Boulder Care raises $36M Series B to serve America's most vulnerable patients with substance use disorders

PORTLAND, Ore., June 10, 2022 /PRNewswire/ -- Boulder Care, a telehealth provider of medical treatment and long-term support for people overcoming substance use disorders, today announced a $36 million Series B raise.

This brings the company's funding to over $50 million, advancing its mission to meet an urgent, growing need for evidence-based addiction care as 40 million Americans report increased substance use in the last year¹.

Series B investors include Qiming Venture Partners (US), Goodwater Capital, and Laerdal Million Lives Fund, as well as repeat investors First Round Capital, Greycroft, Tusk Venture Partners and Gaingels.

With this funding, Boulder will triple the size of its medical group, expand into multiple markets, and treat more patients under unique payer contracts that hold the company accountable for outcomes.

"At Boulder, we envision a dramatically better safety net for the most underserved – starting with SUD care delivered with humility and empowerment. Critical services should be accessible regardless of location, income, race & ethnicity, or personal choices about drug use.

Linking arms with insurers has helped Boulder make care affordable for low-income Americans who are fighting hard to recover. With investor support, we'll deepen dozens of valuable health plan & employer relationships all over the country."

—Stephanie Strong, CEO

The  company   generates revenue   from in-network    reimbursement, predominantly by   Managed   Medicaid. Most patients  pay  nothing out-of-pocket.

Medicaid covers 1 in 5 Americans, representing $662 billion in annual spend, and is poised to grow in an economic downturn². Despite millions of beneficiaries with complex, costly needs, digital providers rarely contract with Medicaid.

In addition, half of Boulder's LTM revenue is attributable to alternative payment arrangements for a set of comprehensive services delivered by a multidisciplinary care team.

"We are moving the industry toward transparency and value, recognizing cash-pay models have excluded the very people who need care most," says

Strong.

Since its last financing, Boulder has served several thousand patients with opioid and alcohol use disorders, grown revenue by more than 10X, and launched with >20 enterprise customers – like Regence and Anthem – and employers like Comcast and Hewlett-Packard through ComPsych EAP. 100% of customers have renewed YoY since inception.

Boulder is dedicated to health equity, with >80% of its patients living below the poverty line and 25% residing in rural areas. Special programs ensure groups typically excluded from SUD treatment are successful in care, including patients who are incarcerated, living unsheltered, over 65, or pregnant.

This commitment to value-based care has enabled Boulder to achieve industry-leading outcomes for thousands of patients, including:

• ~70% 12-month and ~90% 1-month retention rates
• A Net Promoter Score of 90
• 93% of patients meeting their goals of reducing or eliminating unwanted substance use

While many digital providers rely on paid ads to grow, Boulder primarily engages patients through local provider networks, hospitals, community-based organizations, and insurers. This approach ensures

Boulder's services are integrated on a broader continuum of care.

In addition to medical management, the company's Certified Peer Recovery Specialists and Case Managers provide comprehensive support for complex legal, financial, and housing needs.

Accredited by the Joint Commission, partnered with leading health plans, and conducting research funded by the NIH's National Institute on Drug Abuse, Boulder is committed to social impact by responsibly scaling high-quality services across the country.

Boulder Care offers telehealth addiction treatment grounded in kindness, respect, and unconditional support.

Patients securely access a dedicated Care Team 24/7, including Clinicians for expert medical care and medication management, Care Advocates for care coordination and navigation, and Certified Peer Recovery Specialists with their own lived experience.

Boulder helps achieve better health outcomes, patient satisfaction, and long-term retention in care — while reducing costs through innovative value-based payment arrangements. Millions of people nationwide have access to Boulder through partnerships with leading health plans and employers.

For more information, please visit www.boulder.care.

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SOURCE Boulder Care