Caring For A Growing Population
By 2030 America will need 2.3 million more long-care workers to address the silver tsunami, a growing population of 19 million adults ages 65 and up, according to a recent study. However, while the need for services provided by skilled nursing facilities is projected to increase steadily, unstable reimbursement models and changes from healthcare reforms have created a perfect storm of factors that could significantly impact the operations of these facilities. This dilemma led Ryan Edgerly, CEO and Co-Founder, and Gene Groys, Co-Founder and Chief Strategy Officer, to develop healthcare software MedaSync.
Founded in 2017, MedaSync is a software platform that provides predictive financial intelligence and decision support services in the post-acute care facility sector of the healthcare industry with a specific focus on skilled nursing facilities.
“Healthcare reform created a lot of chaos in the marketplace and anytime you see that you know there are opportunities for solutions,” Edgerly said.
The journey from idea to startup
Edgerly and Groys both have extensive professional experience in the market space, with both a previous successful startup and a network of potential customers and partners. In fact, it was Edgerly’s work in tech for senior healthcare where he witnessed firsthand the changes occurring in the industry, and applied his knowledge to drive a savvy tech solution.
While he noticed a void in the industry—he notes, developing a startup from the ground up is no easy feat.
“It’s not an easy journey at all. You’re trading off the value of what you’re working on versus other life experiences. For me, it was interesting with a family and walking away from a really good sales job. Personally, I had to weigh the implications of that and how much would we have to sacrifice. From a business standpoint—you’re it. You have to set the pace, put in the hours and drive the business. No one will care as much as you do,” he said.
VGV offers a lending hand
While the entrepreneurial journey may have its fair share of challenges, Valley Growth Ventures has been a driving force for the startup, providing more than $350K investment in seed capital to support growth and offset operational costs. Additionally, VGV’s leadership and network support has proven to be significantly beneficial to MedaSync as well.
“When you’re at risk trying to develop an idea, it’s very unscripted and there are a lot of places you can turn to for support. For us, it was important to find the right partners. We have been getting past some good milestones. And, it is the advice and guidance from our partners and investors that has kept us on the right path,” Edgerly said.
Looking ahead: growth and expansion
Over the next several years, the need for services provided by skilled nursing facilities is projected to grow along with the complexity in reimbursement models , which positions MedaSync at a position of growth as well.
“We are in a very interesting point of time. There are going to be more people over 65 than ever before and the amount of change and inefficiency in the market offers a lot of problems to solve. We are excited to solve these problems so that our clients are able to take care of this population more efficiently.”