August Health Company Profile

Background

Overview

August Health, founded in 2020, is a technology company dedicated to transforming care quality for older adults residing in senior living communities. The company's mission is to empower caregivers with intuitive tools that enhance care delivery, streamline operations, and ensure compliance. By focusing on the unique needs of senior living facilities, August Health has established itself as a significant player in the healthcare technology sector.

Key Strategic Focus

Core Objectives

• Enhancing Care Quality: Providing tools that enable caregivers to deliver proactive and personalized care.

• Simplifying Compliance: Automating regulatory processes to ensure adherence to state-specific requirements.

• Improving Operational Efficiency: Streamlining administrative tasks to reduce staff burnout and increase productivity.

Primary Markets

August Health targets senior living communities across the United States, offering solutions tailored to the complexities of elder care.

Financials and Funding

Funding History

• Series A Funding: In June 2022, August Health secured $15 million in a Series A funding round led by Matrix Partners and General Catalyst, bringing the total funds raised to $17.6 million.

Utilization of Capital

The capital raised has been allocated towards product development, expanding the engineering team, and scaling operations to meet the growing demand from senior living communities.

Technological Platform and Innovation

Proprietary Technologies

• Electronic Health Record (EHR) System: A user-friendly platform designed specifically for senior living communities, facilitating comprehensive resident care management.

• Electronic Medication Administration Record (eMAR): An integrated system that reduces medication errors and enhances compliance.

• Paperless Move-Ins: A digital solution that streamlines the resident onboarding process, reducing paperwork and improving efficiency.

Scientific Methodologies

August Health employs advanced data analytics and machine learning algorithms to provide predictive insights, enabling caregivers to anticipate and address potential health issues proactively.

Leadership Team

• Erez Cohen, Ph.D. – Co-Founder and Co-CEO

• Background: Former engineering leader at Apple, with expertise in designing user-centric software solutions.

• Role: Oversees product development and technological innovation.

• Justin Schram, M.D. – Co-Founder and Co-CEO

• Background: Former Medical Director at Landmark Health, with extensive experience in senior care.

• Role: Leads clinical strategy and ensures the platform meets the needs of healthcare providers.

Competitor Profile

Market Insights and Dynamics

The senior living software market is experiencing significant growth, driven by the increasing demand for efficient care management solutions. Operators are seeking platforms that enhance care quality, ensure compliance, and improve operational efficiency.

Competitor Analysis

• PointClickCare: Offers a comprehensive EHR platform for long-term and post-acute care providers.

• Eldermark: Provides software solutions tailored to senior housing and assisted living facilities.

• AL Advantage: Focuses on assisted living software with an emphasis on ease of use and compliance.

• Yardi Systems: Delivers property management software with modules for senior living communities.

August Health differentiates itself through its intuitive design, caregiver-centric approach, and rapid implementation capabilities.

Strategic Collaborations and Partnerships

August Health has established partnerships with leading senior living operators, including:

• Bickford Senior Living: Implemented August Health's EHR platform across multiple communities.

• The Claiborne: Utilized the platform to enhance care quality and operational efficiency.

• Koelsch Communities: Adopted August Health's solutions to support their human-centered care model.

These collaborations underscore the platform's effectiveness and adaptability to various operational needs.

Operational Insights

Competitive Advantages

• User-Centric Design: The platform's intuitive interface reduces training time and increases adoption rates among caregivers.

• Rapid Implementation: August Health has demonstrated the ability to implement its solutions across multiple communities efficiently, as evidenced by a 40-community rollout completed in fewer than 100 days.

• Scalability: The platform is designed to accommodate the needs of both small and large senior living operators.

Strategic Opportunities and Future Directions

Expansion Plans

August Health aims to continue its growth trajectory by:

• Product Enhancements: Introducing new features based on feedback from caregivers and operators.

• Market Penetration: Expanding its presence in underserved regions and communities.

• Technological Innovation: Leveraging emerging technologies to further enhance care quality and operational efficiency.

By building on its current strengths and maintaining a focus on user needs, August Health is well-positioned to achieve its future objectives.

Contact Information

• Website: www.augusthealth.com

• LinkedIn: August Health LinkedIn Profile

• Twitter: @AugustHealth