Boulder Care
Overview
Boulder Care is a telehealth service provider focused on the treatment of substance use disorders, including opioid and alcohol use disorders. Founded in 2017, the company employs a robust digital platform to deliver addiction treatment and recovery support services. Headquartered in Portland, Oregon, Boulder Care has raised approximately $85 million in funding to date, with significant investments from Advance Venture Partners, Stripes, and others. The company was founded by Stephanie Strong, who continues to serve as the CEO.
Recent Developments
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October 2024: As the year-end approaches, Boulder Care is actively participating in discussions regarding the expiration of telehealth prescribing flexibilities. The federal government set a deadline of December 31, 2024, for these provisions, which allowed the prescription of buprenorphine via telehealth without an in-person exam. Boulder Care has been an advocate for the continuation of these practices, emphasizing the life-saving potential of telehealth access.
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September 2024: Boulder Care was named one of the Fierce 50 Honorees by Fierce Life Sciences and Fierce Healthcare. This recognition highlights the company's advancements in addiction medicine and their innovative approach to care.
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May 2024: The company secured $35 million in Series C funding, led by Advance Venture Partners. This funding is earmarked for expanding clinical teams and enhancing Boulder Care’s presence in both existing and new states, particularly focusing on Medicaid patients in rural areas. This expansion is crucial as approximately 90% of their patients are Medicaid beneficiaries.
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Throughout 2024: Boulder Care continues to expand its services and advocacy efforts amidst regulatory challenges. A primary focus is on maintaining telehealth services' flexibility to ensure continued access to medication-assisted treatments like buprenorphine.
Company Information
| Attribute | Information |
|---|---|
| Founding Date | 2017 |
| Headquarters | Portland, Oregon, United States |
| Founders | Stephanie Strong |
| Revenue | Not publicly disclosed |
| Profits | Not publicly disclosed |
| Key Investors | Advance Venture Partners, Stripes |
| Industry | Healthcare, Telehealth |
| Number of Employees | Not publicly disclosed |
Early History
Founded in 2017 by Stephanie Strong, Boulder Care was established to address the gaps in addiction treatment, particularly for individuals struggling with opioid and alcohol use. Strong, drawing from her background in healthcare consulting and venture capital, aimed to use digital platforms to create more accessible and personalized addiction treatment services. Initially bootstrapped and later supported by early investors like First Round Capital, the company quickly grew by securing partnerships with Medicaid to offer value-based contracts for their services. This early focus on Medicaid was strategic, targeting underserved populations that could benefit most from accessible care options.
Company Profile and Achievements
Boulder Care is renowned for its evidence-based approach to addiction treatment. Through a user-friendly app, the company provides access to comprehensive care teams, including doctors, nurses, and peer recovery specialists. Their services are primarily geared towards treating opioid and alcohol use disorders via medication-assisted treatment (MAT) with substances like buprenorphine.
- 2020: Adaptation to the COVID-19 pandemic allowed Boulder Care to capitalize on telehealth flexibilities, enhancing the reach of their services. This period saw an increase in both enrollment and patient retention rates.
- 2021: Stephanie Strong was recognized as a health care innovator, receiving accolades such as being listed in Forbes 30 Under 30. Under her leadership, Boulder Care saw a tenfold increase in revenue post their Series B funding.
- 2023: Boulder Care focused on enhancing their telehealth model, anticipating changes in DEA regulations which could impact service delivery.
- 2024: Inclusion as Fierce 50 honorees underscored their leading role in addiction medicine innovation. The company also expanded its adolescent care program, addressing a critical need within the younger demographic.
Current Operations and Market Position
Boulder Care is a prominent player in the telehealth sector for addiction treatment. Their competitive edge lies in their comprehensive, patient-centered model, which integrates medical, behavioral, and psychosocial support into a cohesive care package. The company plans to continue expanding geographically, particularly in states with extended Medicaid programs. Boulder Care's market position is strengthened by its commitment to outcome-based contracts, enhancing service quality while ensuring financial viability.
Conclusion
Boulder Care stands at the forefront of integrating technology with healthcare to combat substance use disorders. Their innovative approach and dedication to patient outcomes position them as a leader in addiction treatment. Looking ahead, Boulder Care aims to continue its expansion, leveraging telehealth innovations to reach more patients, especially those in underserved areas. The ongoing advocacy for telehealth policies will be crucial for their sustained impact and growth as a healthcare service provider.