Among the various issues faced in the healthcare industry, failure to comply with prescribed care plans is regarded as the most expensive problem. This leads to diminished health outcomes and increased care utilization.
Fremont, CA: Treatment adherence improvement platform Wellth secured USD 10 million in a Series A funding round co-led by existing investors yabeo and Boehringer Ingelheim Venture Fund (BIVF), with participation from returning investors AXA Venture Partners, New York Life Ventures, NFP Ventures, Partnership Fund for New York City and I2BF Global Ventures, and new investors Rock Health and DaVita Venture Group. Wellth recorded 85 percent quarter to quarter and 403 percent year on year enrollment growth in the first quarter of 2020. Proceeds from the investment round will be used by the company to support rapid scaling to address larger and broader populations of patients.
"Our mission has always been to seek out and support the patient populations that need help the most," said Wellth CEO and Co-founder Matthew Loper. "The current coronavirus pandemic has further increased the need to support the health of vulnerable populations remotely with digital tools. It is crucial for our customers to help vulnerable populations control their disease states outside of in-person care settings as much as possible and for our members to have additional financial support through their earned Wellth rewards in this particularly challenging time."
Among the various issues faced in the healthcare industry, failure to comply with prescribed care plans is regarded as the most expensive problem. This leads to diminished health outcomes and increased care utilization. In the case of the U.S., half of the patients diagnosed with chronic conditions fail to comply with the prescribed care plans, leading to a bill of USD 300 billion preventable costs to the healthcare system each year.
As part of the Series A round, yabeo's Dr. Gerrit Seidel will join Wellth's Board of Directors as the new Chairman of Wellth. "Patients' daily behaviors are what determine outcomes," said Dr. Seidel. "Wellth's ability to change these behaviors is a win for everyone— including providers, health plans, biopharma, and patients alike. Moreover, its unique platform is scalable across clinical conditions and brings greater financial security to vulnerable populations when they need it most. I am excited to help the team achieve its goal of becoming one of the most important companies in healthcare."
See also: Top Healthcare Startups
