Many of us are caregivers for our elderly parents or sick family members. If you've been a caregiver, you know the time and energy that goes into this labor of love, and the burden and burn-out that can arise over extended periods.
A recent report by Columbia University Mailman School of Public Health, and sponsored by Otsuka says "... if family caregiving was a business entity it would be the largest revenue-generating company in the world — exceeding the revenue of Apple (+126%), Amazon (+45%) and Walmart (+31%)"
At Capita3 we have experienced these challenges with our own families and recognized the unparalleled benefits of Carallel. As an innovative, tech-enabled healthcare company, Carallel addresses the trifecta in caregiving required for widespread market adoption: providing critical support to caregivers, enhancing family member well being, and increasing value for healthcare providers.
The burden and cost of family caregiving for the caregiver and the healthcare system is becoming a top priority as the need for comprehensive and cost effective approaches is recognized. This recognition crosses many expansive markets, including Medicare, Medicaid, employers, providers and pharmaceutical companies.
Family and informal supports are key for ensuring effective transitions in care, reduced healthcare utilization and reduction or delay in institutionalization. For the caregiver, research shows that the act of being a caregiver drives the caregiver's own healthcare costs with higher rates of chronic condition and depression. With women representing approximately 75% of the caregiver population, who typically are unpaid or underpaid for this work, the need for Carallel's solution is greater than ever.
By addressing the challenges and leveraging the opportunities, innovative companies like Carallel are playing a pivotal role in shaping the future of caregiving. For Capita3, this sector presents a promising avenue for investment, with the potential for substantial returns.
The company is led by CEO, Shara Cohen, who joined the Company as CEO in 2021. Shara has a long operating background in healthtech, including her experience on the leadership team at Emmi Solutions through the sale to Wolters Kluwer Health. She was named one ofFierce Healthcare’s Women of Influence 2024.
Shara is joined by co-founder Hillary Ebach, who is the CAO & Chief Compliance Officer for the Company.
Traction:
Recent commercial traction includes the Independence Blue Crosspartnership in which Carallel provides the Independence Blue Cross Medicare Advantage (MA) members with caregiver support benefits for their 2025 MA plans.
Carallel recently launched a new program for dementia caregivers designed to reduce caregiver burden and stress. With this program, the ever-growing dementia population and their caregivers are supported with a specialized set of Carallel support tools.
Carallel also won the 2024 MedTech Breakthrough Award for Healthcare Insurance Innovation.
Company Description:
Carallel provides an innovative, tech-enabled platform called the CompanionApp designed to support family caregivers while enhancing healthcare value for their partners. The CompanionApp comprehensively addresses a wide range of caregiver needs, including daily responsibilities, long-term planning, self-care, relationship dynamics, and financial considerations. It features a robust Care Advocate/Coach system for seamless documentation and coordination, alongside a dynamic user experience accessible via web or mobile app. Additionally, a dedicated service delivery team is available to support customer teams. The platform is fully customizable and can be branded to meet customer needs, offering comprehensive support in care management, home safety, self-care, relationship dynamics, insurance navigation, and financial assistance.
The CompanionApp incorporates a secure workflow and documentation system, a customizable knowledge base, and seamless integration with partners. It delivers valuable data and insights for caregiver identification and outreach, along with analytics on caregiver needs and outcomes. Built on a care model grounded in behavioral science, the platform aims to build caregiver resilience, reduce stress, and expedite problem-solving. It is accessible via phone, email, chat, and text, with support from Care Advocates.
The services are designed to identify and activate caregivers, coordinate referrals, and optimize benefit utilization, with insightful reporting to understand patient status, caregiving needs, and program impact. Enhanced by expert advocates, digital support, and a data-driven approach, the platform facilitates caregiver identification and outreach, supported by licensed clinical social workers, certified dementia practitioners, and registered nurses.
