Axle Health — a scheduling and workforce management software for home-based care providers — has raised $4.2 million. The funding round was led by Pear and Trac VC.
This latest round of funding will help Axle Health beef up its software and machine learning engineering team.
Axle Health allows providers to arrange home-based care visits through its dashboard for communication and scheduling, specifically around coordinating appointments and routing clinicians to various homes.
As a company addressing one of home-based care’s biggest pain points, Axle Health is well-positioned to see growth. In fact, the company exceeded $1 million in annual recurring revenue during its first year. It was founded in 2020.
Axle Health’s funding comes at a time when home-based care providers have been vocal about the challenges they face when it comes to scheduling.
“[Scheduling] is one of the things that’s most inefficient in our business today,” Chris Gerard, CEO of TheKey, previously told Home Health Care News.
In general, scheduling challenges often create more issues for providers down the road.
Specifically, they tend to be a predictor for turnover in the home health space.
Nurses are 50% more likely to quit their positions if they dealt with high schedule volatility. Meanwhile, nurses are 40% less likely to quit if they dealt with low schedule volatility, according to a study conducted by University of Pennsylvania’s Population Aging Research Center.
In 2022, HHCN and AlayaCare conducted a survey which found that 20% of respondents identified inconsistent schedules as their agency’s top reason for turnover.
“It’s something we’re looking at across the organization,” The LTM Group CEO David Kerns previously told HHCN. “How much is that individual clinician’s schedule varying? Then we’re looking at it between clinicians. If you have one clinician who has 10 visits scheduled and another one who has 30 visits scheduled, that’s going to create that person — who probably is your most productive employee — to be upset and leave. Fixing that within their own schedules and within the team schedule, that’s a huge focus right now.”
As for Axle Health, the company is looking to integrate with as many EMRs as possible. The company also wants to incorporate AI scheduling and chatbot capabilities to its platform, according to reports from Axios.
Currently, Axle Health is integrated with Epic and Athenahealth.
Companies featured in this article:
