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By Meg Flippin, Benzinga
The home healthcare market is in a state of flux. The need for home healthcare workers is soaring as the population in the U.S. ages. In about ten years, 78 million people in the U.S. will be 65 or over. By 2060, The Institute on Aging expects the demographic will increase to 98 million and account for a quarter of the U.S. population. At the same time, the nation is aging, there is a dearth of home healthcare workers, and it looks like it’s only going to get worse. Over the next decade, the institute expects the number of home health aide jobs to grow by 425,000, creating a shortage that will need to be filled.
As it stands, about 95% of home and community-based care providers say they face moderate to severe staffing shortages, with 77% turning away new clients because of the lack of workers. What’s more, 72% of providers say staffing shortages make it hard to meet quality standards. If nothing is done, that problem will only get worse. It’s why some home healthcare providers are turning to technology, namely NurseMagic™, for an assist.
The brainchild of Amesite (NASDAQ: AMST), NurseMagic is a proprietary AI-powered app designed for nurses and home health care workers. The company reports it has closed on contracts with franchise owners representing nationally recognized brands that operate hundreds of locations across the country – resulting in recurring revenue in a total addressable market it estimates at $330 billion.
Streamlining Work, Improving Care
The AI-powered app, which Amesite reports has seen explosive growth since its launch this past summer, provides nurses and home healthcare professionals with a handy tool that writes comprehensive documentation instantly, can quickly translate medical terms into easy-to-understand language, create work emails, assist nurses in talking to patients with compassion, coach nurses on taking effective breaks during the day, convert images to text, provide key information about medications and collect instant feedback.
Amesite says its AI app integrates seamlessly into the operational frameworks of home care agencies, enhancing workflow efficiency and supporting employee retention by lightening administrative burdens and reducing worker burnout. As a result, AI technology can enable agencies to make the most of existing resources and extend care to more clients who would otherwise be turned away due to staffing constraints, reports Amesite.
Take the Senior Helpers franchise in Northern Orange County for one example. Since adopting NurseMagic, owner Steven Nickens said NurseMagic has been empowering his staff to get answers to questions quickly through the app, saving time and ensuring accurate results. “NurseMagic's technology is transforming my organization with its intuitive and easy-to-use platform,” said Nickens. “NurseMagic is both powerful and incredibly easy to use, making it accessible to everyone on my team."
Nickens isn’t alone in his assessment. Joshua Porter, owner of the Spokane North BrightStar Care franchise, said he uses NurseMagic to support the company’s rapid growth. "As a new franchise owner with extensive business and engineering experience, I’m thrilled to share how quickly we’re growing. When I discovered NurseMagic, I immediately recognized it as a must-have to stay competitive in today’s market,” said Porter, noting there are no hidden fees or messy contracts when bringing NurseMagic into the fray.
Growth Driven By NurseMagic
In addition to improving the quality of care for patients, NurseMagic is also aiming to help healthcare franchises grow their businesses. That’s certainly the case at the Fargo Senior Helpers franchise, with owner Tanya Ferber saying the app is enabling her to go after more medically complex clients in the new year. Plus, incorporating NurseMagic into her business attracts more tech-savvy healthcare workers. “It’s a value-added tool for my business and takes our quality to the next level,” says Ferber.
It’s not just home healthcare franchises that benefit. Amesite says that by selling NurseMagic to franchise owners from well-known brands in the home health and home care industries, its revenue should grow and cement NurseMagic’s status as a must-have tool.
“We made two tactical decisions: first, to build a best-in-class infrastructure that delivers top-tier compliance, security and low operating costs; and second, to price NurseMagic accessibly, at a sustainable margin, focusing on scaling sales rather than maximizing margins with a few customers,” said Dr. Ann Marie Sastry, CEO of Amesite. “These choices position us to meet the strong demand in our industry and drive widespread adoption.”
Since launching NurseMagic a mere five months ago, the company says it has met several milestones, including launching a paid individual subscription, meeting HIPAA compliance requirements for paid enterprise customers and generating revenue in the home care market.
The U.S. population is getting older at the same time that there is a shortage of nurses and home healthcare workers available to tend to the aging population. Those who are working are stressed and doing more with less. NurseMagic can fill that gap, presenting nurses, home health care workers and franchises with an AI-driven tool to improve the quality of life for workers and the care for patients, the company argues. It's a win-win, which is why Amesite has been hitting so many milestones in 2024, and expects revenue to ramp up in the new year.
Featured photo by Dominik Lange on Unsplash.
Benzinga is a leading financial media and data provider, known for delivering accurate, timely, and actionable financial information to empower investors and traders.
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