Originally published by Home Health Care News on January 5, 2023
A company led by a post-acute care veteran has raised over $86 million. Its mission is to help seniors find home care services.
In an SEC filing, CareSave Technologies Inc. — led by former ShiftMed CEO Todd Walrath — has disclosed $86.6 million in capital funding, with expectations to raise significantly more.
CareSave Technologies, which does business as HomeCare.com, will essentially serve as a facilitator by providing technology and tools to help families and caregivers connect with each other.
Individuals use the company to find a care provider in their area and CareSave acts as a middleman between the client and the provider.
On the surface, the company will act in similar ways to A Place For Mom (APFM), a longtime senior care company that provides personal and professional assistance to families. APFM raised $175 million in early 2022.
More recently, companies like Honor Technology Inc. have branched out in similar ways. In April, the company launched “Honor Expert,” an online tool designed to be the liaison between seniors, their families and aging-related solutions.
The idea for Honor Expert and many of these companies is to be a “one-stop shop” for senior care solutions.
Often, the world of aging services can be a complicated one for families and even caregivers.
Last fall, over a dozen executives and professors argued in a Nexus report that the U.S. needs navigational centers, or hubs, to serve as community entryways to existing supports and services in the long-term care space.
ShiftMed – a mobile platform that acts as a liaison between health care providers and workers — was built on the idea that non-technology-based staffing and workforce management was an outdated system.
In the SEC filing, Walrath is listed as the president of CareSave Technologies. Walrath could not be reached prior to publishing.