Omega Healthcare Investors (NYSE: OHI) led a $ 30 million Series B fundraiser for fall management technology company SafelyYou.
Omega also prepaid $ 10 million so that senior residences and qualified nursing homes in the Real Estate Investment Trust can access SafelyYou technology, which involves artificial intelligence to detect falls and video to examine. fall events.
Announcing Series B on Thursday, SafelyYou also released a case study showing that Belmont Village Senior Living was able to reduce fall-related emergency room visits to 4%, compared to an industry average of between 17% and 25%. . Belmont Village, based in Houston, manages more than 30 seniors’ communities across the United States.
SCAN Group, the parent organization of SCAN Health Plan, also participated in the last funding round of SafelyYou. The SCAN Health Plan is one of the largest nonprofit Medicare Advantage plans in the country and recently launched a new product called Embrace, focused on the needs of residents and operators of retirement homes.
Existing investors in SafelyYou include Eclipse Ventures, Foundation Capital, Founders Fund and DCVC. Funding for the company now stands at approximately $ 70 million.
Getting to this point has been a gradual process, said George Netscher, founder and CEO of SafelyYou, earlier this year when Senior Housing News recognized him as a future leader.
“Don’t sell too much, don’t try to put the cart before the horse,” he said. “The way we went was that we did a study with a community [before launching]. We wanted to make sure it was repeatable. We did a larger study that included 11 communities… Our first clients were so supportive and so critical of how we got here.
SafelyYou is now deployed on a large scale: Omega’s portfolio alone has 944 installations. The REIT’s $ 10 Million Prepayment will go to subsidize the cost of implementing SafelyYou in these communities on a first come, first served basis. Ciena, Consulate, Maplewood Senior Living and Brookdale Senior Living (NYSE: BKD) are among the 63 partner operators of Omega.
Omega’s investment in SafelyYou is part of a larger technology effort Omega is undertaking. In March 2021, Omega acquired Connected Living, which offers resident engagement platforms, in-room TV systems and other services. Facilitating operators’ access to connected life was one of the motivations for this transaction.
“One of the biggest challenges for operators throughout this [Covid-19] the crisis is how they could safely facilitate the connection between residents and their loved ones, ”Omega SVP of Corporate Strategy and Investor Relations Matthew Gourmand noted at the time. “We saw in Connected Living an opportunity to help operators meet this challenge, improve the experience for residents and differentiate the offer of their facilities. “
Belmont Village eliminates emergency room visits
In SafelyYou, Omega is investing in a business that has already proven to be beneficial for operators such as Belmont Village.
In 2019, Belmont Village installed SafelyYou in two communities, and during the three-month pilot that followed, those communities reduced visits to falls-related emergencies by 41%, according to the case study released Thursday.
Belmont Village then implemented SafelyYou in all of its memory care units, covering 25 communities. The provider maintained a 4% ER visit rate due to falls throughout this expansion.
In one example of how the technology worked, Belmont Village staff were able to view camera footage to see that a particular resident had a habit of gently lowering himself to the ground each morning. Armed with this knowledge, Belmont Village could avoid emergency transfers for this resident while adjusting care to meet the resident’s needs.
“We have learned that by seeing better how we respond to someone who has fallen, we can revamp and improve our continuing education,” said Patricia Will, Founder and CEO of Belmont Village, in Thursday’s press release. . “If you can mitigate the risk of a fall, that’s a huge win. After looking at the results, we said, “This is technology that we are ready to implement across the business. “