Toledo, OH – Homeward Health, LLC (Homeward Healthcare) closed their second round of funding with a $750,000 investment from Arsenal Capital Management of St. Louis, MO (ACM). ACM joins strategic partner CQuence Health as lead investors in Homeward Healthcare. CQuence Health is headquartered in Omaha, NE. Both ACM and CQuence Health have early stage, healthcare company investments.
“We are very pleased to partner with Homeward Healthcare. Helping patients achieve a better outcome while lowering readmission risk and thereby healthcare costs is a primary objective of the Digital Discharge™ program. We believe Joe and his team are on the right path to achieving that goal,” said ACM Managing Director, Pete Reinecke.
“Our motto of ‘Better Outcomes and Lower Costs’ is the direction we see innovation moving in healthcare and the partnership with ACM will help us achieve that goal”, stated Homeward Healthcare CEO Joseph Gough. “CMS (Medicare/Medicaid) views preventable 30-day hospital readmissions as one of the major challenges for hospitals in 2015. Recent hospital studies indicate that the Homeward Health platform reduces readmissions for chronic heart failure patients by over 30%, which is great for those heart patients and a significant financial savings to the hospital.”
Homeward Healthcare is an information technology company redesigning the discharge and care transition process for the benefit of patients, hospitals and payers. The company has 9 full time equivalent employees with sales and administrative offices in Toledo, OH and software development offices in Ann Arbor, MI plus virtual offices in several other states. Homeward Health was incubated at the University of Toledo and left the incubator in late 2013 just prior to its first fundraising round with CQuence Health.
Homeward Healthcare announces results of Phase 1 study as Hurley Medical Center.
After simulation studies at the University of Toledo, Homeward Healthcare’s Digital Discharge™ program was released at Hurley Medical Center in August 2014 and the phase one study completed in 2015.
“We could not have been more pleased with the results of the first phase rollout at Hurley”, stated CEO, Joseph Gough. “Our strategy was very simple in approaching Hurley. Flint, Michigan has one safety net hospital for more than 100,000 people in the immediate metro area. It’s a challenging patient population in terms of socio-economics, obesity rates, co-morbidities, and general public safety. Yet, we were able to make a remarkable difference with interactive multimedia and risk stratification alone”, Gough explained.
The Digital Discharge™ and RiskScore™ products were deployed first with the progressive care nurses. Randy Blake (Lead Monitor) administered the device platform at the patient’s bedside. “These patients are very ill, but stable enough to coherently manage the survey application which resides on a touchscreen tablet”, says Blake. Renee Link (Technician – Hurley IT department) quantified the pilot program numbers. She stated in her report, “If you extrapolated the results across the entire patient population, Hurley would see an all-cause reduction in readmissions from 22.8% to 18.4%”. This improvement would bring Hurley’s rates under the national average. Thusly, the program would eliminate significant CMS reimbursement penalties.
Most importantly, the program saves the nursing staff considerable time that can be directed into patient care. “Digital Discharge saved 19-34 minutes per patient in just the instructional time nurses had to spend reading to a patient and entering data. When you stretch that across 19,000 annual discharges, we are talking about being able to redirect four to five FTE from admin to patient care. More care and more caregivers is always going to be good for patients”, said Gough.
Homeward Healthcare was established in 2013 after winning multiple Edison Grants from the Ohio Third Frontier for their patient safety concept. The company was founded by Joseph Gough, Dr. James Weber, and Dr. Michael Roebuck. They have offices in Toledo, OH and Ann Arbor, MI. They can be found on the web at www.homewardhc.com or by phone at toll free 800.419.5958.