Carbon Health

Carbon Health is a California-based, prevention-focused primary care provider that offers an omnichannel model including at-home visits, virtual care, and in-person care at its physical clinics. It leverages technologies such as electronic health record integrations to deliver a personalized experience to patients. Carbon also provides patients with access to their medical records and messaging capability for immediate and ongoing healthcare needs. 

The company has partnerships with many insurers to cover patient costs along with specified fees for each service if not covered by insurance. By the end of 2020, the company had served more than 1 million patients. As of January 2023, the company operated in 100 locations across 16 US states and plans to establish 1,500 clinics nationwide by the end of 2025.

The company acquired two remote patient monitoring (RPM) startups including Steady Health in June 2021 and Alertive Healthcare in October 2021. However in January 2023, it announced additional layoffs due to tough market conditions and its plan to discontinue initiatives such as remote patient monitoring and chronic care management to focus on its core areas; primary and urgent care services.

Key Customers and Partnerships

In May 2020, Carbon partnered with Reef Technology, a SoftBank-backed startup that turns garages into business locations such as clinics, logistics hubs, and neighborhood kitchens, to overcome the barriers associated with local permitting and real estate regulations related to clinics. 

In March 2022, the company partnered with asynchronous store and forward service company Hims & Hers to provide virtual and in-person treatments to Hims’users. Further, in September 2022, the company partnered with insurance provider Blue Cross Blue Shield of Massachusetts and Firefly Health to launch a virtual primary care option for its members in January 2023. In January 2023, the company also partnered with CVS Health to conduct a pilot program of its primary and urgent care clinic model in CVS’s retail outlets. 

Funding and Financials

In January 2023, the company raised USD 100 million in a Series D funding round led by CVS Health Ventures. The new funds were allocated towards expanding its connective care model to new markets, investing in new technology, and exploring new value-based care arrangements.