Chicago-Based Healthcare Startup Groove Health Raises $1.6M
Chicago-based healthtech startup Groove Health announced it has raised $1.6M in a seed round to help expand its medication adherence platform for health insurance companies, hospital systems, and self-insured employers. The company was established in 2016 by Andrew Hourani. Its proprietary analytics platform combines existing healthcare data with patient-generated data from its mobile app and other sources to create a comprehensive understanding of each patient’s unique adherence profile.
Benefits to insurers include: (1) cost savings by improving medication adherence, (2) ability to predict costs thanks to the company’s “proprietary analytics”, and (3) increased engagement by members via its “user-friendly mobile application”. Did you know? In the US, poor medication adherence causes 30-50% of treatment failures, 125,000 deaths, and over $100 billion of avoidable healthcare spending yearly.
Recall 2017 insurance-related investments here.