INDIANAPOLIS, Indiana (November 17, 2022) – – GeoH, Inc., a medtech SaaS platform for home care agencies, has successfully closed on its $2 million seed investment round. VisionTech led the round with strong backing from its 140-plus member angel investing network. Boomerang Ventures, First Leaf Capital, Elevate Ventures, and other individual investors completed the round.
GeoH was founded in 2018 by Indianapolis entrepreneurs Doug Rowe and Dylan Vester to disrupt the high growth and still largely paper-based home care industry with an end-to-end software solution to drive efficiency, digitalize home visit verification and improve reimbursement rates.
Commenting on VisionTech Angels’ investment, Executive Director Ben Pidgeon said, “We invested in GeoH because it solves real pain points for home care operators facing a difficult operating environment and who want an ‘easy’ button that facilitates reimbursement. One of the biggest headaches for this industry is the fact that Medicaid denies payment on a significant number of all home care claims. Home care agencies submit claims only to find out that electronic visit verifications (EVV) or other forms weren’t completed properly, causing a series of denials, resubmissions and payment delays. GeoH’s platform addresses EVV and other issues, creating an opportunity to bring much-needed stability to cashflow and thus enable home care providers to effectively serve vulnerable senior populations.”
Boomerang Ventures’ investment in GeoH was the first made through its new investment fund, Boomerang VC Fund, a fund dedicated entirely to early-stage connected health tech companies. Managing Director Oscar Moralez has mentored the company for almost two years and its rapid progress in building out its platform and scaling its customer base drove Boomerang’s investment.
“Boomerang originally brought the deal to VisionTech a year ago but continued to work with the founders. We also played a role in recruiting GeoH’s current CEO, Tom Bumgardner, and CFO/COO David Gunn, who both bring decades of experience in medical device and medtech. With a proven solution and great talent around the table, GeoH has achieved outstanding growth in its user base and with this round of capital, their trajectory will continue,” Moralez said. “We are excited to be able to participate in this round.” Moralez will now serve as a member of GeoH’s board of directors.
GeoH’s raise is well timed. According to the Centers for Medicare & Medicaid Services (CMS), demand for home care services continues to swell, with expenditures expected to reach $201 billion by 2028, a 73 percent increase from 2020. At the same time, the industry is stressed by the tight labor market and looking to tech for solutions.
First Leaf Capital Managing Partner Mark Ardsma believes GeoH has the wind at its back. “The United States needs an army of home care providers to meet growing demand. These companies need tools to run their businesses efficiently, stay compliant and streamline billing. GeoH stands out from the field with seasoned leadership, strong connection to the ecosystem, impressive in-house software development, and a product that’s as simple to use as it claims to be. The GeoH team has leaned in with urgency to serve customers and build something impactful. At First Leaf Capital, we share those values, and we are delighted to be involved.”
GeoH CEO Bumgardner expressed gratitude to the investors and is eager to now focus on expanding the company’s geographic footprint and the platform’s functionality. “We’re concentrating on the Midwest, Southeast, and Texas to launch and scale, leveraging our ability to bring dramatic improvements to Medicaid claims submissions and billing. We also are working on expanding the platform to include skilled home health services such as occupational, speech and physical therapy and nursing. As more Americans choose to age in place, we intend to empower the home care industry to be right there with them.”
About GeoH, Inc.
Indianapolis-based GeoH is the creator of an end-to-end home care software solution for use by agency providers, managed care organizations and state aggregators. This digital solution encompasses scheduling, payroll, billing, reporting and analytics, notifications, and user management. With 20+ years of experience working in home health care and technology, GeoH was built with the workflow of home healthcare in mind. From payer source to consumer, how the industry works is embedded in how the software functions. Visit GeoH.
Founded in 2009, VisionTech is a privately held company that links investors to high-potential, early-growth companies. Based in Indianapolis, VisionTech’s angel investing network includes more than 130 active members across Indiana and Ohio. As of November 2022, 175 VisionTech member investors have deployed more than $24.8 million in capital, investing in 60 portfolio companies from across the United States. Membership is open to accredited investors. Those interested in joining are encouraged to contact VisionTech.
About Boomerang Ventures
Based in Indianapolis, Boomerang Ventures is comprised of Boomerang Studio and Boomerang VC Fund, and each plays an active role in the early-stage, connected health tech ecosystem by providing capital and other critical resources that help spur innovation across the Midwest. Visit Boomerang Ventures.
About First Leaf Capital
Headquartered in Champaign, Illinois, First Leaf Capital is a venture capital firm actively investing in early-stage Midwest startups across a range of industries. Visit First Leaf Capital.