Wayspring Secures Minority Investment Led by CVS Health Ventures to Expand Innovative Substance Use Disorder (SUD) Home Program
NASHVILLE, Tenn., May 21, 2024 — Wayspring, a value-based care entity focused on substance use disorder (SUD) populations, today announced a capital raise led by CVS Health Ventures. The investment recognizes Wayspring’s impactful approach to managing populations with SUD, showcasing the need for innovative care models. Existing investors including Valtruis, HLM Venture Partners, and .406 Ventures all participated in the funding round.
Justin Brock, Executive Director and Partner at CVS Health Ventures, highlighted the strategic nature of the investment, “Wayspring has demonstrated an exceptional ability to execute a complex care model that profoundly impacts the lives of those with substance use disorder. We are impressed by the early results and will collaborate with Wayspring to continue addressing a critical need in healthcare.”
The capital will be used to expand the reach of the SUD Home program within current Wayspring states and into select new markets. This program integrates clinical care with a deep understanding of social determinants of health (SDOH) and aims to ensure that comprehensive, value-based care is both accessible and readily available to those who need it. The SUD Home program provides tailored, comprehensive solutions that address the unique needs of each member, significantly improving outcomes and reducing healthcare costs.
Carter Paine, CEO of Wayspring, expressed his gratitude and optimism regarding the partnership: “We are immensely grateful for the support from CVS Health Ventures as we expand our proven SUD Home model. This investment reinforces our mission to enhance lives through advanced, compassionate care strategies. With the backing of CVS Health Ventures, we are poised to drive significant advancements in the treatment of substance use disorders, reshaping the delivery of care by making holistic, patient-centered care more widespread and accessible.”
Wayspring has partnerships with health plans across eight states with plans to launch its SUD Home services in two new states in 2024.
For more information about Wayspring and the SUD Home model, please visit wayspring.com.
About Wayspring
Wayspring is a value-based healthcare organization that provides medical, behavioral health, and social support services to people with complex needs. With a focus on people living with substance use disorder, Wayspring utilizes a comprehensive and longitudinal model that incorporates targeted member outreach, strategic provider partnerships, community-based peer support, and delivery of clinical services. Through this unique approach, Wayspring produces increased adherence to evidence-based medicine, decreased healthcare waste, and improved health outcomes. For more information, please visit wayspring.com.
About CVS Health Ventures
CVS Health Ventures is a dedicated corporate venture capital fund that works with high-potential, early-stage and growth-stage companies focused on making health care more accessible, affordable, and simpler. The company focuses on investments that transform care delivery and focus on whole person care, consumer-centric health, and disruptive technology enablement. CVS Health Ventures’ goal is to enable promising entrepreneurs to scale more quickly and effectively through access to their unmatched enterprise capabilities and consumer touchpoints, while offering expertise and insights from their company’s unique perspective. For more information, visit cvshealthventures.com