Wellframe – Healthcare
What it is:
Wellframe, headquartered in Boston, offers a digital health management platform. The patented platform allows healthcare organizations and clinicians to extend their reach to support patients outside of traditional care settings and is issued to patients via a payer or provider. Advanced algorithms are applied to real-time member-generated data and AI is used to create personalized care protocols for patients. Wellframe connects patients with their care team via secure mobile messaging and features checklists for patients to follow to manage their care at home.
Who Made It?
Wellframe was founded in 2011 by Jacob Sattelmair, Dr. Trishan Panch, Vinayak Ramesh, and Archit Bhise. Sattelmair serves as CEO and holds a doctoral degree in Epidemiology from the Harvard School of Public Health. Prior to co-founding Wellframe, he served as a Product Manager at Runkeeper and as Director of Research & Strategy at Dossia.
The co-founders shared a vision to use technology and data to help better organize healthcare resources around the needs of patients outside of when they are face-to-face with a physician or in the hospital.
Funding status:
Wellframe was acquired by HealthEdge, via its financial sponsor Blackstone, through an LBO in December 2021 for an undisclosed amount. Prior to acquisition, the company had raised over $45M from investors like BlueCross BlueShield Venture Partners, F-Prime Capital Partners, Threshold Ventures, Mayo Medical Ventures, and more.
Why we like it:
- In 2018, Wellframe was awarded a patent for a mobile-enabled method to monitor and improve patient compliance with care programs
- The platform offers customized care programs that offer an affordable and interactive way to improve patient heath outside of traditional care settings
- The acquirer, HealthEdge, operates with a mission to advance the digital revolution in healthcare by using transaction automation and the enablement of real-time business and clinical engagement among payers, providers, and members. Wellframe represents HealthEdge’s entry into digital health management and consumer engagement, which is a high priority for plans.
Did you know?
According to a retrospective cohort study released in April 2021, among all 90-day hospital readmissions, 17.8% met the criteria for being potentially preventable, which the researchers estimated cost around $296M. Craig S. Brown, MD, MSc, a resident physician in the department of surgery at the University of Michigan, and colleagues conducted the cohort study using data from almost 2M patients (54.1% women; mean age, 66.1 years).