Caring for a family member is not only hard work, but also expensive. Many family members miss work (or stop working) and pay out-of-pocket medical expenses. Aydali was created to help them find sources of compensation and financial assistance.
Coming out of stealth mode, company announced it has raised $8.5 million in funding led by Seven Seven Six, led by Alexis Ohanian, with participation from Lightspeed Venture Partners, Operator Partners, Precursor Ventures, Primetime Partners, Scribble, Shrug, Polymath and TVC . The founders and CEOs of companies such as Twitter, Facebook, SoulCycle, Flatiron Health, Mainstreet, OnDeck and Commsor also attended.
The funding will be used to expand into new markets in the United States. Aidaly currently operates in the Miami-Dade area.
Eidali points to statistics showing that 53 million unpaid family carers in the USA, with almost eight out of 10 reports routine out-of-pocket expenses average $7,242 per year. The fact that many employers offer only minimal medical and family leave exacerbates the problem, as caregivers often have to choose between working full-time or caring for a family member.
Medicare and Medicaid dollars cover some servicesbut applying for them can be tricky. Aidaly’s role is to facilitate access to public and private benefits, as well as services such as financial planning, mental health support and caregiver education. The platform also helps users manage documents, and the company says it can help determine if someone qualifies for benefits in less than 15 minutes. This is especially important because it means that caregivers may discover financial sources that they were previously unaware of.
Aidaly Founder and CEO Maggie Norris has her own experience in dealing with the challenges faced by caregivers and their families. “I’m very lucky to have two dads and was able to take care of both of them in their battles with cancer,” she told TechCrunch. “The experience of this reversal of parent-child roles has given me much more empathy and gratitude for life and for family.”
“It also opened my eyes to the lack of resources available to family carers and the miscalculation of their role in the general health system, which is a great loss to society,” she added. “Aidaly was founded with a mission to help families provide long-term care for the people they love through the provision of compensation and financial services. Early adopters have already seen a 160 percent increase in their ability to recover from financial shocks such as a sudden change in health or employment.”
Aidaly supports people who provide care for an average of 15 to 25 hours a week. About 80% of them are family members, and the rest are not relatives. To take advantage of Aidaly offers, caregivers first provide proof of identification, such as a driver’s license. Eidali verifies their identity, validates their insurance, and completes a background check in less than five minutes.
Aidaly then goes through a database of hundreds of programs and benefits to maximize payments to carers. Just a few examples include Medicaid managed care programs, Medicaid waivers and programs, member managed/self-managed programs, and non-Medicaid home care programs and HCBS programs.
Norris said the biggest payers are federal and state plans. “Competitive Medicare Advantage Plans is looking to Aidaly to offer innovative family caregiver compensation programs. Now more than ever, members want the freedom to live and be cared for in their homes, surrounded by the people they choose.”
She added: “The reality is that if you follow the money, it all comes from the same sources,” Norris added. “There are thousands of disparate programs, benefits and loans with unique systems and processes to achieve the same result. Aidali’s goal is to replace them all. One radically simple solution that delivers patient-centered and family-friendly care.”
In a statement to TechCrunch, Ohanian said, “There is a dire need: countless caregivers are doing invaluable work that is not recognized without Aydali. Every time a founder solves such a large and important problem, I am leaning towards this business.”
Credit: techcrunch.com /