Carallel’s plan to expand its reach and develop a more dynamic digital experience received a boost after it earned additional investments amounting to $8.2 million.
Series A of its funding round was participated by prominent regional payers including 450 Ventures, Create Health Ventures, Gratitude Railroad, Loud Capital, and Wanxiang Healthcare Investments.
Carallel, a leading provider of human-centered guidance and digital tools for family caregivers, now supports more than 400,000 Medicare Advantage and commercially insured members and their caregivers nationally.
The company plans to expand its reach in both the Medicare Advantage and commercial markets.
Carallel also wanted to increase the development of dynamic digital experiences, expansion of peer-to-peer support, and targeted care interventions.
“Carallel has demonstrated the clear value of compassionate, human-led caregiver support to health plans, members, and, above all, caregivers,” said Todd Johnson of FCA Venture Partners.
The success of Series A builds on Carallel’s momentum as the company prepares for the launch of new programs in 2023. It has a number of plans that include NextBlue of North Dakota, Priority Health, and Vermont Blue Advantage, among others. These programs are innovative ways for plans to improve Medicare Stars performance, extend care management for quality improvement, and differentiate themselves in competitive markets.
Scott Norman, Vice President of Medicare at Priority Health, said they wanted to make sure that family caregivers, who are essential because they play an invaluable role in providing physical and emotional help to their members, feel supported.
Carallel operates with the belief that the need to support caregivers is already long overdue. On the average caregivers spend 24 hours per week caring for family members or loved ones, while many provide over 40 hours of care per week without compensation or support. This translates to an estimated annual cost of $264 billion in lost income and poorer health outcomes.
Shara Cohen, Carallel’s Chief Executive Officer, said the healthcare industry relies on uncompensated and often the invisible workforce of family caregivers.
Carallel wants to address this challenge by offering a unique, proven care model that combines frictionless access to compassionate support and expert guidance with purpose-driven technology to improve both the well-being of caregivers and those in their care.
According to the outcome of a survey made in 2020 among its users, Carallel’s services has been proven to reduce stress in 90 percent of the caregivers and improve confidence in decision-making for 87 percent.
With a Net Promoter Score (NPS) of 88, Carallel is also building trust among its members as it also directly impacts quality metrics such as Medicare Star Ratings and the Consumer Assessment of Healthcare Providers & Systems (CAHPS) survey.