AUSTIN, Texas--(BUSINESS WIRE)--The Helper Bees (THB), a company creating a better model for home care, today announced significant company momentum in 2020. In addition to developing, validating and launching four new products, THB secured a $6M Series A round of funding, acquired a company, grew 200% in year-over-year revenue, partnered with five new insurance carriers, and welcomed a total of 157 new team members.
“2020 was a flagship year for THB,” said Dr. Char Hu, CEO and co-founder at The Helper Bees. “Our products are transforming virtual assessments, at-home care and digital invoicing. We have a solid team in place, and are ready to further improve quality of care for the aging adults, caregivers and insurance carriers that are increasingly relying on our data-driven platform. In 2021, we're excited to branch out into new insurance verticals, add products and partners, and grow our talented team.”
To date, THB has helped 12,500 families get reimbursed for over 1.1 million hours of home care, a 2.5X increase over 2019. THB also acquired nurse-care management company Dimensions, and entered the new insurance vertical of Medicare Advantage. 59 new team members and 98 new clinical team members were added to support THB's continued growth and innovation.
THB's four products launched in 2020 include:
- Virtual Assessments. Deployed in response to COVID-19, this virtual nursing assessment saw an over 80% adoption rate among claimants, increasing throughput by 9X.
- Care Concierge. The long-term care industry's first comprehensive care management product, Care Concierge actively manages claims costs while offering a suite of on-demand services to educate claimants on care options.
- Digital Invoicing for Facilities. This facility digital invoice submissions offering separate billable charges, decreases reimbursement errors, lowers data entry costs and provides a predicted annual savings of $290K/year.
- Digital Invoicing for Home. Provides industry-leading continual GPS electronic visit verification for the home, with 18% cost savings compared to paper-based and telephonic solutions in agency, informal and personal settings.
“Char and the team at The Helper Bees have successfully innovated and executed in the insurance industry to create a more human experience for patients in need of home care,” said General Partner Morgan Flager of Silverton Partners. “Combine the go-to-market approach with an aggressive growth strategy via acquisitions, and The Helper Bees is now positioned to emerge as a market leader in the insurtech sector.”
About The Helper Bees
The Helper Bees (THB) is an insurtech successfully improving the home care experience for the payer and care-recipient. They work with some of the world’s largest insurance carriers to deliver transformative experiences in digitization, sourcing great care options and applying machine learning to power intelligent care and claim analytics and processing.