CareLinx – a technology-based home care company that coordinates personal care services and offers clinical care services – is on the rise.
Sharecare (Nasdaq:SHCR) CEO Jeff Arnold provided the update during the company’s third-quarter earnings call on Thursday. Digital health company Sharecare is a virtual platform that helps people manage all their health needs in one place and access health records and other information. The Atlanta, Georgia-based company also helps users stay on top of their personal health with its comprehensive suite of services.
Last year, Sharecare bought CareLinx from Global Fortune 50 company Generali for $65 million.
“This quarter marks the one-year anniversary of our acquisition of CareLinx, which has been very successful in both opening us up to new markets and datasets and expanding the capabilities we offer to our health plan customers. employers, governments and suppliers,” said Arnold. during the call. “Since acquiring this asset, CareLinx has achieved excellent results in meeting and exceeding Medicare Supplemental Benefit goals for our Medicare Advantage customers.”
When Sharecare originally acquired CareLinx, it had a network of more than 450,000 healthcare providers across the United States, partners with both health plans and providers. He has served over one million Medicare Advantage (MA) members nationwide.
CareLinx helped Sharecare increase the number of MA members it serves from 300,000 to more than 1.8 million. Sharecare expects this market to continue to grow in 2023 and beyond.
Arnold noted that Sharecare intends to invest in — and expand — CareLinx’s capabilities.
“This channel is doing very well,” he said. “It was our largest quarter in company history with revenue of $29 million, a 20% year-over-year increase and margin expansion.”
This smooth transition should come as no surprise to those who have followed CareLinx and Sharecare closely in the past.
Prior to the acquisition, CareLinx and Sharecare had an established and long-standing relationship.
“This deal didn’t happen overnight,” CareLinx CEO Sherwin Sheik told Home Health Care News. “It’s a relationship that evolved over four years, from our teams working together on other opportunities… and seeing how hard the teams worked. As we continued this relationship, I always checked in with Jeff, and he was always receptive to getting updates on what was happening at CareLinx.
Indeed, in the past, Arnold has referred to CareLinx as “Match.com meets Uber for care.”
Overall, Sharecare believes the acquisition of CareLinx has been a resounding success.
“This acquisition has been great for shareholders and our customers,” Justin Ferrero, Sharecare’s chief financial officer, said on the call. “It continues to grow quarter over quarter.”