yabeo Advisors GmbH
Wellth Raises $10M To Drive Better Health Outcomes Through Behavioral Economics
DGAP-News: yabeo Advisors GmbH
/ Key word(s): Financing
Investment Round led by Boehringer Ingelheim and yabeo – DaVita, and others will help drive care plan adherence for high-risk patient populations
Failure to comply with prescribed care plans is one of the costliest problems in healthcare, leading to diminished health outcomes and increased care utilization. In the U.S. alone, half of patients with chronic conditions do not adhere to their medications, resulting in $300B of preventable costs to the healthcare system a year. This problem is only getting worse, with chronic conditions such as diabetes, heart disease, and COPD becoming more prevalent every year. While others have tried to boost adherence with technology, reminders, and coaching solutions, Wellth is a pioneer in applying the concepts of behavioral economics to create motivation and improve population health at scale. Wellth 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 (e.g., medications placed in the palm of their hand, glucometer or blood pressure cuff readings). These check-ins are immediately 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. While patients usually intend to adhere to care plans and build healthier habits, the complexity of human motivation all too often stands in the way. By bridging the intent-to-behavior gap with frequent financial rewards for completing an action, Wellth has demonstrated the ability to create long-lasting results. Even when selecting for previously nonadherent patient populations, Wellth members demonstrate 89%+ average care plan adherence over a 12-month period, generating a 2-6X ROI to Wellth’s customers. These shifts in behavior change have resulted in significant improvements to clinical and financial outcomes. By utilizing the Wellth platform, 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. Wellth’s customers have also achieved a Member NPS of 88. To date, Wellth has predominantly focused on underserved and complex patient populations that tend to have the highest nonadherence rates and make up 80% or more of health care costs within a population. 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 their goal of becoming one of the most important companies in healthcare.”
Further information is available at www.wellthapp.com yabeo is a venture investment and advisory firm that invests in the early stages of technology companies and develops them sustainably. yabeo’s success lies in growing companies, scaling organizations and rolling out new technologies. yabeo currently manages assets under management of more than EUR 100 million across all investment platforms. The wealth of experience from previous investments, growth experience and know-how, including from the existing impact portfolio, is now to be transferred significantly to yabeo Impact Investing. The aim is to invest in early-stage technology-driven companies that drive change in their segment by redefining the rules of the game using new technology and innovative business models, thereby creating both a financial return and a social or environmental impact. Further information is available at www.yabeo.de
12.05.2020 Dissemination of a Corporate News, transmitted by DGAP – a service of EQS Group AG. |