Portland, OR-based Boulder Care, a distinguished provider of medical treatment and ongoing support for individuals overcoming substance use disorders, has successfully raised $36 million in its Series B funding round.
Forward-Thinking Investment: Qiming Venture Partners (US) Leads the Way
In a significant move for Boulder Care, Qiming Venture Partners (US) spearheaded the Series B funding round, showcasing confidence in the organization’s commitment to addressing substance use disorders. Noteworthy contributors include Goodwater Capital, Laerdal Million Lives Fund, First Round Capital, Greycroft, Tusk Venture Partners, and Gaingels.
Scaling Up for Impact: Boulder Care’s Vision for the Future
Boulder Care has ambitious plans for the newly acquired funds. The company aims to triple the size of its medical group, extend its reach into multiple markets, and broaden its ability to provide treatment to more patients under payer contracts.
Innovative Telehealth Addiction Treatment
Under the leadership of CEO Stephanie Strong, Boulder Care specializes in telehealth addiction treatment, delivering positive health outcomes, high patient satisfaction, and long-term retention in care. This approach also incorporates cost-saving measures through innovative value-based payment arrangements.
Comprehensive Care Team and Unique Approach
Patients utilizing Boulder Care’s services gain access to a dedicated Care Team available 24/7. This team includes clinicians for expert medical care and medication management. In addition to medical support, Certified Peer Recovery Specialists and Case Managers offer comprehensive assistance for complex legal, financial, and housing needs.
Strategic Partnerships and Revenue Streams
Boulder Care primarily engages with patients through local provider networks, hospitals, community-based organizations, and insurers. The company generates revenue through in-network reimbursement, predominantly from Managed Medicaid. Notably, since its last financing round, Boulder has made significant strides, serving thousands of patients with opioid and alcohol use disorders, achieving over a 10-fold increase in revenue, and securing partnerships with enterprise customers such as Regence and Anthem, as well as employers like Comcast and Hewlett-Packard through ComPsych EAP.
In conclusion, Boulder Care’s successful Series B funding not only fortifies its financial position but also paves the way for transformative growth. With a focus on expanding its medical group, entering new markets, and enhancing patient care under payer contracts, Boulder Care remains at the forefront of addressing substance use disorders through innovative and comprehensive solutions.