SAN FRANCISCO — Carbon Health is in a turbulent time: The primary care tech company has had two recent rounds of layoffs and announced plans to dial back major business lines. Yet it still managed to score $100 million in new funding from CVS Health Ventures and launched a new, high-tech primary care partnership with Blue Cross Blue Shield of Massachusetts.
The company’s ups and downs beg the question: Will the cutbacks springboard the company to success in an increasingly saturated primary care tech market?
“I think every company, big and small, is really needing to tighten belts and really focus on the core business and we’re no exception to that,” chief strategy officer Myoung Cha told STAT this week at the J.P. Morgan Healthcare Conference. Facing economic headwinds, the company has tamped down growth projections for its in-person clinics, which are a key part of its plan to distinguish itself from virtual primary care competitors by blending in-person appointments with telehealth. It has also dropped plans to spin some of its services such as chronic care into standalone businesses, focusing instead on offering that care to its own network of patients.
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