Wellth, a digital health company that uses behavioral economics to empower people to prioritize their health, announced a $20 million Series B fundraising round today. SignalFire led the round, with participation from Frank Williams, Co-Founder and Former CEO of Evolent Health (who will also join Wellth as Chairman of the Board), as well as existing investors The Social Entrepreneurs’ Fund, CD Venture, Yabeo, and Partnership Fund for NYC.
Wellth has experienced impressive annual growth since its inception in 2014, owing to its demonstrated ability to connect with members and engage them more effectively in order to influence behavior change, such as medication adherence.
The new funds will allow the organization to continue investing in the app’s behavioral science engine and team expansions to support Wellth’s growing member base. Many people struggle to develop long-term healthy habits, which is costly for their health and the healthcare system as a whole.
6 out of 10 adults in the United States have a chronic disease, which is a leading cause of death and disability and a major contributor to America’s 4.1 trillion annual health-care costs.
Meanwhile, many patients have difficulty adhering to their medications, which can have a negative impact on individual health outcomes and contributes to more than $500 billion in avoidable healthcare costs.
Many patient engagement platforms have been ineffective in motivating patients to make lasting changes to their health regimen. Wellth, on the other hand, combines the power of behavioral economics with sophisticated machine learning AI to create a personalized member experience that encourages the continuation of healthy behaviors.
91% of its members use the Wellth app every day, which has resulted in long-term intrinsically motivated behavior change. Wellth’s health plan and provider clients have seen significant cost savings as a result, and Medicare Advantage plans have received higher Star ratings. Wellth’s results include:
Inpatient utilization was reduced by 42% on average.
16% improvement in medication adherence 29% average reduction in ED utilization.
Every day, Wellth empowers people to prioritize their health. The Wellth platform, based on behavioral economics science, generates long-term behavior change and positive health outcomes by motivating members to engage in healthy behaviors.
Each Wellth program offers a welcoming and personalized experience, while rewarding daily progress and assisting members in developing lifelong healthy habits.
Wellth’s powerful results have been shown to close care gaps, improve quality measures, and reduce costs, resulting in better outcomes for both our customers and our members.