Froedtert Health's venture arm Inception Health, Ballad Health's venture arm Ballad Ventures, and Baycrest's innovation arm the Center for Aging + Brain Health Innovation (CABHI) are among the early investors in Homecare Hub, a Toronto-based post-acute care company that is creating small 2- to 12-person co-living care homes on-demand.
On its website, Homecare Hub explains that it was created to address the housing and home care needs of patients with complex needs by offering “exceptional housing with more personalized, higher-quality care at a lower cost when compared to large nursing home or retirement facilities.” It describes itself as an "Airbnb-like scalable solutions to redefine senior care."
The company says it matches people by care needs, language, disease process, and interests. For those not interested in co-housing solutions, it offers other options through its suite of care solutions designed to help people age safely and comfortably at home for as long as possible.
The company says it has more than 100 home care partners with different price ranges. “We are reorganizing the industry with our standardized categories to allow customers to compare services between agencies appropriately. Much like the search engines of the airline industry, Homecare Hub searches through these agencies to provide the most appropriate care for you. We also provide transparent pricing and a seamless experience for you to obtain your care,” the company says.
Homecare Hub’s CEO and Co-founder is Vipan Nikore, M.D., M.B.A. According to his LinkedIn profile, he is also the chief medical director of TD Bank Group where he focuses on improving the health and wellness of TD's 90,000 employees. He is the previous Site Medical Director for the Department of Medicine at Trillium Health Partners Credit Valley Hospital. He practices internal medicine at Trillium and Cleveland Clinic, and lectures at the University of Toronto Faculty of Medicine.
In published statements, executives of the health systems explained why they were interested in participating in the $2.5 million seed funding round for Homecare Hub.
"Homecare Hub is leading the way in closing the gaps for complex hospital discharges. The design solution leverages and aligns existing community partners to care for residents who may have long-term specialized or complex care needs," said Diane Ehn, vice president of post-acute care at Wisconsin-based Froedtert Health. "This collaborative effort offers our patients the option of living in an affordable supportive home environment, while still maintaining their independence and quality of life. It is exciting to be part of this innovative solution that connects the community resources to our residents' needs."
"As a strategic investor, Inception Health looks to invest in digital health startups that are driven to solve big problems in healthcare," said Mike Maschek, director at Inception Health. "Our investment portfolio is built around companies that directly support the Froedtert & the Medical College of Wisconsin health network's staff, clinicians, and patients. Homecare Hub is an excellent fit for our portfolio as it offers an innovative approach to finding placement after a hospital stay for a vulnerable patient population while also providing a cost-effective senior living alternative for a rapidly growing population of middle-income seniors in our home state of Wisconsin."
"The 'forgotten middle' is more than a buzzword – it's a genuine healthcare crisis," added John Perez, managing director of Ballad Ventures, the investment arm of Tennessee-based Ballad Health which operates 21 hospitals. "With Homecare Hub, we're investing in the future of more personalized, high-quality, and affordable care options in both post-acute and long-term care. This partnership underscores our unwavering commitment to embrace innovative solutions of tomorrow to build a legacy of superior health for those we serve…and beyond."
In addition to Nikore, the company is led by technology executive Rahim Lalani. a University of Waterloo computer science graduate with over 20 years of technology experience. Homecare Hub also recently announced that prominent physician leader Michael Apkon, M.D., M.B.A., Ph.D., former CEO of the Hospital for Sick Children and former CEO of Tufts Medical Center, had joined its board of directors.
