Ōmcare receives LOI for $2.5M to fund commercialization
Aging in place solutions increasing in demand as Ōmcare secures LOI for funding.
MEDICAL ALLEY, Minn., Dec. 16, 2020 /PRNewswire/ -- Today, Ōmcare, a Minnesota-based digital health company, announced that it has received a Letter of Intent for a $2.5 million investment for its Ōmcare Home Health Hub™ commercialization.
The Ōmcare Home Health Hub incorporates on-time medication dispensing with visual confirmation that users are taking the right medication at the right time, along with remote face-to-face communication with their care team through the video portal.
An estimated 25% of hospitalizations and $300 billion in healthcare costs are due to poor medication adherence. Ōmcare aims to improve outcomes, lower costs and provide an alternative option for families with loved ones that need assistance.
Ōmcare is conducting a pilot program, in partnership with Minnesota based Ecumen Senior Care and Thrifty White Pharmacy, in early 2021 to evaluate how the technology improves medication adherence, reduces the cost of care and decreases the feeling of isolation and loneliness in users. Ōmcare will build upon success from the pilot program with a commercial launch expected later in 2021.
"We are extending the reach of caregivers into the home," said Ōmcare Founder and CEO Lisa Lavin. "Taking the right medication at the right time can be life-changing and can enable people to live more independent, vibrant lives. This is about having more life options and making it easier for caregivers to care."
The commitment for this funding round comes from Connect the Grey Investment Management. Ōmcare will become one of its portfolio companies—based upon the significant growth projections associated with the upcoming commercialization.
Janie Hanson, the Managing Director at Connect the Grey Investment Management, explained, "we see big potential and big opportunities in partnering with Lisa and her team at Ōmcare. We are confident in the company and in this product that takes digital health to the next level and expect exciting growth ahead."
Earlier this year, Ōmcare was named one of the nation's hottest healthcare startups in 'flyover tech' by a panel at the 38th Annual J.P. Morgan Healthcare Conference and was named as a startup projected to improve home health by MedCity News. The company continues to gain attention at a national level, as home-based care and options to combat loneliness in older adults emerge as a market priority.
Lisa Lavin added, "we are proud and grateful for the strong partnerships that see the value of our product and see the value of making Care. From anywhere.® - a reality."
For more information about Ōmcare, visit www.Omcare.com.
About Ōmcare
Ōmcare is a digital health company that aims to change the way the world cares by extending the reach of caregivers, increasing medication adherence, and improving treatment outcomes through the power of remote care and two-way video technology. By partnering with pharmacies, payers, providers, and family caregivers, Ōmcare strives to help people live healthier, more vibrant, independent lives and reduce healthcare cost. Ōmcare enables Care. From anywhere ®.
For more information, visit Ōmcare's website at www.Omcare.com
About Connect the Grey Investment Management
Connect the Grey Investment Management is transforming capitalism for the greater good by unlocking human potential from our home base in Blue Earth, Minnesota.
Learn more at www.ctgim.com
SOURCE Ōmcare
Share this article