Nymbl closed our Series Seed Funding Round today, bringing $1.55 million of working capital into the company. The round was oversubscribed.
The funds will be used for 1) scaling up our sales and account development team in the Senior Living marketplace, where we are already seeing significant traction and growth and, 2) managing our Medicare Advantage Launches in 4 markets in January.
“We are excited by the strong reception we saw for Nymbl’s mission and investment opportunity”, commented Ed Likovich, CEO. “Our investors related to the mission of preventing 1 million falls and are excited to see a company that could focus on solving a major healthcare problem while also offering a strong business model that can drive increased investor value. With the additional funds, we can now be laser-focused on accelerate growth in our target markets.”
Nine months ago, Nymbl and SCL Health Lutheran Medical Center launched the “Friends don’t let Friends Fall” program in conjunction with the Arvada Fire Protection District to fight the epidemic of falls that is noted to be the number one reason for emergency medical calls.
This innovative program borrowed ideas from the Netherlands, where the country has seen significant fall reduction by removing fall hazards in people’s homes and training them about fall dangers on an obstacle course. The course is designed to increase confidence rather than feed the fear of falling. All participants were given the Nymbl Training App for use free of charge so that they could train their balance in their own homes long term.
So far, the program has surpassed expectations in terms of engagement and outcomes. We have seen excellent engagement – older adults not only will use the Nymbl balance training, but they make it a habit because it’s fun, can be done in 10 minutes, and is easy to use. Typically engagement in programs is only 5% of older adults participating. The Nymbl digital solution overcomes this barrier to success by making it readily available in a person’s home. We have seen over 50% of the attendees using the balance training in the privacy of their own home. Most encouragingly, an incredible 34% of the older adults are using the app at the therapeutic dose (meaning enough to have a known improvement in balance). Members of the FDLFF program have done over 7000 exercises, totalling more than 190 hours of exercises!
Chuck Ault, Regional Director, Community Health Improvement at SCL Health commented, “Our partnership with Nymbl allows our participants to continue balance training even after they have left our program. This extends our impact and amplifies our mission to create the opportunity for older adults to age in place by preventing injury from falls.”
Nymbl’s partnership with SCL Health has begun to impact the community as a whole. For instance, a plotting of falls in Arvada by the fire department showed that a “cluster” of falls were occurring at or near the Springwood Retirement Community. Many of the residents went through the program, and it was expanded to include daily classes in the community. Kaiona Gardon, Activities Director at Springwood, has seen a tremendous change in the community because of Nymbl. “I see more interaction between residents. They are now talking about fall prevention amongst each other. They are inviting their friends who have never been to Nymbl class. There is an ‘excitement’ in the air that wasn’t there before Nymbl. Most importantly, I see our residents encouraged about their future. I know how disheartening it has been to see other residents falling and being taken away by the paramedics. Nymbl has given our residents hope.”
Nymbl believes our partnership with SCL Health has had a significant positive impact in Arvada. A partnership like this is a great example of healthcare, healthtech and communities working together to make a real difference.
Today is arguably our biggest day of the year – the day that is dedicated nationwide to preventing falls among older adults.
To support the day, we worked closely with all of our communities to come up with special events, classes and competitions to spread the word that FALLS CAN BE PREVENTED and to encourage participation.
Here’s a message from one of our communities – what a great group!!
We’re interested in what you’re doing for fall prevention day – please send us pictures of any programs you’ve run!
The TSG Innovation Lab sent out the following press release today. We’re excited to be partnering with them!
“The TSG Innovation Lab is excited to announce its strategic partnership with Nymbl Science, a digital health company specializing in fall prevention, the number one sentinel event as reported by The Joint Commission. Combining medical science and mobile technology, Nymbl’s patented application measures, tracks and improves reflexive balance in the elderly population.
Ed Likovich, Nymbl’s CEO, commented: “We all have a personal example of how a fall has significantly impacted a loved one’s life; in fact, I lost my Grandfather to a fall. Through this exciting partnership with the TSG Innovation Lab, we will greatly increase our reach to seniors throughout the U.S. Most falls are preventable; no one should have to receive the call that their loved one has had a catastrophic fall.”
Using Nymbl’s cloud-based mobile application, patients complete a risk assessment based on research supported by the American Geriatrics Society and the British Geriatrics Society. Nymbl generates a balance score identifying fall risk areas for each patient and automatically assigns a customized training program to improve their reflexive balance, to move them out of the high fall risk category. Early adopters of this new technology have realized a reduction in their patient fall profile by up to 50%.
Nymbl will be joining other strategic partners of the TSG Innovation Lab, a recently established business unit within The Sullivan Group (TSG). “We are very excited that Nymbl has joined the TSG Innovation Lab,” stated Dan Sullivan, MD, JD, President and CEO of TSG. “Preventing patient falls has always been an important part of patient safety. Unfortunately, patient falls remain one of the leading causes of litigation in the aging services community. We are optimistic that Nymbl’s scalable solution to improve the reflexive balance in millions of elderly patients will greatly reduce the number of patient falls across the globe.”
The TSG Innovation Lab meets monthly with its strategic partners and quarterly with TSG’s Leadership Team to evaluate and assess potential new strategic partners. If you’d like to learn more about opportunities to partner with the TSG Innovation Lab or Nymbl, please contact us at email@example.com.
