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Patients earn points by helping themselves stay healthy, which can be used to buy giftcards
Even for the best informed people, Healthcare can be a confusing mess. For those of us who only interact with the system when we absolutely have to, it can be incomprehensible. Patients need help navigating a system that seems to be designed to be confusing.
That's where Well comes in. The company, which combines artificial intelligence and human guides to personalize every patient's health journey announced on Monday that it raised a $40 million in Series A round of funding.
The round, which is a combination of equity and debt, includes seed investors General Catalyst, John Doerr, Mosaic Health Solutions and partners of Hellman & Friedman. Gary Loveman, co-founder, chairman and chief executive officer of Well, along with company co-founder David Werry, are also "significant investors in the company."Well previously raised $25 million in seed funding in 2019, bringing its total funding to $65 million.
Founded in 2019, the Chapel Hill, North Carolina and Newton, Massachusetts-based company provides personalized health suggestions through chat and phone support from live health guides, extensive self-guided in-app actions and a variety of rewards and incentives.
Through the app, users can set goals across health and wellness topics and earn points by spending at specific stores, as well as for doing things like setting a goal and tracking it daily, integrating with other health apps, chatting with a health guide, exploring topics and starting healthy habit, asking about their health insurance coverage, setting reminders for check ups and immunizations, refill prescriptions, and connecting to telehealth services.
Eventually, when they build up enough points, patients can cash them in for giftcard at stores, including Walmart, CVS, Statbucks, Nike, AirBNB, Sam's Club, and Fitbit.
The company will be deploying this funding by expanding its team and building out its technology.
"By leveraging member health data and applying proprietary analytics and clinical expertise, we deliver daily health recommendations and a wide offering of compelling rewards to encourage our members to take action to improve their health," Loveman said in a statement.
"We are encouraged by the high level of engagement our members have with the platform and the health journeys and actions available to them, particularly amid the disruption caused by COVID-19."
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