Aware Recovery Care Announces Growth Investment from Health Enterprise Partners
WALLINGFORD, Conn., Jan. 29, 2021 /PRNewswire/ -- Aware Recovery Care, a pioneer in the in-home addiction treatment space, today announced that it has raised a significant growth investment to support rapid expansion and increased access to high-quality, whole-person healthcare. Aware's In-Home Addiction Treatment (IHAT™) program is backed by a decade of experience delivering individualized, evidence-based treatment, as well as research showing that integrated medical and behavioral healthcare in the home setting enables lasting recovery.
The investment was led by Health Enterprise Partners (HEP), a growth equity firm whose investors include some of the largest health systems and health insurance plans in the United States. Aware selected HEP as its capital partner given the firm's deep relationships across the healthcare industry and experience supporting innovative healthcare business models as they scale.
"Aware is excited to be aligned with the right capital partner at the right time for our company," said Steve Randazzo, Founder and CEO of Aware. "Our partnership is founded on our mutual commitment to maximizing both outcomes and access to our IHAT program. With this investment, we plan to scale the IHAT platform rapidly to make this life saving treatment available to the many people suffering from the disease of addiction."
Aware partners with leading payors to offer IHAT as a covered benefit to members with substance use disorder. Demand for Aware's IHAT program has accelerated in the face of increasing rates of substance use disorder during the COVID-19 pandemic. Through a 52-week, home-based biopsychosocial curriculum that leverages best-in-class technology solutions to enhance the delivery of in-home addiction treatment, Aware drives proven outcomes for its patients and significant cost savings to its payor partners. Anthem Blue Cross Blue Shield of Connecticut, one of the company's payor partners, found that 60% to 70% of its members who received Aware Recovery Care's treatment for a year abstained from drug and alcohol use during that time. By comparison, less than 10% of those who attended residential treatment programs achieved year-long abstinence. The IHAT program is Joint Commission accredited in both behavioral and home health and focuses on improving quality of life indicators that also address the social determinants of health.
"Aware takes a unique approach to providing patients the opportunity for lasting recovery from addiction," said Pete Tedesco, Managing Partner at HEP. "We have been impressed by the strong clinical outcomes driven by the Company's evidence-based IHAT model, as well as overwhelmingly positive feedback from Aware's payor clients and patients. We are excited to support the Aware team as it executes on the next phase of growth."
Aware's services are currently available in Connecticut, New Hampshire, Maine, Florida, and Massachusetts. With this funding, Aware will expand its presence in existing and new geographies, partner with additional payors, and assess opportunities to incorporate additional, complementary services to its core IHAT program.
"Aware has been providing a treatment-level program that transforms the home into a healthy and supportive environment since 2011," commented Matt Eacott, Executive Vice President and COO of Aware. "We take great pride as we continue to evolve to best serve our patients and customers, while leading the charge to change the face and place of addiction treatment."
About Aware Recovery Care:
Aware Recovery Care is a pioneer in the in-home addiction treatment industry and currently provides its novel In-Home Addiction Treatment (IHAT™) program in Connecticut, New Hampshire, Maine, Florida, and Massachusetts. Aware has served thousands of clients with its technology-enabled and holistic treatment approach that integrates both medical and behavioral health. The effectiveness of the Aware IHAT model has been validated by years of patient outcomes and payor data, supporting the thesis that the home is the optimal modality for most patients seeking recovery from substance use disorders while maximizing whole-person care.
https://www.awarerecoverycare.com/
CONTACT: Meg Sisti / Aware Recovery Care/ [email protected]
About Health Enterprise Partners:
Health Enterprise Partners invests primarily in privately held, lower middle market healthcare services and information technology companies. Central to HEP's strategy is its unique and extensive hospital system and health plan network, 36 members of which are investors in HEP's funds. HEP seeks to invest in companies that improve the quality of the patient experience, expand access, and reduce the cost of healthcare.
https://hepfund.com/
SOURCE Aware Recovery Care
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