Carallel, a startup that provides digital tools to support family caregivers, raised $8.2 million in Series A funding last week. The company got its name by combining “care” and “parallel” because its goal is to “walk alongside family caregivers as they navigate the twists and turns of a caregiving journey,” said CEO Shara Cohen.
The Chicago-based startup was founded in 2017 with the mission to make the country’s more than 50 million family caregivers feel more prepared and confident in their efforts. The average caregiver spends 24 hours per week caring for their loved one, with many providing more than 40 hours of care per week without compensation or support, Cohen pointed out.
“Healthcare’s reliance on family caregivers does not come without a cost,” she explained. “Caregivers experience higher rates of serious illness, a high degree of financial strain and instability, and significant adverse mental health symptoms. This creates significant risk for health plans both as the insurer of the caregiver and as the insurer of the care recipient.”
To address this problem, Carallel’s platform gives caregivers access to “care advocates.” These advocates lend an empathetic ear to caregivers and understand their challenges, as well as offer assistance and coach them through personalized action plans. Carallel’s platform also provides online resources and educational training, Cohen said.
Carallel’s services are offered as a benefit by health plans and employers. The services are offered to any member/employee who is caring for a loved one or any caregiver who is caring for a member/employee, Cohen explained.
More than 400,000 members insured by Medicare Advantage and commercial plans currently use Carallel. With its new influx of funds, the startup plans to expand its reach to more payers, as well as expand its platform to include more peer-to-peer support and targeted care interventions. As 2023 approaches, Carallel is planning to launch new programs with payers, including NextBlue of North Dakota, Priority Health and Vermont Blue Advantage.
Original Article: (https://medcitynews.com/2022/12/carallel-to-expand-caregiver-support-footprint-with-8-2m-fundraise/)
