Valor Leads Seed Round in Carework, a modern, integrated platform software for senior living and long term care operators
CareWork is empowering providers to deliver better care through a comprehensive, scalable staff and management platform. Specifically targeting long-term, post-acute, and senior care operators, CareWork ingests the critical data these providers need from the systems they already use and equips operators and their teams with a more efficient way to access their data and complete tasks from disparate systems in one place, without the need to hire in-house IT experts. Providers benefit through enhanced internal workflows, a reduction in duplicate work, tangible reductions in cost, and waste reduction throughout the organization. Patients benefit by receiving amplified levels of care from their providers.
Long-Term Care & Senior Living Industry Headwinds
Healthcare, more specifically long-term care has been one of the industries ripe for technological disruption in this era of evolving health needs and aging populations. Yet, when you look at the status quo today of how senior living and long-term care providers function in the modern era of healthcare, the words innovative, tech-forward, and efficient don’t immediately come to mind. Pandemic ramifications paired with increased operating costs, crippling staffing shortages, and manual spreadsheet-based management processes are causing providers to struggle and to do more with dwindling resources. Research from the National Association for the Support of the Long-Term Care Industry shows the segment lost more than 270K jobs in 2022. Lead Valor Partner on the deal, Gary Peat, points out, “In the U.S., 10,000 people per day are turning 65 until 2030, an increase of >30 million. In the U.S., over 70% of people over 65 will spend some time living in long-term care facilities. That is a market expansion of as much as 50% in an already large market. Without a way to do more with less with solutions like CareWork, long-term care will not be able to profitably handle the market growth that is structurally ‘baked into’ the long-term care industry in the U.S.”
A Technical, Experienced-Based Team
Before building CareWork, Founder and CEO Jackie Ramieri spent three years as a fractional CIO for the long-term care industry. She continuously searched for and failed to find an all-encompassing platform to augment provider capabilities. Jackie built CareWork from the perspective of what she wished she had as an operator, software equipping teams with an easy way to complete operational work relevant to clinical, procurement, financial, and labor duties, seamlessly from a single integrated platform. Before transitioning to be a fractional CIO, Jackie spent two decades as a technical IT leader where she worked with C-Suite clients to rebuild IT operations due to restructured IT organizations, policies, procedures, security, and compliance.
Gearing Up For Growth
In a competitive landscape crowded with “dashboard solutions”, CareWork has stood out to early customers as a comprehensive agnostic platform holistically tackling operator bottlenecks from a workflow perspective. CareWork’s differentiated ability to automate the generation of descriptive analytics on KPIs like census, labor, clinical, procurement, and revenue data serve as a transformational “leg-up” for operators who have been muddied by manual processes for decades. Early data shows CareWork’s software has empowered a 50-97% reduction in administrative burden across current deployments. The team has already garnered revenue-generating customers and is actively converting several more pilots to full-scale commercial agreements.
Valor General Partner Gary Peat joins the CareWork board, bringing over 20+ years of B2B healthcare investment expertise, and a successful investment track record in healthcare companies like Relatient, InTouch Health, and others at seed.
To learn more about CareWork, hear Jackie speak below and visit their website here.