‘The data we have is gold. This is what’s preventing people from showing up in the hospital emergency room’ – CarePredict CEO Satish Movva
By Nancy Dahlberg
CarePredict, a South Florida elder-tech company, collects thousands of data points on its users every day, and by leveraging deep learning algorithms, its innovative technology can autonomously identify and notify of changes in daily activity and behaviors that could precede geriatric health issues such as infections, falls, malnutrition and depression.
For example, the South Florida healthtech company can predict the likelihood of a urinary tract infection three or four days in advance, based on bathroom frequency and duration. Other changes in behaviors, such as how sedentary the person is, how much they’re socializing (or not), and how much they are eating (or not), can trigger predictions too. Then CarePredict alerts caregivers of the need to seek out preventive care to preserve the wellbeing of their loved ones and patients.
CarePredict, which makes wearable devices paired with proprietary AI-powered software, has had proven success. According to a research report that studied 500 seniors over two years, the data collected through CarePredict’s wearables was able to reduce hospitalizations by 39% and reduce falls by 69%. Two thirds of the time, these insights enabled seniors to remain in the same care setting without escalation.
To get its technology to more seniors, CarePredict announced today it has raised $29 million in a strategic Series A-3 investment co-led by SV Health Investors’ Medtech Convergence Fund and Aspire Healthtech Partners. Existing institutional investors and South Florida VC firms Secocha Ventures and Las Olas Venture Capital participated, along with family offices and individual investors. In total, CarePredict has raised over $48 million, according to Crunchbase.
“CarePredict’s unique approach to data accumulation and analysis allows us to realize our goal of virtual integration and predictive interventions. Along with this investment, we have started installing CarePredict in our communities,” said Philip Gisi, CEO of Edgewood Healthcare and Managing Director of Aspire Healthtech Partners, a large player in senior care that owns and manages over 100 senior living facilities, as well as home care businesses and primary care offices.
CarePredict is now used by about 150 senior living facilities in the United States, said Satish Movva, founder and CEO of CarePredict (pictured above). Home care franchises also are using the CarePredict product, as are Medicare Advantage payers in Virginia and Illinois.
“What they’re finding out is that the data we have is gold. This is what’s preventing people from showing up in the hospital emergency room and as a payer that’s what you want more than anything else,” Movva said, in an interview with Refresh Miami.
CarePredict, founded in 2013, is the leader in the senior housing market, and plans to use the new funding to continue driving senior housing sales by expanding its sales team in that segment, as well as expanding reach in home care. CarePredict is a team of 24 and recently moved to larger offices in Plantation.
“The thing that I’m most excited about is the potential for Medicare Advantage, not only to roll it out in senior housing but to people aging in place at home,” said Movva. “I think that’s the next frontier for us.”
To that end, Movva is hoping to roll out some pilots with BlueCross/BlueShield later this year. “That will help get our product into a few thousand homes of seniors aging at home, so we can showcase our value proposition there as well.”
And there is so much more impact CarePredict can make.
“AI has become a buzzword but we’ve been doing this since I started the company. We have real results and we have immense data that nobody’s collected on seniors ever,” Movva said. Excited about the potential of academic institutions using the data to open up more important research in geriatric care, he adds. “I think the company could really help extend that frontier.”
Follow Nancy Dahlberg on Twitter @ndahlberg and email her at [email protected]
READ MORE ON REFRESH MIAMI:
- CarePredict’s wearable will help you care for your elderly loved ones, even at a distance
- HealthSnap, a virtual chronic care startup, raises $9M Series A
- Papa, the eldertech unicorn, stands on shoulders of pioneers to help build Miami into ‘the epicenter of healthtech’
