Innovator in Focus: CareLinx
Studies show that 85% of older adults prefer to age in place in their own home, rather than move into senior living communities or assisted living. But families who are seeking home care must navigate an often confusing array of choices. With over 12,000 agencies and 400,000 home care practitioners in the U.S., the industry is highly fragmented, and care capabilities and quality of offerings vary substantially across providers. Families frequently resort to word of mouth, advertising, or high-cost agencies to find the services they need.
CareLinx is an innovative online matchmaking service seeking to make the selection, engagement, and management of home health care both easier and more affordable. On its slick and easy-to-use website, family members can fill out a brief profile describing care needs. CareLinx then matches the family with local caregivers.
But CareLinx does more than just matchmaking. The company also conducts caregiver background checks, manages schedules and payrolls, and provides $4 million insurance. Through its mobile apps, families can view and monitor daily care activities to ensure proper care is provided. Through scale and online efficiency, the company boasts savings of up to 50% over similar services from brick and mortar agencies.
CareLinx now operates in 12,000 cities and offers a network of over 150,000 caregivers across the country. Recently, the company partnered with Lyft to enable families to order and monitor the progress of rides for their loved one receiving home care.
CareLinx isn’t alone in its quest to revolutionize how home care is purchased and delivered. Competitor Hometeam, whose caregivers are all employees rather than contractors, has raised almost $45 million with backers including Oak HC/FT, Lux Capital, IA Ventures, Recruit Strategic Partners, and Kaiser Permanente Ventures. Other examples include startups like Honor and HomeHero.
Both the market opportunity and need are substantial in the $84 billion home care industry, and demographics will be its ally in the next decade. As the massive boomer generation ages, innovators like CareLinx which empower older adults to receive care how and where they want will continue to thrive.