CellTrak gets $11 million financing to expand

SCHAUMBURG - CellTrak Technologies has raised more than $11 million from Boathouse Capital with participation from existing investor MK Capital, which will be used to fund its care delivery management solution, increase sales and customer staff and support future acquisitions.

CellTrak is currently a partner to over 200 organizations that coordinate and deliver health care and personal services to people in their homes and communities. Since its founding by Andy Kaboff, CellTrak has pioneered the creation of a care delivery management solution which is unique in the marketplace. With CellTrak, care providers operate more efficiently and effectively, improving care outcomes and business results.

CellTrak customers typically lower mileage reimbursement expenses by 20-25 percent; significantly reduce or eliminate point-of-care paperwork and the associated manual data entry; and increase caregiver productivity, measured in visits per caregiver, by as much as 25 percent.

"CellTrak's innovative solution is the only one we found in the market that enables providers and payers to address their most critical issues - regulatory compliance and cost-effective delivery of high-quality care by all types of caregivers," said Bill Dyer, partner of Boathouse Capital. "As the market continues to shift to value-based and person-centric models of care delivery, the company is well-positioned for additional growth. We are looking forward to working closely with the CellTrak team to deliver additional innovation to providers and payers of all types and sizes."

CellTrak CEO Mark Battaglia noted the need to provide effective and affordable care to an aging population is one of the most essential, and most overlooked, issues for societies around the globe.

"Today, the home care industry is doing a remarkable job. But, the industry will only be able to continue to meet that need and make the transition to value-based care if it delivers high quality care at reduced costs and with increased caregiver productivity," he added. "To do that, it must successfully deploy innovative technology at scale. CellTrak is unique in the industry with its focus on the full scope of care delivery management."