Circadian Health Garners HC9 Ventures’ Investment to Accelerate Value-Based Specialty Care
West Palm Beach, FL – September 3, 2024 – Virtual care has evolved significantly since its inception, yet it remains largely fee-for-service. Moreover, it’s been unduly limited to acute conditions and ignored specialty care, even though chronic diseases make up the vast majority of total healthcare expenditure. To make significant progress in reducing the national healthcare expenditure, chronic disease and specialist care must be woven into virtual, and the time is now. That’s exactly what Circadian Health has created.
Today, the company is excited to make two big announcements as it scales.
First, the value-based specialty care organization is pleased to announce a $7.5 million investment led by HC9 Ventures that will accelerate its relationships with the largest risk bearing health plans and providers. This means more patients around the country will receive better care at lower costs. Alongside HC9 Ventures, Memorial Hermann Health System, one of the largest not-for-profit health systems in Southeast Texas, has made a strategic investment in Circadian.
“Value-based care has long focused just on primary and turned a blind eye to specialty because it was too complex, too daunting…but that’s no longer the case,” said Sean Heyniger, CEO of Circadian. “The last couple of years have seen Circadian burst on to the scene. We’ve known the HC9 team for a long time, and infusing their operational acumen with Circadian’s vision is symmetry at its finest. We are thrilled to scale rapidly over the next 12 months.”
On the clinical side, the company works with providers to expand their reach and reduce total cost of care for patients with complex comorbidities. Circadian currently serves up virtual Cardiovascular, Pulmonary, Endocrinology and Sleep Care and is available in all 50 U.S. states.
“Circadian’s leadership team are highly accomplished executives who’ve been deeply involved in the evolution of telemedicine and the sleep market, since its earliest years. Having the opportunity to collaborate on a seismic shift in virtual care was a logical one for our team,” said Richard Lungen, General Partner of HC9 Ventures. “Circadian’s ability to shift virtual care E&M and diagnostics to the home is impressive, making specialty care significantly more convenient, something we all know the consumer of healthcare is demanding more regularly. We are excited for the healthcare market, including major payers, risk bearing providers, employers and more to embrace Circadian.”
Circadian’s C-Suite combines more than 45 years of successful leadership experience at admired healthcare organizations. Notable prior collaborations between the team include MDLive, which was founded by Sean Heyniger, and where Chuck Hector, President and Co-Founder of Circadian, served as Chief Revenue Officer for more than eight years.
In addition to the funding announcement, Circadian is thrilled to share that Joan Harvey, President, Care Solutions for Evernorth, has joined its Board of Directors. Joan has more than two decades of executive healthcare leadership experience that will be invaluable to the growth of Circadian. Prior to Evernorth, Joan led teams at Cigna, Medco and Liberty Medical Supply. She is active in numerous nonprofits and is a founding member of the Disease Management Association of America.
“I’ve known and respected Sean and Chuck for many years and believe whole-heartedly they will streamline specialty care at home unlike anything the industry has seen,” said Joan. “Circadian is a team I’m honored to join and am eager to help advise so that we can quickly scale this unique multi-specialty care experience and reach hundreds of thousands of people suffering in silence with unmanaged chronic diseases.”
As a key early step to make value-based specialty care possible, Circadian partnered with React Health in 2023. The collaboration with one of the largest and fastest growing medical device and diagnostics companies in the U.S. enables a first-of-its-kind vertically integrated specialty care bundle. “With access to in home diagnostic testing and DME coordinated medical device deployment, Circadian is offering a cardiometabolic home for vulnerable and disadvantaged populations’ said Chuck Hector. “We are a welcomed addition to the toolkits of risk bearing entities in reaching more patients”.
About Circadian
Circadian is the first and only virtual-first cardiometabolic provider in the United States and delivers integrated hospital-at-home programs with an interoperable technology approach for the management of complex cardiometabolic disease. For more information, visit www.circadiancare.com.
About HC9
HC9 is an early-stage venture capital firm purpose-built to provide industry-specific expertise to emerging healthcare software and services companies. HC9's unparalleled, deeply engaged investor community of leading executives, entrepreneurs, and investors collectively has thousands of years of experience in all facets of healthcare. We leverage the power of that experience to support the founders that are shaping the future of healthcare. For more information, please visit http://www.hc9.vc.
Media Contact:
Erik Milster
emilster@seriesmpr.com