BOSTON--(BUSINESS WIRE)--WithMe Health (WithMe), a new medication guidance company, announced today that it raised a $20 million round of financing from Oak HC/FT, a premier venture growth-equity fund investing in tech-enabled healthcare and financial services companies.
WithMe replaces an employer’s pharmacy benefit manager (PBM) with a medication guidance solution that greatly improves on and expands the scope of services available in the market today. The company was formed to address the growing challenges and unmet needs that employers and employees face with legacy PBMs; these challenges are driven by misaligned business models, narrow focus, frustrating interactions, unknown outcomes, high costs, and a lack of real transparency. In contrast, WithMe’s modern technology and rich datasets allow consistent application of proven science to create individualized medication experiences for employees and their families that are proactive, adaptive, convenient and engaging. With an innovative, outcomes-oriented business model that aligns interests across the pharmaceutical value chain, WithMe optimizes health outcomes and value while substantially reducing costs for employers.
“I’ve been in this industry for a long time, so I’ve seen what is done well, what could be done better, and what customers really want. The problem is there haven’t been any fundamental shifts in the PBM marketplace to address persistent challenges and unmet needs because legacy business models and technology inhibit change. Even recent industry announcements are merely incremental improvements to address regulatory pressure and unwanted media attention as opposed to getting at the heart of the matter for employers and their employees. The resounding dissatisfaction with the status quo inspired me to map out exactly what the market needs and build the offering from the ground up within Oak HC/FT,” said Chris Price, Founder of WithMe and Partner at Oak HC/FT.
“Founded by an innovative team with deep expertise in healthcare delivery, managed care, PBM, pharmaceutical supply chain, and health AI, WithMe is uniquely positioned to be a trailblazer in the emerging medication guidance category,” said Andrew Adams, Co-Founder and General Partner at Oak HC/FT. “We are proud to be backing WithMe, and we are excited by the strong market interest and caliber of people who are attracted to solving this problem.”
The funding will help the company expand its team, further develop its product and technology, and scale new customers.
In conjunction with Oak HC/FT’s investment, Andrew Adams, Co-Founder and General Partner at Oak HC/FT, joined WithMe’s board of directors and Chris Price, Founder of WithMe and Partner at Oak HC/FT, serves as Chairman of the board of directors at the company.
About WithMe Health
WithMe Health (www.withme.health) is a medication guidance company. Replacing legacy pharmacy benefit managers (PBMs), WithMe uses modern technology and rich datasets to consistently apply proven science and create engaging, individualized medication experiences for employees. With an innovative, outcomes-oriented business model that aligns interests across the pharmaceutical value chain, WithMe optimizes health outcomes and value while substantially reducing costs for employers. WithMe Health is headquartered in Boston, MA. Follow WithMe on Twitter and LinkedIn.
About Oak HC/FT
Founded in 2014, Oak HC/FT (http://oakhcft.com) is the premier venture growth-equity fund investing in Healthcare Information & Services ("HC") and Financial Services Technology ("FT"). With $1.1 billion in assets under management, we are focused on driving transformation in these industries by providing entrepreneurs and companies with strategic counsel, board-level participation, business plan execution and access to our extensive network of industry leaders. Oak HC/FT is headquartered in Greenwich, CT, with offices in Boston and San Francisco. Follow Oak HC/FT on Twitter, LinkedIn, and Medium.