ECP, a software program supplier for assisted residing communities, has introduced it has acquired a “a number of hundred million” greenback progress funding from tech progress capital agency Stage Fairness, in keeping with CEO Adam Aisen.
ECP is a senior residing tech firm that deploys digital medicine administration document, digital well being document, buyer relationship administration and different software program. Its merchandise are discovered in additional than 8,000 communities throughout the nation.
The funding, for which ECP didn’t share an actual greenback quantity, will probably be used to “speed up product improvement, with a selected emphasis on AI, value-based care and ease-of-use,” in keeping with a press launch. ECP’s priorities embody hiring and rising its product and engineering groups, together with investing extra in predictive analytics. The corporate additionally seeks to broaden AI instruments, similar to these that may transcribe spoken phrases into medical notes.
The brand new funding is an affirmation that communities don’t wish to use basic goal software program constructed for different settings and tailored to senior residing, Aisen mentioned.
“5 years in the past once I joined ECP, most clients had been utilizing EHRs that weren’t particularly constructed for assisted residing. They had been constructed for another care setting,” Aisen instructed Senior Housing Information. “Operators actually wish to use extra trendy software program immediately. They need software program that’s goal constructed for senior residing.”
He added the funding from Stage Fairness is “an enormous vote of confidence” within the firm and what it does.
Ben Levin, Stage Fairness co-founder and CEO, mentioned now could be the time to boost ECP’s capabilities after following the enterprise for greater than a decade.
“Like thousands and thousands of different People, I’m residing by my very own mother and father growing old into and thru numerous types of senior care and acknowledge the challenges and complexities – functionally, financially and emotionally,” Levin mentioned within the launch. “Nothing is extra vital than doing this nicely and I’m humbled and excited to be a part of a corporation that may enable others to do the identical with much less danger and extra transparency and confidence.”
Trying forward, ECP is posting job openings to fill its product, engineering and management groups, together with investing in new “leading edge” applied sciences.
“The necessity for easy-to-use, goal constructed, trendy software program for senior residing is simply getting increasingly more intense, and one of the simplest ways we are able to reply is to take a position the entire capital we’re in a position to entry into our product,” Aisen mentioned.
