Qlarant Capital Completes Investment Funding with SilverStay
Supports Innovative Hospital Solutions for Specialty Care Patients
Easton, Maryland, July, 19, 2022—Qlarant Capital announced today that it has teamed with SilverStay to support the continued growth of an innovative program linking hospital discharge patients with specialized assisted living communities. Founded in 2015, SilverStay provides resources previously unavailable to those with complex medical needs who are between hospital and home care.
Patrick Mish, SilverStay Co-Founder, CEO, and serial-entrepreneur, developed a passion for providing unique healthcare solutions for an industry gap he discovered due to a personal family illness. “I started SilverStay after having cared for my dad who had very high medical and caregiving needs. During one hospitalization, the social worker gave me a sheet of paper with 30 assisted living communities on it. We called each over the course of days only to learn that they were too expensive, didn’t have availability, or couldn’t manage his care needs. I knew we could collectively do much better than this, and SilverStay was born.”
The Assisted Living industry is growing at an increasing pace. About 2% of seniors in the US, who require more complex care, live in assisted living facilities which also require greater ability to manage these residents. While the average cost of assisted living in the US is $4,300 per month, SilverStay has developed a network of assisted living operators that manage care for complex residents at much lower prices. For context, the estimated median monthly cost for a 44-hour-a-week home health aide is $4,576. For the additional 4% of seniors living in nursing homes, the median cost is nearly $9,000 per month for a private room. By comparison, assisted living an affordable and popular choice for seniors who need more than just health care during the day. In addition, the assisted living industry will need to accommodate many more residents in the next 10 to 20 years:
- The number of people over 65 will grow by 42%.
- The number of people over 85 will grow by 111%.
- About 986,000 new assisted living units will be necessary.*
“SilverStay has identified a specific and growing need within the health care industry,” says Qlarant Inc. CEO Dr. Ron Forsythe, Jr. “Qlarant’s extensive experience in healthcare solutions makes this a natural match for our companies. When patients are unable to return home from the hospital, SilverStay provides access to affordable long-term care. Coordinating specialty extended care services with discharge administrators at hospitals is a service long overdue.”
SilverStay currently provides recommendations to over 2,200 specialty living services throughout Maryland, Virginia, and Ohio and is quickly expanding throughout the East Coast. “It’s a beautiful thing to see families find positive solutions when dealing with complex medical issues,” says Mish. “This is a business I am proud of.”
*As reported by Consumer Affairs
About Qlarant Capital
Qlarant Capital is a subsidiary of Qlarant Inc. For almost 50 years, Qlarant has been at the forefront of driving innovation, improvement and change in the healthcare industry. With an annual revenue of $80M and over 500 employees, Qlarant has established a national footprint across all sectors in the healthcare industry.
Qlarant is a dynamic, growing company that has launched numerous projects at a national level, and provides best-in-class advanced analytics software for hundreds of health plans nationwide. Qlarant has a successful track record of accomplishment improving the performance of some of the nation’s most important public service programs.
Other subsidiaries include Qlarant Integrity Solutions, Qlarant Quality Solutions, and the Qlarant Foundation. The Foundation provides over $400,000 annually to charities throughout Maryland and the District of Columbia.
For more information regarding Qlarant Capital, contact Holly Pu, VP of New Product Development, puh@Qlarant.com.
Headquartered in Columbia, Maryland, SilverStay provides extended stay solutions for patients with complex medical needs at an affordable rate. The company coordinates with over 2200 assisted living communities for patients who are unable to return home after hospital discharge, and offers follow-up services to ensure high-quality standards. For more information on SilverStay, contact Patrick Mish: firstname.lastname@example.org.