CareCar

Mission Driven Finance invested in CareCar—a medical transportation company—to accelerate their patient-centered access to healthcare for vulnerable seniors and increase their quality jobs during a period of rapid growth with expanding health plan contracts.

What they do

CareCar is a health & technology company that enables non-emergency medical transportation services through its managed marketplace platform.

The company partners with managed care organizations to manage the transportation benefits for Medicare & Medicaid beneficiaries. They are based in Newport Beach and provide healthcare transportation services to vulnerable populations in California, North Carolina, and Florida.

Patients request trips via phone, online, or a mobile app, and CareCar’s technology platform automatically assigns qualified drivers based on distance, training, and medical needs.

What they stand for

CareCar differs from other medical transportation providers with their thoughtful approach to patient care and driver workforce training. They provide reliability for patients who are disconnected from access to healthcare due to disability, lack of family and personal networks, or living in rural areas.

CareCar also prioritizes providing quality jobs for drivers. Their drivers earn significantly more than with other rideshare companies and have more stable income and predictability as they earn a minimum hourly wage and work reliable shifts.

Why we invested

After signing a new contract with a major national health insurance provider which would double current operations, CareCar needed funding to increase driver workforce and invest in company infrastructure. Mission Driven Finance provided CareCar with the capital they needed to continue to grow.

Our $500,000 loan allows CareCar to recruit and train more drivers, further develop their tech platform, and expand their service to vulnerable communities in San Diego and Imperial County.

Updates

11/2021 — Mission Driven Finance has invested a second time in CareCar. CareCar has grown at an incredible rate since our first investment:

• At the time of our first investment in 2019, 50,000 people had access to their services; by the end of 2020, over 120,000 accessed their services.
• Their team grew from seven full-time employees to nine.
• Their revenue grew from around $500,000 in 2018 to $4 million in 2020.
• The company went from completing approximately 50,000 rides per year in 2019 to over 170,000 rides in 2020.