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By Meg Flippin, Benzinga
Many nurses and caregivers are stressed out and overworked, leading to high turnover and big shortages. This is of particular concern in the home healthcare arena, where more than 1 in 4 nurses plan to leave the profession by 2027. The ones who stay need more support, and thousands are finding it with Amesite’s (NASDAQ: AMST) NurseMagic™, a proprietary AI app designed for nurses.
The app is capable of quickly creating nursing notes, a requirement for professionals ranging from CNAs and LPNs to APRN-CNPs and NPs and a daily shift task which Amesite says takes up 40% of nurses' time. Caregivers can also use the app to explain medical procedures in easy-to-understand language, create work emails, give guidance on patient and family communication, provide coaching on taking wellness breaks during the day, provide key information about medications and more.
Fast Growing Usership And Five-Star Reviews
NurseMagic | AI Tools for Nurses leverages Amesite’s cloud infrastructure and expertise in AI integrations and AI-powered features. Amesite entered the market with its Amesite Engage platform and reports that it has accelerated customer acquisition after streamlining its infrastructure to deliver systems at very low incremental cost. Now Amesite reports that it is signing with community colleges across the country that are tapping Amesite to train the workers of tomorrow. The company reports being encouraged by its no-setup-fee model, which was followed by the signing seven new community college deals across the U.S.
With that experience, it was only natural that Amesite would pivot into healthcare. After all, there are more than five million nurses and an additional 3.9 million home health workers in the country, and surveys support the strong need for more support among nurses and healthcare professionals.
Within eight weeks of its beta stage debut, NurseMagic witnessed triple-digit monthly growth driven in part by its presence on social media. Amesite has engaged with prominent influencers including Paige Slayton, Nurse Cynesse, Nurse Tara and Nurse Hailey. Combined, that gives Amesite access to over three million followers. The engagement with Nurse Hailey alone was responsible for a 27% increase in users. From June to July the app has seen 830% growth in registered users.
NurseMagic also recently debuted in the Apple App Store, charting at #33 in the medical category after only four weeks in the store and garnering five-star reviews. The app is now being used by nurses and healthcare professionals in all 50 states and six countries.
“The 27% increase in users following the most recent social post demonstrates both the incredible impact of influencers voicing the capabilities of NurseMagic and the power of the app itself,” said Madison Bush, Corporate Operations and Marketing Manager at Amesite. “Charting for the first time after only a few weeks in the App Store is incredibly exciting and validates the utility of NurseMagic as a mobile tool for a wide variety of healthcare professionals.”
Amesite says a big driver of user engagement is the accuracy and speed of the app. The company reports that it relies on qualified data sources that have proven to be accurate and reliable. It uses this data to train its more than 20 proprietary AI models to ensure performance – and adds an average of five new features per week. At last check, Amesite indicated it has integrated more than 100 APIs into its company tech stack, including connections to government databases, authentication services, payment gateways and AI-powered tools. The app’s models have also demonstrated 93% accuracy when tested against NCLEX test questions. The NCLEX exam is a standardized exam developed by the National Council of State Boards of Nursing (NCSBN) that nursing graduates must pass to obtain their nursing licenses in the United States and Canada. Amesite reports feedback from customers has “been extremely positive.”
15X ROI For Enterprise NurseMagic Customers
It’s not just individual nurses that are interested in NurseMagic. A variety of healthcare professionals are using NurseMagic, with Amesite recently announcing the launch of pilot programs in five home health agencies and skilled nursing facilities across the United States. Amesite said that collectively, these companies and their franchisees have over 30,000 employees providing skilled nursing, hospice care and home healthcare. The latter is a large and growing sector in need of support. Home healthcare is valued at $100 billion today and is projected to grow to $176 billion by 2032. It's also an area that is seeing job growth of about 21% per year through 2032, presenting a lucrative opportunity for Amesite.
The company estimates that its customers will achieve a whopping 15X ROI with its product, based on the expected increase in efficiency of workers using the app and expected pricing. “We anticipate very significant quarter-to-quarter revenue increases with NurseMagic,” said Amesite founder and CEO Dr. Ann Marie Sastry. “For less than 2% of the cost of wages, our technology can make this entire workforce at least 30% more productive, while simultaneously improving the quality of patient care. Because of the efficiency of our systems, we believe that we can do so at highly attractive margins that enable sustained growth.“ As of May 10, 2024, the company reported it had $3 million of cash in hand and 10 months of burn on hand, even assuming no new revenue, reflecting its liquidity position.
The company is bullish on building revenue through its B2B and B2C NurseMagic products, while simultaneously continuing to offer its higher education platform at low incremental cost. The company reported a reduction in SG&A of nearly 50% YOY from FY22 to FY24 and expects to continue finding efficiencies.
Nurses are in demand as acute turnover continues to concern the industry, and many of them are in need of some support – and NurseMagic offers that support. It seeks to tap an unmet need and help meet it with an assist from AI. To learn more about the app and Amesite, click here.
Featured photo by PeopleImages.com - Yuri A on Shutterstock.
Benzinga is a leading financial media and data provider, known for delivering accurate, timely, and actionable financial information to empower investors and traders.
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