ST. LOUIS, Sept. 17, 2020 /PRNewswire/ -- TCARE Inc., the only evidence-based*, CMS 1115-approved, and federally accredited family caregiver support platform, announced that it has closed a $3 million financing round. The round was led by SixThirty Ventures and joined by Aflac Ventures, BlueCross BlueShield MN, Blu Ventures, Village Capital, Connetic Ventures and gener8tor fund.
TCARE offers an enterprise SaaS-based platform using predictive analytics to prevent burnout of family caregivers, reducing Long Term Care (LTC) service usage and delaying nursing home placements. TCARE also partners with Health/Life/LTC insurance carriers. TCARE's clients include top-5 MCOs, Managed Long-Term Services and Supports (MLTSS) plans, Medicare health plans, Washington State Dept. of Social & Health Services, Alaska Dept. of Health, Hawaii Office of Aging and 90+ Area Agencies on Aging spanning 32 States.
"Many families struggle with burnout and associated financial and health challenges while providing care and assistance for loved ones," said Bharat Rajaram, Managing Director of Aflac Global Ventures. "We have been impressed with TCARE's early success in addressing caregiver burnout as evidenced by multiple deployments with insurance carriers, MCOs and States. This further demonstrates that caregiver support is an essential aspect of at-home care and aging in place – and has the potential to benefit payers, caregivers and care recipients."
"This financing further validates our business strategy and momentum during what has been a very tumultuous year for the healthcare industry, with millions of family caregivers of all ages suffering from high levels of stress and depression. There has never been a greater need to improve caregiver lives by harnessing innovation, technology, and data analytics to improve access, guide care, and truly understand the effectiveness of family caregiver support," said Ali Ahmadi, CEO of TCARE. "From its inception, TCARE has been committed to making a positive impact on the lives of the caregivers and care recipients we serve. We are grateful for the trust placed in us by our investors as we enter our next phase of growth."
TCARE's evidence-based platform, based on over 30 years of research, and two separate randomized controlled trials, quickly identifies the root-cause of a family caregiver's burnout, creates a plan for the Care of the Caregiver and then connects them to the right resources at the right time and right place. Since its inception, TCARE has impacted over 250,000 family caregivers.
"Caregivers play a significant, often unacknowledged role in our healthcare system," said Atul Kamra, Managing Partner of SixThirty Ventures. "They are hidden in plain sight and come with a unique set of financial needs, time constraints and health issues. TCARE's evidence-based platform brings scale and personalization to address this large, growing and socially important segment of our society."
"This funding round, as well as recent key customer wins, provide strong support for TCARE's business model," says TCARE board member Bikram Bakshi, former CEO of Optum Government and Optum International, and currently a Principal at Blu Ventures. "The TCARE platform is a win-win for all parties involved in the long-term care spectrum. It promotes aging in place for the care recipient, provides an evidence-based support system for the caregiver and reduces financial risk for the payer entity."