BOSTON--(BUSINESS WIRE)--Wellframe, Inc., the market leader in Digital Health Management solutions, today announced it has closed $20M in series C funding led by BlueCross BlueShield Venture Partners (BCBSVP), with additional strategic investments from several Wellframe clients. Existing investors Threshold Ventures and F-Prime Capital, which led the company’s prior $15M Series B round, also participated.
The funding will support company growth, including hiring in its Boston office, and accelerate its leadership in the Digital Health Management market. Health plans across the country use Wellframe’s Digital Health Management solutions to improve member experience and outcomes, while differentiating themselves in a competitive market. In the last year alone, Wellframe has more than doubled its health plan client base, and now supports clients across commercial, Medicaid, Medicare and exchange lines of business.
“The additional funding announced today will enable us to accelerate our growth trajectory to address a market opportunity that has never been clearer,” said Jacob Sattelmair, Wellframe CEO and co-founder. “Health plans are under increasing pressure to differentiate themselves in a rapidly evolving market. We are gratified by what this round of funding indicates about the value we bring to our clients in partnering closely with them to re-imagine the relationship they have with their members.”
Wellframe’s patented Digital Care Management solution extends the reach and effectiveness of care teams, delivering interactive clinical programs to members’ smartphones or tablets. By engaging members in these programs, Wellframe provides plans with valuable information relative to members’ day-to-day health; facilitates high-touch, sustained and supportive relationships between members and their care teams; and empowers patients to become active participants in their care.
The additional funding announced today will also enable Wellframe to accelerate the next phase of its Digital Health Management solutions, Digital Health Advocate. This solution expands support for members beyond their clinical needs, to include administrative, financial and healthcare system navigation. Sometimes referred to as a digital concierge offering, this model streamlines patient interactions across multiple health plan service lines to deliver a convenient and immediate experience through a mobile app.
Additions to the Wellframe Board of Directors also announced today include BCBSVP Managing Director Mike Spadafore and Steve Martin, CEO Emeritus of Blue Cross Blue Shield of Nebraska.
“Wellframe is helping plans to fundamentally rethink the relationship they have with their members through digital enablement,” said Mike Spadafore, Managing Director, BCBSVP. “Wellframe provides plans with an opportunity to profoundly impact the member experience. Digital Health Advocate will provide these plans with an opportunity to build on their experience leveraging a digital solution for care management and address an even broader range of member needs.”
The Wellframe digital health management solution supports the comprehensive needs of people beyond the walls of care delivery. Wellframe translates evidence-based, peer-reviewed guidelines and literature into an interactive daily checklist delivered to patients through the Wellframe mobile app. As patients engage with the Wellframe app, their data is shared in real time with their care team through the care team dashboard, which utilizes advanced algorithms to generate early intervention alerts. With secure two-way messaging, Wellframe facilitates long-term, trusted relationships between patients and care teams.
For more information on Wellframe, visit www.wellframe.com.
About BlueCross BlueShield Venture Partners (BCBSVP)
BlueCross BlueShield Venture Partners (BCBSVP) is a corporate venture fund program to which thirty-three BCBS entities have committed over $575 million across three Funds. The Funds invest in promising emerging companies of strategic relevance to Blue Cross and/or Blue Shield Plans and provide access to its portfolio to deploy innovation at scale. BlueCross BlueShield Venture Partners is sponsored by the Blue Cross and Blue Shield Association, an association of independent Blue Cross and Blue Shield companies.
For more information on BCBSVP, visit www.bcbsvp.com.