Round Raises $3M for Aggressive Growth Strategy
Deerfield Beach, FL -- (ReleaseWire) -- 12/20/2017 -- Tellus LLC, an innovative provider of mobile technology for the home health and long-term care markets, announced today that it has successfully closed its Growth A round of financing, raising $3M in equity capital.
The financing round caps an exceptional year for Tellus. The company has experienced rapid growth in its Electronic Visit Verification (eVV) client base as a result of the passing of the 21st Century Cures Act in December 2016. The Cures Act includes, among a variety of health-related concerns, a mandate for providers to implement Electronic Visit Verification for Medicaid-funded personal care services by January 2019 and home health services by January 2023.
Though the Cures Act is a Federal mandate intended to reduce Medicaid fraud, waste and abuse, each state is left to make their own decisions on implementation of eVV. The State of Florida Agency for Health Care Administration is among the state agencies rolling out the Tellus eVV solution.
Last month, Tellus also competed in and won one of the grand prize awards in the Florida VentureTech Showcase held at the FAU Tech Runway in Boca Raton. This annual showcase is a capital acceleration competition featuring presentations by some of Florida's most promising companies. As a grand prize winner, Tellus received a $25,000 cash award.
The $3M investment will be used to help the company aggressively expand its sales and marketing efforts as well as broaden implementations to accelerate rollouts of the eVV solution in 2018. In addition to eVV, Tellus offers a long-term care case management platform that's often paired with eVV for state agencies.
"The Tellus offering is well-timed with the rapidly increasing demand for solutions that enable care delivery outside of the hospital environment," said John A. Benz, President and CEO of Community Care Plan (CCP). As a model managed care organization, CCP has contracted with Tellus to both comply with state and federal requirements as well as to drive efficiency across the organization. "We believe the market will continue to see rapid growth as care organizations work to comply with the Cures Act. We're excited to work with Tellus."
Tellus eVV is a powerful, comprehensive solution that effectively combines care delivery functions with accurate, real-time visit verification and claims processing right at the point of care to significantly streamline processes, improve care experiences and mitigate risk of fraud, waste and abuse.
Tellus is a leading U.S. provider of mobile Electronic Visit Verification (eVV) and claims processing technology designed especially for the Home Health and Long-Term Care markets. Tellus is the proud provider of choice among a variety of national, state and local agencies. The company's comprehensive, cloud-based solutions work to simplify, streamline and quickly and easily verify care delivery tasks and process claim data right at the point of care. This enables health care agencies, caregivers and patients to focus their efforts on what matters most — improved patient care and better outcomes, operational efficiency and cost reduction.
Tellus is a privately-owned company headquartered in Deerfield Beach, Florida.
For more information about Tellus, visit https://4tellus.com/, or call 954-719-0004, ext 2014.
For more information on this press release visit:
Media Relations Contact
Email: Click to Email Vicki Timiney