Senior living technology platform August Health has raised another $29 million in Series B funding to help fuel the company’s next round of growth, including the expansion and rollout of new artificial intelligence capabilities.
Launched in 2020, August Health is an electronic health record (EHR) platform used by senior living operators to manage daily operations and gain insights on resident care delivery.
August Health plans to use the funding to expand its new August Intelligence capabilities and further grow the company’s engineering, design, and customer support teams. The AI-enabled platform will bring data insights to bear for operators, along with connecting in a more routine way with resident families through proactive communication.
Base10 Partners led the funding round. Existing investors General Catalyst and Matrix Partners also participated in the round, along with Equitage Ventures, Stanford University, and the Senior Living Transformation Company. Adam Kaplan, CEO and Founder of Solera Living, is a Co-founder and Partner at Equitage Ventures.
August Health Co-founders Justin Schram and Erez Cohen both believe the senior living industry is at an inflection point where senior living providers are making tough decisions on technology partners as care needs make operations more complex.
“We’ve now invested to increase our R&D capacity and really lean in on embedding AI into the platform to further address some of the long-standing challenges operators face in our industry,” Schram said. “We’re positioned to embed insights and intelligence into daily workflows to improve how operators run their communities.”
August Intelligence, which starts a pilot program rollout this fall, is designed to help operators connect with resident families and also bring clinical and other operational patterns forward to better improve operations.
For example, it will curate newsletters for families to inform them of their loved one’s condition and involvement in community activities rather than only hearing from care teams after an incident or health decline.
The platform will also be able to identify clinical insights based on things like medication management and flag trending data points for clinical teams to make changes to a resident’s care plan, shifting the playing field from reactionary to a proactive approach, the co-founders told SHN.
“We see this as a force multiplier, enabling operators to do things that they couldn’t before,” Schram told SHN.
Cohen added, “Eventually this will run in bulk across our entire population of residents and provide these proactive recommendations across different departments.”
Once fully live, August Intelligence will be able to “comb the data” in real-time and identify at-risk residents in need of increased care or changes to their care plan to improve their clinical outcomes and quality of life, the duo said.
“When you do that, you can effectively prevent a bad outcome from happening in the future—an outcome that might also put you at legal risk and one that could have a very serious human impact on the well-being of the resident,” Schram said. “I believe the resident watch list is incredibly powerful for shifting toward a more proactive approach to resident care.”
The platform will also be able to identify trends at communities to show areas in which they may be underperforming in assessing residents or operators that are “leaving care revenue on the table,” Schram said.
Senior living operators today must balance a range of departments in order to run a successful community, and Cohen sees August Health as a way to bring together different parts of an organization’s structure, from clinical to sales and legal departments, to be a “multi-platform” system available to operators that can easily pull data insights.
“We’ve built an infrastructure here where we can apply the same core model to multiple aspects of our EHR,” Cohen said. “This will run in bulk across our entire population of residents and provide proactive recommendations across different departments.”
The post August Health Raises $29M in Series B Funding to Expand, Launch New AI Platform appeared first on Senior Housing News.
Source: For the full article please visit Senior Housing News
Be First to Comment