Better Health Secures $14 Million in Strategic Funding Supported by Healthworx, University of Miami Health System, and Mosaic General Partnership To Bring Its Medical Supply and Support Solution To More Patients, Payers, and Providers
Investment from key healthcare leaders validates the Better Health care delivery model, bringing the company's total funding to $27.5 million.
SAN FRANCISCO, June 13, 2024 /PRNewswire/ -- Better Health, a medical supply and support provider built on peer-to-peer connection, announces $14 million in strategic funding, which includes investments from Healthworx, the innovation and investment arm of CareFirst Inc., UHealth - University of Miami Health System, and Mosaic General Partnership. This investment underscores the industry's recognition of Better Health's pivotal role in revolutionizing healthcare delivery for chronic conditions.
This financing builds on Better Health's previous $10 Million Series A round and includes participation from new investor Samsung Next, which continues to expand its investment in healthcare solutions. Existing investors also participated in the round, including Caffeinated Capital, General Catalyst, Bill Ackman's family office Table Management, and at.inc/.
Improving Health Outcomes and Driving Down Costs
Established in 2019, Better Health provides support and medical supplies for people with chronic conditions, such as ostomy, chronic wounds, diabetes, chronic retention, and incontinence. The company's solution challenges the current status quo by combining a cohesive care model that incorporates peer coaching, education, and home delivery of medical supplies, focusing on driving engagement, adherence, improved outcomes, and reduced costs.
"We've seen a remarkable 86% of the people who went through the Better Health Peer Support program reported they were able to avoid an unnecessary ER or doctor visit," says Dr. Robert Mirsky, Better Health clinical advisor and the former Chief Medical Officer of Aetna Medicare. "Receiving coaching from someone with similar lived experience builds trust, helps patients gain more knowledge and confidence, and as a result be more compliant with their treatment. This enables Better Health to drive impact on health outcomes and cost of care."
"We're committed to supporting our members in managing their health at home," said Naama Stauber Breckler, CEO and co-founder of Better Health. "We've seen an increasing need for home-based care as we've grown our partnerships, especially for members living in rural areas. Members tell us that working with us is like finding a best friend, that they're able to be more active, and that they feel supported and less lonely in their care journey, which is one of the main drivers of our 98% customer satisfaction rating. No one should manage their chronic condition alone, and our network of peers is a proven way to support that."
Funding will be used to bring a more comprehensive solution to payers and providers, while also expanding into new categories to better serve members with chronic conditions. The company is also actively exploring how incorporating AI into its value stream can further enhance and accelerate its already best-in-class experience for patients, payers, and providers.
Benefiting Patients, Payers and Providers
Operating in 48 States, Better Health currently serves the populations of a fast growing network of over 150 health plans and health systems. For health plans, Better Health's unparalleled engagement of 10.5 interactions a year (2.5X more than the avg PCP engagement) enables them to drive improved health outcomes with a first-year ROI. This helps chronically ill members avoid unnecessary ER visits and overutilization of care while impacting quality measures and bending the affordability curve.
"Healthworx aims to invest in and partner with solutions that reduce the cost of care, increase access to care, and improve health outcomes," said Christopher George, Investment Manager at Healthworx. "We invested in Better Health to support their work toward bettering access and outcomes for patients dealing with chronic conditions, especially those who rely on durable medical equipment as a part of daily life."
For providers and their patients, Better Concierge's dedicated support simplifies the burdensome process of accessing home medical supplies through a single point of contact for easy referrals, insurance navigation, and care coordination, saving clinical teams hours of administrative work each week.
"Pairing a best-in-class product engine to order supplies with a scaled peer-to-peer platform for empathetic information sharing is very powerful," shared Fatima Husain, General Partner at Mosaic General Partnership. "Better Health's traction in the past year with payers and health systems validates the demand for their solution, and we couldn't be prouder to partner with them on this much-needed and improved experience for chronic care patients dependent on home medical supplies."
For more information about Better Health and its visionary work in the healthcare sector, please visit joinbetter.com
About Better Health
Better Health is a support and supplies platform built on peer-to-peer connection. The supported chronic conditions include ostomy, chronic wounds, diabetes, chronic retention, and incontinence. Better Health is trusted by healthcare payers and providers to deliver peer support, education, and medical supplies to drive engagement and adherence, improve outcomes, and lower the cost of care. The result is reduced overutilization, improved mental health, and a 98% customer satisfaction rating. Co-founded by Naama Stauber Breckler and Adam Breckler, Better Health operates in 48 states and serves the members of top payers, including Medicare, Medicaid, Cigna, Humana, Florida Blue, and Oscar, among others. To learn more, visit joinbetter.com.
Better Health Contact:
Ian Twinn | Tandem Marketing Communications
[email protected]
SOURCE Better Health
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