NASHVILLE, Tenn., May 21, 2024
/PRNewswire/ -- Wayspring, a value-based care entity focused on
substance use disorder (SUD) populations, today announced a capital
raise led by CVS Health Ventures. The investment recognizes
Wayspring's impactful approach to managing populations with SUD,
showcasing the need for innovative care models. Existing investors
including Valtruis (portfolio company of Welsh, Carson, Anderson
& Stowe), HLM Venture Partners, and .406 Ventures all
participated in the funding round.
Justin Brock, Executive Director
and Partner at CVS Health Ventures, highlighted the strategic
nature of the investment, "Wayspring has demonstrated an
exceptional ability to execute a complex care model that profoundly
impacts the lives of those with substance use disorder. We are
impressed by the early results and will collaborate with Wayspring
to continue addressing a critical need in healthcare."
The capital will be used to expand the reach of the SUD Home
program within current Wayspring states and into select new
markets. This program integrates clinical care with a deep
understanding of social determinants of health (SDOH) and aims to
ensure that comprehensive, value-based care is both accessible and
readily available to those who need it. The SUD Home program
provides tailored, comprehensive solutions that address the unique
needs of each member, significantly improving outcomes and reducing
healthcare costs.
Carter Paine, CEO of Wayspring,
expressed his gratitude and optimism regarding the partnership: "We
are immensely grateful for the support from CVS Health Ventures as
we expand our proven SUD Home model. This investment reinforces our
mission to enhance lives through advanced, compassionate care
strategies. With the backing of CVS Health Ventures, we are poised
to drive significant advancements in the treatment of substance use
disorders, reshaping the delivery of care by making holistic,
patient-centered care more widespread and accessible."
Wayspring has partnerships with health plans across eight states
with plans to launch its SUD Home services in two new states in
2024.
For more information about Wayspring and the SUD Home model,
please visit wayspring.com.
About Wayspring
Wayspring is a value-based healthcare organization that provides
medical, behavioral health, and social support services to people
with complex needs. With a focus on people living with substance
use disorder, Wayspring utilizes a comprehensive and longitudinal
model that incorporates targeted member outreach, strategic
provider partnerships, community-based peer support, and delivery
of clinical services. Through this unique approach, Wayspring
produces increased adherence to evidence-based medicine, decreased
healthcare waste, and improved health outcomes. For more
information, please visit wayspring.com.
About CVS Health Ventures
CVS Health Ventures is a dedicated corporate venture capital
fund that works with high-potential, early-stage and growth-stage
companies focused on making health care more accessible,
affordable, and simpler. The company focuses on investments that
transform care delivery and focus on whole person care,
consumer-centric health, and disruptive technology enablement. CVS
Health Ventures' goal is to enable promising entrepreneurs to scale
more quickly and effectively through access to their unmatched
enterprise capabilities and consumer touchpoints, while offering
expertise and insights from their company's unique perspective. For
more information, visit cvshealthventures.com
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SOURCE Wayspring