CellTrak Raises $11 Million
CellTrak Technologies, a care delivery management software company, secured more than $11 million in investment financing.
The investment comes from Boathouse Capital, a Philadelphia-based private equity firm, with participation from existing investor MK Capital, a $250 million venture capital fund headquartered in Chicago.
CellTrak will use the funds to “aggressively drive innovation” for its care delivery management solution, increase sales and support future acquisitions, according to a press release.
CellTrak provides software and services that aid home health care providers in managing care delivery, for instance, through mobile applications that keep track of schedules, enable secure communications between caregivers and their home office, provide Electronic Visit Verification for proof of visit, and access to client data. CellTrak works with more than 200 organizations.
“As the market continues to shift to value-based and person-centric models of care delivery, [CellTrak] is well-positioned for additional growth,” Bill Dyer, partner of Boathouse Capital, said in a statement.
CellTrak claims its software efficiencies for home health care providers include lowered mileage reimbursement expenses between 20% and 25%, and 25% more visits by caregivers, the press release states.
“Today, the home care industry is doing a remarkable job,” Mark Battaglia, CEO of CellTrak, said in a statement. “But, the industry will only be able to continue to meet that need and make the transition to value-based care if it delivers high-quality care at reduced costs and with increased caregiver productivity. To do that, it must successfully deploy innovative technology at scale.”
Written by Elizabeth Jakaitis