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The company also has a product to help manage gastrointestinal diseases as well
There are 4.5 million adults in the United States with a diagnosed liver disease, including hepatitis and cirrhosis. These coniditions are the twelth leading cause of death, with 30,000 lives lost. It's even worse for older people: among those aged 45 to 54 years and 55 to 64 years, chronic liver disease and cirrhosis are the fourth and seventh leading cause of death, respectively.
And yet, even common conditions, such as Fatty Liver and Metabolic Syndrome, are largely undetected, or undertreated, said Joe Rubinsztain, founder and CEO of ChronWell, because providers have no good way to change patient lifestyles.
ChronWell wants to do just that: it's a digital health remote care management company that's focused on liver disease. Its main product, LIVErHEALTHY, partners with physicians and payors in order to find, and help manage, patients with Fatty Liver remotely.
"We founded ChronWell to create new digital treatments for such conditions to reach millions of patients," said Rubinsztain.
On Wednesday, the company announced a $6 million round of funding, bringing its total funding to $12 million. While the investors in the round weren't disclosed, the company calls them a combination of "existing and new strategic investors."
In addition to LIVErHEALTHY, ChronWell also has a Therapeutic Weight Loss product, which combines diet, exercise, remote monitoring and coaching with technology, as well as a Digital Care Management product, which helps with digestive conditions like IBS, GERD, IBD, and Chronic Constipation.
ChronWell launched LIVErHEALTHY in April 2020, utilizing the tools and services provided by its Care Management program, allowing its Care Navigators to work with providers, as well as ModifyHealth, a provider of gut-friendly, fully prepared meals, and Echosens, the developer of products and services for physicians treating patients with chronic liver diseases, to remotely manage patients in‑between visits, providing them with real-time monitoring and routine check-ins.
"Our typical customer will be a large physician group or payor. We connect with their clinical database and identify patients at risk and enroll them in a program that includes guided testing, diet, exercise, education, coaching, and remote monitoring delivered through an app," Rubinsztain explained.
"Patients benefit from significant improvement or resolution of their condition for marginal or no out-of-pocket cost, while providers create a new clinical service line with no up-front cost that generates high profitability averaging revenues of $120 per patient, per month.
The company currently has over 300 providers and 4,000 patients on its platform and is growing at an average 10% month over month.
The new funding will be used to fund operations and expand research, development, and commercial activities. It will also be used to grow the team, tripling it from 52 to 150 over the next year or so.
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