About Nymbl Science Nymbl’s mission is to prevent 1 million falls among older adults. Nymbl achieves high engagement by giving older adults a fun experience in only 10 minutes a day using an approach that directly improves an individual’s ability to sense and react to the everyday stimulants that could result in a fall. This approach is called dual-tasking, which combines cognitive and physical exercise into an engaging daily program delivered through a smartphone or tablet. The Nymbl intervention is designed to remove the barriers of cost and scalability, making it the ideal population health solution for the problem of falls among older adults.
About TSG Innovation Lab TSG has worked with over 1,000 acute care facilities; it has been used by 95,000 clinicians, and it has an impact on over 20 million patient visits annually. TSG’s RSQ® Solutions platform is used by some of the nation’s largest hospital systems to successfully reduce adverse outcomes. The TSG Innovation Lab partners with organizations in the healthcare technology space, resulting in co-development of new products and greater exposure to solutions that impact patient safety and improve patient outcomes and patient experience.”
The number of falls for people over 65 is increasing despite best efforts to prevent them. Giving older adults a long to-do list of ways to improve their balance is disengaging and unsuccessful, according to Kaiser. Kaiser Health News addresses what needs to be changed in senior care to actually prevent falls.
Kaiser concludes “Older adults worried about falling typically receive general advice: Take an exercise class. Get your vision checked. Stop taking medications for sleep. Install grab bars in the bathroom. … That sort of advice hasn’t proved to be very effective: Nearly three times more adults age 75 and older died from falls in 2016 than in 2000, according to a recent report in the Journal of the American Medical Association.”
Kaiser’s recommendations are:
Get a Fall Risk Assessment
Get a Personalized Plan
Be careful during transitions, especially after a hospital stay
They also conclude that doctors should communicate to older adults in a supportive, non-patronizing way that with language that reinforces the importance of independence, not fear of falling.
A recently released study by the Society for Post-Acute and Long-Term Care Medicine shows that a “cognitive intervention for fear of falling gets the same results as ‘usual’ care”. This study, conducted on patients who had recently had hip fractures, shows that fear of falling was not just an emotional state that can be reduce by behavioral therapy.
We are not surprised by this. Nymbl’s premise is that fear of falling is reduced by actual balance improvement, and the best way to improve balance is through dual-tasking cognitive and physical exercises. CBT is good at treating perceived fears, but fears derived from a real physical deficit require real change at the impairment level, not just the belief level. When a patient can noticeably detect that their balance has improved, the fear of falling is reduced because they feel more stable.
We are excited to announce that Aaron Duke (Linkedin) is joining Nymbl as VP of Product. Most recently, Aaron was employee #4 at CirrusMD and brings a skillset that will be essential for our healthcare payer launches.
Aaron’s primary initial focus will be to make sure that Nymbl’s product line is ready for the January 1 launch of Nymbl with our Medicare Advantage partners, and to strategize and execute on a successful launch and engagement strategy.
Aaron is active in the Denver startup community as the Product Track Chair at Denver Startup Week and as an instructor for General Assembly. He has multiple degrees in environmental sciences from (naturally) Duke University, where he also played center on the football team.
Please welcome Aaron to this important role as we continue to grow our impact in the Healthcare industry.
Nymbl has closed the first round of its Series Seed Financing Round, which exceed the target. The round was led by the Rockies Venture Club (RVC), a Denver-based Angel Club that is the longest tenured in the United States.
This new capital, which is authorized up to $1.4 million, will be used to build the sales and customer experience teams, and bolster the tech team as the company continues to scale to reach its goal of preventing one million falls.
“We are excited to have the capital to accelerate our growth trajectory in both Senior Living and Healthcare, which are really beginning to take off”, commented Ed Likovich, CEO of Nymbl, “RVC has been a great lead for our Seed Round. They have an excellent process that allowed us to meet literally hundreds of qualified angel investors, and have introduced us to investor syndicates all over the country. We are happy that the bulk of this round came out of Colorado.”
We recently spoke with a medium sized Independent Living Community who was looking to implement a fall prevention program. Their fall statistics in the past five months:
10% required hospitalization
2 signed risk agreements
This is “normal” for most Senior Living Communities – essentially on fall every two days. We’ve worked with many communities where, according to the STEADI protocol, between 50% and 80% of residents are at acute fall risk.
So what can be done?
The obvious choice is to implement a fall prevention program. We have developed a step-by-step article on how to implement a program that we’d be happy to assist with. Or contact us if you’d like to explore the benefits of working with Nymbl.
Calculating the ROI of implementing a Fall Prevention Program
Before committing to running a fall prevention program, it’s important to understand the Cost/Benefit of the program to see if it will help the bottom line of the community. In the community above, the return from implementing the program was projected at 6.5 times the cost, an ROI (Return on Investment) of 650%!
How is an ROI this high possible from a fall prevention program? The average cost of a move out in independent living $8000, from lost rent (1 month at least) and marketing cost to replace that resident. So the community has already had a hit to their bottom line of $16,000 in lost rent and incremental marketing costs in just 5 months. Projected over a year, the cost will total nearly $35,000! Nymbl costs just a fraction of this. So even recognizing that not all falls can be prevented, it’s an extremely good investment.
There are other costs that may not be taken into consideration when you calculate the advantage of a Nymbl fall prevention program. How much of your staff time is taken up by dealing with resident falls: urgent calls to the medical staff, calling the ambulance and calming down residents who may be upset. Falls have ramifications and costs to the entire community, so any fall avoided reduces both cost and suffering in many ways.
Nymbl has developed an ROI cost calculator that will determine the return for your community. Please contact us and we’d be happy to develop the analysis with you. Or attend our free webinar about how to make Falls Prevention work effectively.