ReferWell Snares Equity Investment
STAMFORD, CT, ReferWell announced the completion of an equity investment led by Connecticut Innovations.
ReferWell, a full-service referral management solution focused on solving the last mile in healthcare delivery, today announced the completion of an equity investment led by Connecticut Innovations (CI), with participation from earlier investors, including Health Catalyst Capital (HCC), Meyer Ventures Investments and others.
The investment will be used to accelerate ReferWell's growth and add infrastructure and team members to support adding payers, providers and health systems across new markets in the United States. ReferWell has developed key features over the past year in the areas of care gap closure, behavioral health access and 340b management and looks to further expand on those capabilities in 2020.
"We are thrilled to welcome the team at CI, as well as to continue working with our existing investors, who have and will continue to provide us with valuable advice and guidance," says Vytas Kisielius, CEO of ReferWell. "CI has been a cornerstone of the Connecticut technology investment ecosystem for decades, and we believe it is the right partner to help guide us during our next phase of growth."
ReferWell's technology is designed to enhance patient compliance when a patient is referred from one medical provider to another. The company believes that booking patients at the point of care is one of the biggest drivers of increased patient compliance. ReferWell has been shown to increase patient compliance significantly (compared with industry benchmarks) while also closing the loop to give the referrer information about the scheduled visit. The company has developed use cases for multiple payer types, such as Medicaid plans to improve access to care, Medicare plans to improve STAR ratings, commercial plans to improve employee convenience, and ACOs to reduce network leakage.
"ReferWell is positioned to help solve a unique problem in healthcare," says Matt Storeygard, Managing Director at Connecticut Innovations. "It helps facilitate transitions of care by focusing on getting patients to go to their doctor, which is the 'last mile' in healthcare. Every health system in America is looking to improve in this area, and that presents a real opportunity for ReferWell."
"Patient navigation and referral management remains a key thematic area of focus where HCC continues to see tremendous opportunity to drive improved outcomes and cost," says Charles Boorady, Managing Director of Health Catalyst Capital. "We believe ReferWell is positioned to deliver outsized value because its cloud-based platform is interoperable with other systems and is configurable with the unique networks and preferences of each payer."
For questions or inquiries about ReferWell, please reach out to email@example.com.
ReferWell is a full-service referral management solution company focused on the last mile in healthcare delivery - finding the right specialist for the patient, booking the patient appointment at the point of care, and enhancing patient and provider compliance. Certain evidence indicates that, with ReferWell's software, patient compliance can increase significantly. The systematic process is designed to help healthcare networks stop out-of-network visits, increase referral capture, enhance coordination of care, and reduce cost while enhancing member experience and impacting STAR ratings. ReferWell's cloud-based, EMR-agnostic software balances the needs of payers, primary care providers, specialty care providers and patients. For more information, please visit http://www.referwell.com.
About Connecticut Innovations:
Connecticut Innovations (CI) is Connecticut's strategic venture capital arm and the leading source of financing and ongoing support for Connecticut's innovative, growing companies. CI provides venture capital and strategic support for early-stage technology companies, financial support for innovation and collaboration, and connections to its well-established network of partners and professionals. For more information, please visit http://www.ctinnovations.com.
About Health Catalyst Capital:
Health Catalyst Capital (HCC) is an independent private equity firm that invests in growth-stage healthcare information technology and technology-enabled services businesses, including artificial intelligence, genomics, data analytics and informatics. HCC was formed by a team of experienced healthcare investors and operators seeking profitable investment opportunities, while at the same time seeking to improve the human condition and promote value-based care. For more information, please visit http://www.healthcatalystcapital.com.
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