Element5, automation as a service solution that leverages machine learning (ML) and robotic process automation (RPA) to improve post-acute care, announced the closing of a Series A funding round led by a global venture capital firm, Insight Partners. Maxwell Investment Partners, LLC participated in the fundraising round as well. Element5 plans to use the funding to accelerate the growth of its world-class post-acute product while strengthening its market footing by expanding its global customer base.
Joe Randesi, co-founder & CEO, Element5, commented, “One of the biggest challenges in post-acute care is the insane amount of manual, repetitive tasks that teams deal with to run an operation. A myriad of factors contributes to this problem, including constant regulatory and compliance challenges. Element5 is changing the way work gets done across organizations by helping teams spend less time on mundane, repetitive tasks and more time caring for patients. We’re excited to close this round of funding as this investment will help Element5 propel a new era of post-acute care operations.”
Elements 5 simplifies RPA adoption by providing end-to-end workflows that are perfect for post-acute care. The Automation-as-a-Service offering from Element5 lets organizations automate workflows across patient ingestion, authorizations, medical records, revenue cycle management, and analytics. With an automated hub, detailed insight is provided into operational efficiency, productivity, and tasks status through data-driven analytics
Jared Rosen, Vice President at Insight Partners, who will also join the board of directors at Element5, said, “Without a doubt, Element5 is changing the way that post-acute care is provided and experienced. The company’s impressive growth speaks to the market fit and needs for its verticalized RPA solution. Insight is thrilled to be a part of Element5’s journey and looks forward to playing a role in the company’s continued growth.”