Post-acute care refers to a range of medical care services that support the individual’s continued recovery from illness or management of a chronic illness or disability. 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.
It allows such organizations to automate their processes, eliminating highly repetitive, logic-driven administrative work, enabling them to focus on higher-value tasks, improve operational efficiency and combat the ongoing post-acute care staffing crisis.
“Over the last two years, we have witnessed significant growth in the adoption of our automation technology,” Joe Randesi, Co-Founder and CEO, Element5 said. “The next phase of our growth journey is focused on enabling more health organizations to embrace and operationalize the power of automation with the help of our talented development team in India.”
Home-health, hospice, skilled nursing facility (SNF) and senior living facilities use Element5 to automate everyday processes across intake and admissions, revenue cycle management, clinical records, notifications and authorizations, and other operational tasks. With the closing of the Series B funding round, Element5 has raised total capital of $48.5 million.
“With this funding round, we are excited to scale our teams in India with some of the best talent in the market,” Bhavani Raman, COO, and Co-founder, Element5 said. “Element5 is building a unique product for the US healthcare markets from India and we’re working relentlessly to accelerate the adoption of our product among our customer base.”
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The company is headquartered in San Jose, California and has its APAC headquarters in Chennai. There are over 100 members in India who are primarily based out of Chennai. The India team includes software developers, testers and business analysts among other roles.
The new funding represents the company’s second investment from Insight, who also led Element5’s $15 million Series A in August 2021. “Reinvesting was a no-brainer for Insight,” said Jared Rosen, Principal, Insight Partners. “We’re thrilled to have the opportunity to double down on Element5 and look forward to partnering with Joe and the team on scaling the company to the next level.”
