SCHAUMBURG, Ill, CellTrak Technologies announced that it has raised over $11 million from Boathouse Capital.
CellTrak Technologies, the leading provider of Care Delivery Management solutions which enable home and community-based care organizations to deliver higher quality care, communicate seamlessly with health care workers, improve compliance, and increase productivity, announced that it has raised over $11 million from Boathouse Capital with participation from existing investor MK Capital. The company plans to use the funds to aggressively drive innovation for its market-leading Care Delivery Management solution, to increase its sales and customer success staff and to support future acquisitions.
CellTrak is currently a trusted partner to over 200 organizations that coordinate and deliver health care and personal services to people in their homes and communities. Since its founding by Andy Kaboff, CellTrak has pioneered the creation of a Care Delivery Management solution which is unique in the marketplace. Celltrak's solution creates a bi-directional real-time connection between caregivers who use mobile apps at the point-of-care, care coordinators in offices, and the extended care team, and between CellTrak and other home health technology vendors, including EMRs. With CellTrak, care providers operate more efficiently and effectively, improving care outcomes and business results. CellTrak customers typically lower mileage reimbursement expenses by 20-25%; significantly reduce or eliminate point-of-care paperwork and the associated manual data entry; and increase caregiver productivity, measured in visits per caregiver, by as much as 25%.
"Based on its customers and current offering, CellTrak is the clear leader in Care Delivery Management, a rapidly emerging new category in the home and community care market," said Bill Dyer, Partner of Boathouse Capital. "CellTrak's innovative solution is the only one we found in the market that enables providers and payers to address their most critical issues - regulatory compliance and cost-effective delivery of high-quality care by all types of caregivers. As the market continues to shift to value-based and person-centric models of care delivery, the company is well-positioned for additional growth. We are looking forward to working closely with the CellTrak team to deliver additional innovation to providers and payers of all types and sizes."
"The need to provide effective and affordable care to an aging population is one of the most essential, and most overlooked, issues for societies around the globe," said Mark Battaglia, CellTrak's CEO. "Today, the home care industry is doing a remarkable job. But, the industry will only be able to continue to meet that need and make the transition to value-based care if it delivers high quality care at reduced costs and with increased caregiver productivity. To do that, it must successfully deploy innovative technology at scale. CellTrak is unique in the industry with its focus on the full scope of care delivery management. Today, we offer agencies proven real-time interoperability; secure connections that enable collaboration across the extended care team; and the ability to use data in smart ways, including to meet Electronic Visit Verification regulations that fight fraud, to improve point-of-care responsiveness, to optimize care delivery, and to better manage the people who deliver care."
"Countries around the world are dealing with the 'Silver Tsunami' of the rapid shift in population aging and life expectancy, and the human and financial implications of these demographic changes," noted Mark Koulogeorge, Managing Partner of MK Capital. "Today, nearly 50 million people in the United States are over the age of 65 with future average life expectancy of 19.4 years and 88% have at least one chronic condition. Providing care to people in their home and community is a proven way to reduce costs, achieve better health outcomes, and satisfy patients who prefer to receive care in their home."
People receive exceptional care in their home and community when their providers use CellTrak's software to better manage the delivery of care and the people who deliver it. Home care, hospice, and community care agencies in the US, Canada, and the UK deliver higher quality care, communicate more effectively, improve compliance, reduce costs, and increase productivity with CellTrak. Today, CellTrak's complete, integrated software-as-a-service solution supports one million visits per week, facilitating care delivery and real-time field force management, automating data collection, and providing information for business and care optimization. It includes apps for all types of caregivers that run on the leading mobile devices; portals for efficient coordinated care delivery by a distributed workforce; interfaces to EHRs and back office systems; and services to support adoption and optimization. For more information visit www.celltrak.com.
About Boathouse Capital
Boathouse Capital is a leading growth oriented private equity firm with $350 million of capital under management that specializes in providing flexible debt and equity capital solutions to software and technology-enabled services businesses. The firm typically invests $5 million to over $25 million in companies across the United States.
Boathouse Capital has previously made several investments in software and technology-enabled businesses including AvidXchange, Accurate Background, BioPharm Communications, Frontier Strategy Group, Mediafly, OrthoFi, and Pilgrim Software. For more information, visit www.boathousecapital.com.
About MK Capital
MK Capital invests in early and growth stage companies in the software and digital media industries. The firm's partners, who average over twenty years of venture capital experience, partner with entrepreneurial management teams to build leading companies in emerging markets. MK Capital manages over $250 million in capital and is actively seeking new investment opportunities. For more information, visithttp://www.mkcapital.com.
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