Overview
Wellth is a venture-backed digital health company that leverages behavioral economics to drive lifestyle changes among individuals with chronic conditions. Based in Los Angeles, Wellth's core mission is to enhance care plan adherence and improve health outcomes and quality of life for its members. The company's distinctive approach combines digital platforms with financial incentives to encourage positive, repeatable health behaviors.
Leadership and Key Advisors
Leadership Team
- Matthew Loper: Co-founder and Chief Executive Officer. Matthew was inspired by personal family experiences with type 2 diabetes to pursue tailored, patient-oriented healthcare solutions.
- Alec Zopf: Co-founder and Chief AI and Automation Officer. Alec shapes the company’s technology strategy, focusing on innovative healthcare data tools.
- Samantha Cordero: Chief Performance Officer. She designs and implements Wellth's health programs, ensuring they align for optimal outcomes.
- Russ Gagnon: Chief Product Officer. Russ translates Wellth's vision into impactful products addressing chronic conditions.
- Ben Peterson: Chief Financial Officer. He steers financial strategy and brings extensive finance experience.
- Liz Selvig: Chief Commercial Officer. Liz guides commercial growth and strategy, driving revenue initiatives.
- John Snyder: Chief Operating Officer. John enhances operational effectiveness, carrying four decades of healthcare leadership experience.
Key Advisors
- Frank Williams: Chairman of the Board; Former CEO of Evolent Health and The Advisory Board Company.
- Julie Miller-Phipps: Former President at Kaiser Permanente.
- Geoff McHugh: Chief Customer Officer at Evolent Health.
Financial Information
Wellth recently secured a $20 million Series B funding round led by SignalFire, elevating its total fundraising to $43.5 million. The goal is to expand its digital health platform and further product development. The company's valuation is estimated to be between $100 million and $500 million.
Awards and Recognition
Wellth has earned significant accolades, including:
- Fast Company World Changing Idea Award and 2021 AI and Data Honorable Mention.
- InsurTech Insights 2021 Future50 Company.
- 2019 UnitedHealth Group Innovation Challenge Winner.
Strategic Goals and Vision
Aiming to broaden digital health engagement via behavioral sciences, Wellth aligns its offerings to the needs of Medicaid, Medicare, and Commercial healthcare plans. The focus is on improving adherence and enhancing health scores like HEDIS and Stars. Central to Wellth’s mission are core values such as purpose, humility, and urgency, which drive its vision to transform the health sector through empowering chronic disease patients to form sustainable health habits. Future ambitions include expanding AI capabilities and strengthening Wellth's position in digital health innovation by advancing partnerships and strategic growth.
Competitor Overview
Pharmesol
Pharmesol delivers AI-enabled pharmacy solutions to automate medication management, based in Auburndale, Massachusetts. Co-founded by Natalie Park, PharmD, and Saumya Rawat, the company enhances pharmacy refill rates and generates significant revenue, exemplified by $1.2M achieved in a single quarter with OneroRx. Their strategic partnership with Pharmacy Premier Consulting focuses on optimizing pharmacy workflows and improving patient care.
WithMe Health
WithMe Health, a modern Pharmacy Benefit Manager (PBM) headquartered in San Mateo, CA, personalizes medication experiences with its clinically driven mPath360 technology. Having secured $40 million in funding, the company stands out in offering comprehensive medication guidance through its app and has successfully lowered costs per member compared to traditional PBMs.
Scene Health
Formerly emocha Mobile Health, Scene Health addresses medication adherence issues using evidence-based strategies. Originating at Johns Hopkins, the company expanded its platform to global healthcare scenarios, notably improving adherence via video direct observed therapy during events like the 2017 Hurricane Harvey.
Aide Health
Aide Health offers a digital platform centered on managing chronic diseases and enhancing the clinician-patient relationship, located in London. The platform saves clinical time and aims to tackle long-term healthcare issues through increased patient self-care and clinical decision-making. Supported by leading venture capital, Aide Health addresses economic impacts related to chronic conditions.
In summary, Wellth faces stiff competition from innovative entities like Pharmesol, WithMe Health, Scene Health, and Aide Health. These competitors present strong digital health solutions that result in cost reductions and improved adherence, supported by strategic partnerships and robust technological foundations, positioning them as significant players in the healthcare technology landscape.
