Indianapolis-based medtech Software-as-a-Service company GeoH Inc. has closed on a $2 million seed investment round. The round was led by Indianapolis-based VisionTech, with participation from Boomerang Ventures in Indy, and First Leaf Capital in Illinois, as well as individual investors.
GeoH’s software platform provides scheduling, payroll, billing, reporting and analytics, notifications, and user management capabilities for home care agencies, managed care organizations and state aggregators.
The company was founded in 2018 by Indianapolis entrepreneurs Doug Rowe and Dylan Vester with the goal of digitizing home visit verification and improve reimbursement rates.
“We invested in GeoH because it solves real pain points for home care operators facing a difficult operating environment and who want an ‘easy’ button that facilitates reimbursement,” said VisionTech Executive Director Ben Pidgeon. “One of the biggest headaches for this industry is the fact that Medicaid denies payment on a significant number of all home care claims. Home care agencies submit claims only to find out that electronic visit verifications (EVV) or other forms weren’t completed properly, causing a series of denials, resubmissions and payment delays.”
Pidgeon says GeoH’s platform addresses EVV and other issues, providing cashflow and operational stability.
Boomerang Ventures Managing Director Oscar Moralez, who has mentored GeoH for the last two years, says the platform’s rapid build-out and efforts to scale its customer base were the primary reasons for Boomerang’s investment.
“Boomerang originally brought the deal to VisionTech a year ago but continued to work with the founders,” Moralez said. “We also played a role in recruiting GeoH’s current CEO, Tom Bumgardner, and CFO/COO David Gunn, who both bring decades of experience in medical device and medtech. GeoH has achieved outstanding growth in its user base and with this round of capital, their trajectory will continue.”
Moralez is also expected to now serve as a member of GeoH’s board of directors.