Honor isn’t your dad's home health care provider.
Sure, they link older adults and their families with local caregivers.
But they are also a tech company through and through. Their key product is called the Honor Care Network, a platform that gives independent home care organizations the operational support they need to manage their employees down to scheduling and payroll, hire new caregivers, and handle administrative and compliance tasks.
While non-medical home care agencies usually devote only 20% of time to growing their business, Honor’s platform allows them to bump that number up to 80%, the company said. As the baby boomer generation ages and the need for home health services increases at a rapid pace, being able to grow will be critical not only for these agencies, but for families nationwide.
Honor prioritizes honoring not only the seniors it ultimately serves, but the caregivers who work with it as well. One of its crucial innovations? It calls the caregivers “care pros."
That's “because we treat them like true professionals," Sternberg said.
The big idea: Honor helps your parents thrive.
Headquarters: San Francisco, Calif.
CEO and Co-founder: Seth Sternberg
Funders/funding raised: $115M, including $20M from Andreessen Horowitz, $45M from Thrive Capital, and $50M from Naspers
Revenue: Declined to disclose
Number of employees: 250+
Fierce insights from Honor CEO Seth Sternberg
FierceHealthcare: What is your best piece of advice for someone launching a healthcare company that challenges the status quo?
Seth Sternberg: Don’t. Rather, launch a company that’s adjacent to core healthcare. You can move faster and there’s less competition.
FH: What is the failure you’ve learned the best lesson from?
SS: The most important thing I do is find great people and convince them to join Honor. So every single time I’ve screwed that up, I’ve learned something very valuable about how to do it better in the future.
FH: What is one change you think will happen soon in healthcare that people do not expect?
Things hit tipping points. Transparency, and the resulting deluge of consumer choice, is about to transform healthcare.