At a time of hospital overcrowding, rising nursing burnout, and
surging chronic illnesses, Float benefits patients, nurses,
prescribers, pharmacies, payers, and health systems alike.
SAN FRANCISO, March 28,
2024 /PRNewswire-PRWeb/ -- Float, the marketplace
moving all the care that doesn't need a hospital to the home, today
announced $10 million in Series A
funding led by Canvas Ventures, whose General Partner Mike Ghaffary
has joined Float's board, with participation from Wave Capital, Y
Combinator, Burst Capital, and Also Capital. Several tech industry
founders and leaders joined as angels, including Max Mullen, Co-founder of Instacart,
Andrew Bartynski, Vice President of
Strategy and Operations at ASRI, Brian
Pokorny, former General Partner of SV Angel, Jed Nachman, COO of Yelp, and Brian Osborn, former VP of Marketing at
Yelp.
Expanding access to this type of care would
have a huge impact on patient outcomes, not to mention the burnout
of my nurse friends exhausted by long shifts and juggling
priorities. Float has proven successful in doing exactly
that.
With $15 million in total funding,
Float has the capital, talent, and technology to continue tackling
a root cause of healthcare's most pressing issues: chronic illness.
133 million Americans suffer from a chronic illness, and that
number continues to rise at an alarming rate. Many chronic
conditions, such as multiple sclerosis and other autoimmune
diseases, require specialty medicines that can only be given
through a needle by an experienced nurse. To find a nurse who can
administer medicines by injection or through an IV, most people
head to their local hospitals, which are not built for routine
care. This has become a major contributor to hospital overcrowding,
increased administrative burdens, and staffing shortages – all of
which cost healthcare systems hundreds of billions of dollars every
year.
Float is a rare win for everyone — from patients, caregivers,
nurses, prescribers, pharmacies, payers, health systems, and
ultimately anyone in the United
States. Instead of forcing patients with chronic illnesses
to go to overcrowded hospitals full of sick people for routine
care, Float brings the best of the hospital to their homes: highly
skilled nurses who can provide personalized care.
Founded in 2021 by former ER nurse Ryan
Johnson, CEO and Christy
Johnson, COO, Float has built a network of hundreds of
nurses across California and
Arizona. Ryan's experience in
nursing along with Christy's background in startups and operations
allowed them to recognize the massive need to scale their service
to expand access to specialty infusions. Float's customers are some
of the biggest names in specialty medicine, such as Optum, CVS,
Option Care, Alliance RX (Walgreen's), Kroger, Kabafusion, Soleo
Health, NuFactor, Care Fusion, CA Specialty Pharmacy, and more.
"After years in the emergency room treating patients with
chronic conditions, and from treating my dad who suffers from one,
I realized that moving specialty medicine into the home would be a
sea change for everyone, " said Johnson. "Expanding access to this
type of care would have a huge impact on patient outcomes, not to
mention the burnout of my nurse friends exhausted by long shifts
and juggling priorities. Float has proven successful in doing
exactly that."
Proven impact:
- Patients: Millions of people with chronic illnesses who need
routine care can stay happy and healthy in their homes rather than
spend their time and money going to the hospital, or even missing
their treatment altogether. Float has already completed 19,000
visits and has a staffing rate of 97%.
- Nurses: With Float, nurses can earn extra money using their
skills and free time without picking up extra shifts at a hospital.
They have complete flexibility and control over their schedules and
are paid 1.5-2x more than a hospital, where a shift is 12.5 hours
long. Float's nurse retention rate sits at 56%.
- Prescribers: Float ensures patients get quality care by
improving compliance, efficacy, and affordability. Doctors see
better outcomes for their patients, which encourages them to
prescribe more treatments.
- Pharmacies: Float reduces operational costs for pharmacies
compared to managing in-house nursing. It also reduces
administrative burdens and expedites reimbursements all while
reducing chart bounceback.
- Payers: Float makes routine medicine 12x cheaper than it would
be in a hospital. Patients adhere to their treatments, which
decreases the likelihood that they will be admitted for other
symptoms of their disease.
- Hospital Systems: Already overburdened without enough beds,
Float removes the need to administer chronic routine medicine in
the hospital, which opens up beds and allows them to focus on
critical patient care.
"I've spent the last decade building companies and taking
startups all the way to IPO or exit," said Mike Ghaffary, General Partner at Canvas
Ventures. "This is the first time in my career that I've
encountered a company with a solution that has so much alignment
across stakeholders. We look forward to seeing how this capital can
supercharge Float's next phase of growth."
About Float
Float is the marketplace moving all the care that doesn't need a
hospital to the home. The company provides a myriad of services
from scheduling, to vetting, to ensuring timely charting and
invoicing for insurance that enables specialty treatment for
patients easily at their home. Founded in 2021 by former ER nurse
Ryan Johnson, Float has built a
network of thousands of highly skilled nurses across California and Arizona to deliver high-quality care to
patients suffering from chronic illness. Its customers include some
of the largest names in specialty medicine including Optum, CVS,
Option Care, Alliance RX (Walgreens), Kroger, Kabafusion, Soleo
Health, NuFactor, Care Fusion, and CA Specialty Pharmacy, and more.
For more information please visit floathealth.com.
Media Contact
Margaret Huang, Float Health, 1
415-867-1626, margaret@needlepr.com, http://floathealth.com/
Tess Pawlisch, Needle PR,
tess@needlepr.com
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SOURCE Float Health