The data and insights captured in the home by CareLinx are monitored by its staff of clinical managers and transmitted in real-time to supporting care management systems.

A core and unique capability seamlessly integrated into Sharecare's whole health advocacy solution, Sharecare+, CareLinx also has been deployed by several of the largest payors in the U.S. to provide services ranging from ADL assistance to more clinically oriented functions, including remote patient monitoring support and telehealth enablement. As a result, these health plans have realized reductions in medical costs and improvements in quality outcomes, including:  

• 30% increase in clinical house-call visits for risk adjustment
• 28% of enrollees supported with companionship
• 30% increase in annual wellness visit referrals
• 25% increase in PCP capture rate
• Increased member experience scores for STAR ratings

To learn more about Sharecare's digital-first ecosystem, including Sharecare+ and its comprehensive marketplace of evidence-based digital therapeutics and high-touch programs – like CareLinx – available for employers, health plans, and government organizations, please email connect@sharecare.com.

About Sharecare
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.

¹ https://bmchealthservres.biomedcentral.com/articles/10.1186/s12913-020-06020-9
² https://pubmed.ncbi.nlm.nih.gov/33848438/

Media Contact:
Sharecare PR Team
PR@sharecare.com

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SOURCE Sharecare

FAQ

What new services has Sharecare introduced for high-risk populations?

Sharecare has expanded its home care offerings beyond Medicare Advantage to provide targeted care management programs and transitional care for high-risk populations across multiple lines of business.

How many Medicare Advantage members are currently using CareLinx services?

CareLinx services are currently available to over 2 million Medicare Advantage members.

What is the Net Promoter Score of Sharecare's CareLinx service?

The Net Promoter Score of Sharecare's CareLinx service is 96, which is ten times higher than the industry average.

What potential savings does better care coordination offer according to Sharecare's studies?

Studies suggest that better continuity and coordination during care transitions could save up to $25 billion in annual healthcare costs.

How has Sharecare's CareLinx impacted hospital readmissions?

CareLinx has shown a significant impact on reducing hospital readmissions by providing coordinated in-home care.