CellTrak, a company whose software and apps help home health care providers and companies work more efficiently, announced on Tuesday that it has raised $11 million in fresh funding.
The financing comes from Boathouse Capital and local VC firm MK Capital. Boathouse Capital is based in Pennsylvania and is a new investor in the company, while MK Capital hails from Chicago and has previously invested in CellTrak, which has raised around $23 million so far, according to Crain’s.
The company’s $11 million round marks the first large funding announcement of July. Last month saw Chicago tech pull in $125 million in new investor money.
CellTrak’s “care delivery management solution” helps home health care providers work more efficiently by acting as a real-time bridge between those making the actual visits and the people who coordinate and monitor the trips. The other aspect of CellTrak is its patient information portal which maintains details on every home visit. It's typically used by caregivers, but “extended care team” members — a group made up of any combination of the patient, their primary care physician, and family or legal guardian — can also access it.
CEO Mark Battaglia told Built In Chicago that this sharing of information is what makes CellTrak unique in its vertical.
“Very few people, at least no one that I know of, is providing the full record of the care that was given in the home to the extended care team,” he said.
With the new investor money, Battaglia said CellTrak plans on adding more features to its platform and growing its customer base, which currently sits at 200 organizations spread across three countries. It'll do a bit of hiring in order to achieve those goals, adding sales people, customer success staff and developers to its team.
The majority of those hires will be for its Schaumburg office, although CellTrak will also be adding members to its U.K. and Canadian offices as well. CellTrak’s current head count sits at around 60 employees, the majority of which work in Schaumburg.
The new funding and hires will help CellTrak handle the increased demand it’s forecasting. The company anticipates a surge of demand based on an aging population and the passing of the 21st Century Cures Act. Part of that act requires Medicaid providers to electronically verify at-home healthcare visits. Eventually, states will need to pick a company to ensure that they comply with the new law — and that’s where CellTrak comes in.
“We need to be staffed up both to win our fair share of the business and serve the people who become our customers,” said Battaglia.
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