Wellth raises $10 million
Wellth, a platform designed to improve treatment adherence using behavioral economics, has closed a $10 million Series A round co-led by existing investors yabeo and Boehringer Ingelheim Venture Fund, 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.
Founded in 2014, Wellth is looking to solve “one of the costliest problems in healthcare” – failure to comply with prescribed care plans. The company has created a platform where members receive financial incentives, nudges, and behavioral reinforcements to establish healthy, lasting habits. Once enrolled, members use Wellth’s platform to submit scheduled check-ins aligning with their care plans. Check-ins, typically completed daily, require users to submit a picture of their target behavior at a set time such as medications placed in the palm of their hand. These check-ins are then processed by Wellth’s AI technology for verification, and insights can be relayed directly to care teams. Members get a “fun, easy, motivating experience” along with instant gratification in keeping their endowed daily amount, which they “cash out” at milestone intervals throughout the duration of their program.
Wellth members demonstrate 89%+ average care plan adherence over a 12-month period, generating a 2-6x ROI to Wellth’s customers. Customers have seen results such as a 45% reduction in readmission rate after heart attacks, a 92% decrease in avoidable emergency department visits, and a 1.3 reduction in HbA1c levels amongst high-risk diabetics.
“Our mission has always been to seek out and support the patient populations that need help the most. 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.” – Wellth CEO and cofounder Matthew Loper.