- The stock price of Sharecare Inc (NASDAQ: SHCR) increased by 1.48% in the most recent trading session. This is why it happened.
The stock price of Sharecare Inc (NASDAQ: SHCR) – a digital health company that helps people manage all their health in one place – increased by 1.48% in the most recent trading session. Investors are responding positively to Sharecare announcing that more than 400 Medicare Advantage plans – including several of the nation’s largest payors – are exclusively leveraging its home health platform and network of caregivers CareLinx by Sharecare to scale in-home care supplemental benefit programs in 2022.
Representing year-over-year growth of over 1000% in terms of plan penetration, CareLinx by Sharecare is now available as a free in-home personal care benefit to more than 1.5 million Medicare Advantage members through their health plan – a four-fold increase in covered lives over 2021.
Powered by a network of over 450,000 background-checked, tech-enabled caregivers, CareLinx by Sharecare delivers intermittent on-demand personal care services in people’s homes, while utilizing mobile technology to facilitate rich data capture, population health analytics, and the enabling of real-time care coordination with remote clinical teams. And to support members with Activities of Daily Living (ADL) such as bathing, dressing, grooming, meal preparation, light housekeeping, and more, CareLinx’s professional caregivers also help to identify risks or needed resources in the home – from food insecurity to unhealthy living conditions. Through comprehensive and seamless data integration with health plans, CareLinx by Sharecare assists members in closing gaps in care while supporting chronic condition management, care coordination, and transitional care management to reduce readmissions and, most importantly, help members remain healthy at home longer.
With an exclusive offering for AARP members and key partnerships with the U.S. Department of Veterans Affairs through the Elizabeth Dole Foundation and several of the largest health plans in the U.S., more than 1.5 million Medicare Advantage members have access to CareLinx by Sharecare for free through their health plans. Providing services across the continuum of care – including non-medical, companionship and housework, and personal and clinical – CareLinx’s experienced non-medical and skilled medical care providers include Companion Caregivers, Personal Care Providers, Certified Nursing Assistants (CNAs), Medical Assistants (MAs), Licensed Vocational Nurses (LVNs), Licensed Practical Nurses (LPNs), Registered Nurses (RNs), and Nurse Practitioners (NPs).
The growth in CareLinx’s covered lives and health plan clients supports Sharecare’s previous guidance at the time of the August 2021 acquisition that the company expects CareLinx revenue to grow organically by at least 75% in FY2022.
“The trusted human touch provided by our tech-enabled caregivers addresses the full scope of a patient’s in-home needs and identifies potential gaps in care in a manner that is dignified, verified, and comprehensive. The accelerated demand we are experiencing for CareLinx by Sharecare is a strong foundational element of our fiscal 2022 outlook, particularly as healthcare continues to move homeward and organizations like our large health plan and employer clients begin to offer best-in-class in-home personal care solutions direct to their members and employees as a benefit.”
— Jeff Arnold, chairman and CEO of Sharecare
“At Sharecare, we are uniquely positioned to service the needs of Medicare Advantage members by putting them at the center of their own healthcare journey while surrounding them with the full continuum of support they deserve – from clinical care coordination to identifying and rectifying poor social determinants of health in and around the patient’s home. We look forward to working with our partners to advance the health of Medicare Advantage members by developing and implementing individualized care plans that reduce readmissions and ultimately keep patients healthy and happy in the comfort of their home.”
— Sherwin Sheik, head of home health at Sharecare
Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.