As the health care industry continues to place increased value on lowering hospital readmission rates and curbing costs, companies that aid in those efforts are making a name for themselves — especially among investors.
Such is the case for Health Recovery Solutions (HRS), who recently received a $10 million Series B investment from Edison Partners. This brings HRS’s total funding raised to $16 million.
“The guiding belief behind our company has always been, putting patients first,” Jarrett Bauer, Health Recovery Solutions CEO, told Home Health Care News. “More money in the company equals a better product and better results for our clients.”
Hoboken, New Jersey-based HRS provides health systems and home health care agencies with a comprehensive remote monitoring platform that allows clinicians to collect and manage patient data, complete with blood pressure monitors, scales and pulse oximeters. Additionally, the company provides logistics management and patient support.
Edison Partners is a Princeton, New Jersey-based growth equity firm — with more than 200 investments — that focuses on fintech, health care IT and enterprise solutions.
Since launching in 2012, HRS has worked with a number of home health organizations and health systems to implement its telehealth solution. That list includes NVNA and Hospice, Community VNA, Ohio Living Home Health and Hospice, Well Care Home Health and Frederick Memorial Hospital — as well as big names such as Banner Health and Northwell Health.
In total, the company has relationships with more than 150 medical centers in 39 states, serving more than 140 clients total.
The company has earmarked the new $10 million in capital to further fuel the development of its technology platform. Currently, the company uses tablets and apps to connect patients with health care professionals, allowing for communication, symptom surveys, vital monitoring and more.
“Where we see the biggest growth is continuing to solve more of our client’s problems,” said Bauer. “So much of our platform is around remote monitoring, and where we are going from here is predictive analytics [and] getting more involved with our data platforms.”
In addition, HRS launched a new product this year: patient connect voice, an interactive voice response (IVR) platform.
“We are able to provide more software platforms to our current clients,” he said. “[Some are] low touch solutions, but also high touch solutions with some of the new biometric monitoring that we are able to do.”
Overall, HRS has seen a 75% year-over-year growth. One of the driving forces behind this is the company’s ability to produce results: Its solutions have helped drastically cut hospital readmission rates for users.
Take the effect HRS’s solutions had on Paramus, New Jersey-based Valley Home Care, for example. The home health services provider, which cares for more than 12,000 people in Bergen and Passaic counties, saw its monthly hospital readmission rates drop to as low as 2% after implementing HRS’s remote patient monitoring software.
Meanwhile, Ohio Living Home Health and Hospice saw a 7.5% hospital readmission rate after implementing remote patient monitoring and telehealth software from HRS. Similarly, Community VNA reported a 55% reduction in hospital readmission rates between Q1 2018 and Q1 2019.
Moving forward, the company is doubling down on care in the home as their “bread and butter,” according to Bauer.
“It’s the industry that made us who we are,” he said. “We see [the investment] as a win for all of home care.”