Why Centana Invested in The Helper Bees: The Home-Sweet-Home Dilemma

Author: Eric Byunn | Co-Authors: Devi Malhotra, Marshall Cao

Getting old is hard.

As we age, tasks that once seemed effortless can become increasingly challenging. The simple joys of daily life – preparing a nutritious meal, maintaining a tidy home, or even taking a leisurely stroll around the neighborhood – can transform into daunting obstacles. This gradual shift in abilities is a natural part of aging, but it doesn’t make it any less frustrating for those experiencing it.

The desire to age in place, to remain in the comfort and familiarity of one’s own home, is overwhelmingly strong among older adults. AARP suggests that ~90% of people want to stay in their current home and community as they age1. Aging in place has many emotional and functional benefits – it enables seniors to preserve independence and maintain connections and relationships within the community. There are also financial benefits, as remaining at home often is the most cost-effective. Yet, for many, this practical desire remains frustratingly out of reach. Access to reliable support is a prerequisite for a safe and high-quality aging-in-place experience. The chaos of coordinating various services – from home modification (to reduce the risk of injury), to maintenance, to healthcare – often forces older adults out of their long-time homes and into facilities prematurely.

This is where The Helper Bees buzzes in to help.

The Helper Bees: More Than Just a Helping Hand

The Helper Bees isn’t just another tech startup – their strategy is to make aging-in-place an option for as many people as possible. Through their platform, they’ve developed a large and broad credentialed provider network of non-medical services essential for aging at home, with over 20,000 services providers, 30,000 retail locations, and 60,000 over-the-counter products covering all aspects of non-medical needs such as in-home modifications, meal and grocery delivery, companionship, pest control, or transportation.

Imagine a one-stop shop where families can access everything from in-home care and healthy meal delivery to lawn care and virtual exercise classes. That’s the power of The Helper Bees.

The Helper Bees was co-founded by Dr. Char Hu. His personal experience of caring for a loved one with Alzheimer’s disease led him to pursue a PhD in molecular biophysics, computational biology and theoretical chemistry, where he studied mechanisms believed to cause Alzheimer’s disease. The experience of being a caregiver and witnessing first-hand a lack of suitable care options led Char and his cofounders on a decades-long journey to improve the long-term care experience for more families.

The Silver Tsunami

You might be thinking, “I’m not old. Do I need to worry about this now?” But we’re all aging, and chances are, someone you love is already navigating these challenges. The Helper Bees isn’t just solving a business problem: they’re addressing a human need that touches us all as a rapidly aging society.

America is on the cusp of a demographic revolution. Between 2010 and 2020, the U.S. already experienced the largest and fastest growth of the 65+ years population in any decade, reaching 56 million, or 17% of the total population. However, we are still only in the very early stages of this demographic shift. By 2030, the 65+ years population will increase by another 5 percentage points, reaching 21% of the total population, or a staggering 73 million people—a 30% increase compared to the decade ending 2020. By 2034, those who are 65 and older will outnumber children under 18 years old for the first time in U.S. history. By 2060, one in four Americans is projected to be an older adult2.

Impacts Across the Insurance and Healthcare World

Not only does this “Silver Tsunami” put significant pressure on American families, it also places tremendous strain on the largest payers of long-term care, including Long-Term Care Insurance (LTCI), Medicare Advantage (MA), and Medicaid, which all reimburse non-medical in-home care services. Historically, payers work with regional, point solution vendors to fulfill these aging-in-place services. Payers are increasingly burdened by managing fragmented providers. The diverse needs of members, inconsistent provider quality, and fragmented data from various systems make it nearly impossible to streamline care delivery. Recognizing the growing complexity and challenges of working with many single-point solution providers, payers are looking for a comprehensive solution, and many have found such a solution in The Helper Bees.

The impact of The Helper Bees extends beyond individuals and their families. They are partnering with some of the largest LTCI carriers and MA plans. The Helper Bees has demonstrated measurable impact for its customers: For LTCI payers, services such as home modification (e.g. grab-bar installation) can reduce the institutionalization rates by 30%, leading to an up to 4% reduction in claim spending for the insurers3. For MA payers, providing aging-in-place services significantly improves member satisfaction and retention, as well as potentially yielding long-term savings for both health systems and payers4.

Centana is Excited to Back The Helper Bees in Pursuing its Vision

At Centana, we focus on the insurance, payments, and related healthcare markets, investing in companies providing tangible solutions to real, complex challenges. We believe The Helper Bees exemplifies this. Their approach meets demonstrated market needs. And as our population ages, the demand for these services should only grow.

We’re not just excited about the market opportunity (though it’s enormous). We’re also thrilled about the positive impact we expect The Helper Bees to have on countless lives. We’ve been tracking the company for many years and are excited to back a company that combines strong technology, a massive market opportunity, and a deeply meaningful mission.

Our Partnership

As we look to the future, we see The Helper Bees at the forefront of a new era in aging care. The Helper Bees seems to be well-positioned to capitalize on these macro tailwinds and enable payers to adapt to rapidly growing demand for aging-in-place services.

We’re honored to partner with Char and his team and we look forward to supporting The Helper Bees on this journey, as they work to serve individuals and families navigating the challenges of aging with confidence and support.

[1] AARP. (2014). Baby Boomer facts and figures.

[2] Vespa, J., Medina, L., & Armstrong, D. M. (2020). Demographic turning points for the United States: Population projections for 2020 to 2060. U.S. Census Bureau, U.S. Department of Commerce, Economics and Statistics Administration.

[3]Company Data.

[4] U.S. Department of Housing and Urban Development. (2013). Aging in place: A new model for senior housing and services.


Important Disclosures

The information contained herein is for informational purposes only and should not be construed as investment advice or an offer, solicitation, or recommendation to buy or sell any security or investment product.

This document contains forward-looking statements. Actual results may differ materially from those anticipated in these statements. These statements involve risks and uncertainties which could cause actual results to differ.

Performance metrics and market statistics referenced in this document are based on historical data and past performance does not guarantee future results.

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