DUOS Raises $10M in Additional Capital from Strategic & Impact Investors
The funding, led by Primetime Partners, SJF Ventures, and CEOC's Aging Innovation Fund, will fuel the digital health company's continued expansion of its technology platform and engagement services for older adults and caregivers.
NEW YORK, June 22, 2023 /PRNewswire/ -- 3 – DUOS, a digital health company focused on empowering older adults to live independently, announced today an additional $10 million in funding led by Primetime Partners, SJF Ventures, and CEOC's Aging Innovation Fund managed by Castellan Group. This investment supports DUOS' rapid customer growth and, combined with DUOS' $15 million Series A round in April 2022, brings the company's total funding raised to date to more than $33 million.
DUOS generates shared value for health plans, providers, and employers by making operations more efficient and increasing utilization of existing benefit structures. DUOS' platform helps staff reduce the time it takes to find a member's coverage options, while AI-powered digital experiences capture and prioritize the most important aging needs for a member to increase the average number of needs resolved. Together, DUOS' products increase engagement with and adoption of Medicare Advantage benefits, leading to improvements in overall member satisfaction, retention, and completion of critical care initiatives like Annual Wellness Visits.
"DUOS operates at the critical juncture of a growing aging population, increased pressures on unpaid caregivers, and a rapidly evolving Medicare Advantage landscape. They have proven metrics demonstrating that effectively engaging older adults and their caregivers and connecting them with underutilized health plan benefits not only improves quality of life for individuals but also drives better outcomes for plans," said Abby Miller Levy, Managing Partner and co-founder of Primetime Partners. "We've watched the DUOS team since their launch and their track record of member engagement and impact is best in class."
Since its launch in 2020, DUOS has expanded its original human-powered service model for solving aging needs to provide a full suite of technology and engagement products for health plans, providers, and employers. Tapping into over 100,000 different MA plan benefits and more than $30 billion in unclaimed public benefits, the DUOS System of Aging identifies the right plan benefit, community resource or government program, at the right time, thereby driving increased member satisfaction in older adults, reducing stress and burden on caregivers, and addressing critical care gaps for health plans.
"The unique combination of data aggregation, technology and engagement services makes the DUOS approach particularly effective at delivering increased value for health plans, risk-bearing providers, and employer groups grappling with the growing aging crisis in America today." added Perry Clarkson from SJF Ventures. "Our support comes at a critical growth moment for both DUOS and the broader aging U.S. population with unmet medical and social determinants of health (SDoH) needs."
More than half of all adults over 65 have at least one unmet aging need. DUOS identifies these needs, prioritizes them in collaboration with the older adult or caregiver, and connects the need with an existing benefit or resource. 95% of the thousands of aging needs identified by DUOS have been solved with closed loop referrals, and DUOS has delivered an 80%+ care gap closure rate on Annual Wellness Visits and in HEDIS gaps with chronically ill, non-compliant MA members.
"Our north star remains, and has always been, to solve the needs of aging adults. The investments in technology and tooling that we'll make with this additional funding are all in the interest of supercharging those efforts: more needs identified and resolved, more individuals feeling both supported and independent," said Karl Ulfers, co-founder and CEO of DUOS. "The fact that staying laser focused on our mission also yields meaningful value for our health plan and employer partners makes the work even more compelling."
Resolving barriers to healthy living for older adults drives satisfaction: DUOS' rolling 30 day NPS is 82 (compared to a health plan high water mark of 43), and 88% of DUOS members report a willingness to stick with their current health insurance plan because of their access to DUOS (16% of MA enrollees switch plans after 1 year of enrollment).
DUOS is available in all fifty states, depending on health plan coverage.
About DUOS
DUOS is a digital health company focused on helping older adults stay connected and age independently. Founded in 2020, DUOS focuses on older adults' aging needs and maximizes their well-being by connecting them with untapped health plan benefits and building high trust relationships. The DUOS' System of Aging technology connects caregivers, health plans and healthcare providers to maximize benefits engagement and ensure holistic, personalized support. Listen to our soundtrack on Spotify, follow us on Facebook, Instagram and LinkedIn, and visit us at getduos.com.
About Primetime Partners
Primetime Partners is an early-stage venture capital fund that invests in companies that can transform the quality of living for older adults through meaningful new products, services and experiences. The firm accelerates business growth through consumer marketing expertise, strategic distribution partners, synergies across portfolio companies and an engaged network of advisors. Also core to the mission, Primetime encourages the talent and expertise of experienced older adults as founders and business builders.
About SJF Ventures
SJF Ventures is a venture capital fund that invests in high-growth companies creating a healthier, smarter, and cleaner future. SJF's investment sectors include climate and clean energy, education and employment, supply chain and logistics, govtech, and health and wellness. Through its healthcare investing, SJF aims to address underserved populations and extend care outside of the walls of doctors' offices, into patients' homes and communities.
About CEOC's Aging Innovation Fund
CEOC was formed to leverage the strengths and assets of its 15 strategic healthcare members that collectively represent more than 550,000 employees and touch over 80 million lives annually. With its representation across the entire care continuum, CEOC capitalizes on its sector strength to identify healthcare gaps and connect innovators to capital and customers. CEOC's Aging Innovation Fund is managed by Castellan Group and invests in startups that provide digital healthcare solutions to the aging population.
SOURCE DUOS Living, Inc.
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