What You Should Know:
– Element5, the world’s first Automation-as-a-Service solution purpose-built for post-acute care, today announced that it has raised $30 million in a Series B funding round led by Insight Partners. With the closing of the Series B funding round, Element5 has raised $48.5M in total capital to date.
– This investment will strengthen Element5’s position and enable the company to continue the disruption of the health care industry’s $400B post-acute care workflow automation market.
– The investment will also accelerate market penetration in home health, hospice, skilled nursing and senior living facilities.
Workflow Automation-as-a-Service, Powered by AI & RPA
Founded in 2019, Element5 uses artificial intelligence (AI)-powered robotic process automation (RPA) to deliver pre-built workflow automation solutions for post-acute care organizations. Today’s ever-increasing regulatory demands continue to strain and burden teams, forcing them to spend hours manually performing administrative work. Element5’s technology allows post-acute care organizations to automate their processes, eliminating highly repetitive, logic-driven administrative work. This enables teams to focus on higher-value tasks, improve operational efficiency and combat the ongoing post-acute care staffing crisis.
“We’re overwhelmed with the trust and support provided by Insight Partners, who share our common vision, which is to eliminate the need to perform manual, repetitive work for post-acute care,” said Joe Randesi, Co-founder and CEO, Element5. “The post-acute care industry demands improvements in operational efficiency and a means to overcome chronic staffing shortages. Over the last two years, we have witnessed significant growth in the adoption of our automation technology and the next phase of our growth journey is focused on enabling more health organizations to embrace and operationalize the power of automation to reduce administrative costs and enhance patient outcomes.”
