Boasting Thousands in Savings per Patient, Care Management Platform Wellframe Raises $15M Series B
With a glowing reference account in Blue Cross Blue Shield of Nebraska, Boston-based Wellframe announced last week that that had closed a $15 million round.
The makers of mobile patient engagement and care management software, has raised [the] Series B funding led by F-Prime Capital. Existing investors DFJ also contributed, and the new capital brings the company’s total funding to date to $25 million.
Wellframe teams up with health plans and providers to offer a suite of customizable care plans that are designed to keep patients engaged via direct communication channels. The company’s platform includes a web-based clinician dashboard and a patient-facing mobile app and offers two-way messaging and care plans to amplify the reach of care capabilities within a health system. Last year, Excellus BCBS tapped Wellframe to offer its mobile platform as part of its Health Care Improvement team.
The funding round announcement also included strong claims of customer satisfaction.
Some of Wellframe’s clients are reporting cost savings increasing by up to 50 percent per patient, the company said. At Blue Cross Blue Shield of Nebraska, the integration with Wellframe’s mobile allowed the payer to get more out of resources allocated per member.
“Our telephonic care management program does reduce per member medical expense, but coupled with the mobile platform, we see additional savings that more than double the savings of traditional care management — in the order of magnitude of thousands of dollars per person,” BCBS of Nebraska’s VP of Provider Services Susan Beaton said in a statement.
Wellframe CEO Jacob Sattelmair said the company will use the funds “to respond to growing market demand, while further expanding the scope of what we offer as a partner.”
F-Prime Capital Executive Partner Carl Byers will join Wellframe’s board of directors.
“Wellframe is poised to revolutionize care management as we know it. They’ve assembled a top-tier team dedicated to executing on a new vision for the improved delivery of clinical services and patient engagement,” Byers said in a statement. “There’s an untapped market opportunity here, as most healthcare organizations strive to realize the full potential of care management. Wellframe is demonstrating significant impact on healthcare cost and quality outcomes for their clients, and we are pleased to be working with them to build on this strong foundation to set a new standard for patient support.”