Insurance is a major industry in this country. It has been for decades and even in light of the Affordable Care Act that was passed in 2010 and its efforts to make sure every American had health insurance, and as many providers claimed this would run them out of business, it continues to be a driving force with billions of dollars of annual revenue. In Connecticut, CareCentrix is a company that is seeing incredible growth, and a large reason for that is its efforts to help insurance companies control the cost of home care.
The company is tasked with providing oversight within the home care industry. They keep track of service and equipment providers, making sure that the services that are rendered are necessary and that equipment needed is used in the most efficient manner.
Hartford Business reported in the news blog, ‘First Fiver’ CareCentrix carves out $1B homecare niche, written by Matt Pilon:
“Home care is a growing sector, with total industry spending — both government and commercial — reaching nearly $89 billion in 2015, according to the Centers for Medicare and Medicaid Services.
Insurers, Driscoll said, hire CareCentrix because they want to control homecare costs and improve care delivery.
The 20-year-old company builds and manages a network of approximately 8,000 homecare providers and vendors of durable medical equipment (a $48.5 billion industry), such as wheelchairs, insulin pumps and crutches. It negotiates contracts with providers, pays their claims, and handles customer-service inquiries.”
CareCentrix is a leading home healthcare company that has received significant financial assistance from the state as part of Governor Malloy’s efforts to keep businesses in Connecticut. The state provided $24 million in grants to CareCentrix in exchange for an agreement to keep 213 jobs in the state and create 290 more jobs by 2023.
The company’s CEO, John Driscoll, said in a recent interview, “We want to build where we can find the talent. There’s a lot of talent in Greater Hartford.”
The company recently crossed the $1 billion in annual revenue benchmark, but it is not clear how much profit the company has earned. The company has not made any of that information public.
The main focus of CareCentrix has been that it is cheaper to provide a host of services for patients within the comfort of their home. Home care providers have supported that notion, but maintaining oversight has been a costly effort for many insurance companies, which is where CareCentrix has been instrumental at providing outsourced manpower. Most recent numbers indicate that it oversees about 23 million lives whose care is covered by insurance.