As we get older, long-term care becomes a necessity of life for many — if not all — of us. But the industry is reaching a crisis point as 73 million Baby Boomers age and the availability of skilled nurses declines to a projected shortfall of 1.1M by 2022. Concurrently, the administrators at long-term care facilities are confronting internal struggles: the complexities of scheduling, managing, and maintaining multiple types of nursing professionals as their patient populations fluctuate. Keeping their workforce happy is paramount to success in a highly competitive labor market.
Like other industries, these facilities have not fully adopted technology, instead relying on antiquated processes. Today, many long-term care facilities operate through disjointed processes that include multiple systems, spreadsheets, and people, lacking the right tools to optimize their operations and exposing them to the risk of inadequate staffing. This means less time is focused on what’s most important: patient care.
At Costanoa, we continue to believe there is a big opportunity to build next generation workforce management tools and one specifically to unlock the modern healthcare workforce to meet the increasing demand for long-term care and care workers. That is why we’re thrilled to announce our investment in Kevala, an intelligent workplace management platform designed specifically for long-term care facilities.
An integrated workforce management and care orchestration platform
Kevala is tapping into an estimated $450B long-term care labor market and building a modern, flexible application that will transform how long-term care facilities — which provide a vital service for the nation’s aging population — ensure their patients are well cared for on a daily basis.
Their platform removes a major barrier to organizational efficiency, using a flexible SaaS solution to replace the Excel spreadsheets and clunky, dated software that healthcare administrators currently use to manage three labor categories (permanent staff, long-term contract, and per diem). Kevala makes it much simpler to unify and streamline staffing, scheduling, communication and compliance across all three of these categories for specialty care providers. Ultimately, the solution elevates employee productivity and engagement, improving quality of care and automating compliance.
The company has already made significant progress, working alongside many healthcare facilities like Aegis Living, a national leader in senior assisted living and memory care.
Kevala is helmed by Todd Owens, an experienced founder and technologist with a strong proven track record. Part of the founding team at TalentWise, he spent a decade building the company with a third of that time as CEO, achieving impressive revenue growth before selling the company to SterlingBackcheck. Todd is joined by knowledgeable co-founders Jake Gordon, Noah Kusz, and Patrick Lawler.
Today, Kevala announced their $4M Seed and we’re excited to invest alongside Pioneer Square Ventures, High Alpha, and Vulcan. The team is growing fast (current job openings here) and we’re looking forward to seeing what comes next!