Torchlight Reports 110 Percent User Growth Fueled by Nationwide Need for Employee Caregiver Resources
BOSTON (PRWEB) February 26, 2018 -- Torchlight, the only cloud-based, caregiver benefit solution for the full age continuum, announced today the company increased its participating users 110 percent over the last twelve months and now more than one million families have immediate access to the caregiver platform. The company also had a 26 percent increase in new customers signed across numerous industries including life sciences, high tech and manufacturing.
“We are thrilled to have more than one million employee families across the U.S. who now have access to the Torchlight platform,” said Torchlight founder and CEO Adam Goldberg, M.Ed. “With one in six employees dealing with some element of stressful family care situation, employers are realizing that they must address this core element of stress. Whether employers like it or not, they hire an employee’s entire family.”
2017 was a pivotal year for Torchlight with a number of company and product highlights including:
--Secured an additional investment of $1.3 million in 2017 which is being leveraged to fine tune three critical components of its strategy: people, product, and processes. To date, Torchlight has raised a total of $3.2 million and has been able to keep its financing requirements lower due to its 97 percent rate of customer retention and 95 percent in revenue repeatability.
“We’ve designed a model to consistently optimize our ‘growth engine’ to meet the evolving needs of our customers,” said Goldberg. “We call it precision financing, which is a smaller, yet highly focused method around investment. This approach has been better for our company, our customers, and our small community of investors who we believe will get a better return on their investment.”
--Doubled the size of its executive team bringing on Dan Richards, CTO; Jay Titus, Head of Client Strategy; and Rebecca Throop, Head of Marketing. Carolyn Romano, JD, was promoted to Vice President of Product to add full leadership over the engineering and product arm of the company. Alan Scott also joins as Principal Software Engineer. This investment in people builds out a team already strong in the SaaS, healthcare and employee benefits space.
--Named to the Big 50-2017, Startup50.com’s report on the top startups in tech. The startups in this year’s report represent the technologies, market sectors, and trends that are poised to upend the economic status quo in the coming year and beyond. In addition, Torchlight’s customer Boston Private, was selected as New England Employee Benefits Council’s (NEEBC) 2017 Emerging Benefits Award Winner for providing its employees with Torchlight’s cloud-based caregiver support solution as part of its benefits and wellness program.
--Released a completely redesigned user interface based on user input across seven design iterations. The new look and functionality provide more intuitive user workflows, simpler interfaces for creating child and elder profiles, and easier access to personalized eGuides, webinars, and daily management tools. On the back end, Torchlight also implemented additional benchmarking along with enhanced capacity for user-behavior analysis.
Torchlight’s clients have historically reported increased employee retention, loyalty and productivity, as well as a decrease in the costs that employers incur when employees fail to choose resources that are more cost-effective. New customers in 2017 echo these sentiments.
Alameda Health System, a large medical system in California, extends its mission of “Patient and Family Centered Care” to their own employees via Torchlight. Paula Peck, Director of Total Rewards for Alameda Health System explained, “Our employees are one of our greatest strengths. Investing in high quality, highly supportive employee benefits is not only the right thing to do for them, it’s also a strategic investment for Alameda Health System. We value integrity, continuous improvement and passion. Demonstrating these values in our employee benefits package is just one way that we show loyalty back to our employees. Torchlight fully supports our employees and their families to help them move through difficulties with ease- adding this benefit was a natural fit with our core values.”
The SaaS caregiver platform is available through employers and can be easily integrated with other benefits offered by an employer. It features a cloud-based, personalized guided platform which enables employees to more effectively navigate and identify the resources that are available for their children with acute and everyday challenges and elderly loved ones. Often these resources include cost-free services that exist outside of employee benefit plans, thus additionally offering cost savings to the employer. It offers 24 by 7 contextualized, dynamic content, a multimedia toolkit that includes webinars and podcasts, and supports one to one expert guidance sessions.
“For 2018, our engineering and product goals are focused in four main areas. The first is meeting the deep data requirements of our employer customer base. More and more, companies are requiring compliance with some of the highest standards in information security and accessibility from their vendors who have any degree of technology as part of their offerings. Our work in this area positions us to meet the stringent requirements of the nation’s largest employers,” explained Goldberg.
“Second, as the only truly intelligence-driven caregiving solution, we are adding deep data mining capabilities within our reporting, so that our customer partners can gain increased value from their employee utilization information. In parallel, our product team is enhancing the intelligence architecture for the end user and continuing to expand our media engine with expanded expert webinars and podcasts, work which began in 2017. To complement our product focus, we have been working to develop and finalize partnerships within the well being ecosystem to enable full interoperability for customers. We will be announcing some of these partnerships throughout this year.”
About Torchlight
Torchlight is a pioneer in caregiver benefit solutions, a new approach to managing the costs and complexities of caregiving for employers and employee caregivers today. With Torchlight, employers have an ROI-driven model for managing caregiving -- a $38.2 billion challenge in the US alone -- so that they can be both compassionate and competitive in the competitive labor market where more than one in three employees today is a caregiver. Based in Boston, the company was founded by caregiving pioneer Adam Goldberg, M.Ed. For more information, contact sales (at) torchlight (dot) care, phone 844-693-3477, or visit Torchlight.care.
Theresa Smith, Torchlight, +1 (818) 704-8481, [email protected]
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