DENVER, Jan. 14, 2020 /PRNewswire/ -- Element3 Health today announced that millions of Medicare Advantage members nationwide now have access, through their health insurance plans, to the company's robust network of activity clubs.
The rapid growth of the company underscores the healthcare industry's increasing concern about social isolation as a social determinant of health and the source of $75 billion in preventable healthcare costs. As interest in solving social isolation grows, Element3 Health has attracted the attention of national and regional payers.
"Payers love our business model. It encourages members to do what they enjoy doing, while connecting with other people. We have created a healthcare solution that is sticky, scalable and effective for social isolation and loneliness," said Element3 Health CEO David Norris.
To fuel its growth, Element3 Health has included among its premier set of investors, groups such as New Enterprise Associates (NEA), one of the largest venture capital firms in the world.
"Social isolation is a serious and growing problem with a profound impact on our healthcare system, and payers are clamoring for a solution," said Tony Florence, general partner and head of technology investing at NEA. "Element3 Health has taken a technology-driven approach to help millions of individuals build real-world connections through their health plans, and we are excited to partner with David and the team as they accelerate the company's growth."
Supporting its rapid growth, the company continues to add industry veterans to its leadership team. The company recently announced the addition of Joe Searcy, who joined the team as Chief Security Officer & HIPAA Security Officer; Natasha Wampach, who signed on as Vice President of Network; and Christie Cotter, who has been named Vice President of Program Management.
A growing body of evidence has created a sense of urgency among payers who are turning to Element3 Health to attract new members while creating a long-term solution to prevent social isolation.
"As payers begin to recognize the financial costs of social isolation and loneliness, they are adopting Element3 Health to reverse this disturbing trend," Norris said. "By offering our solution to their customers, our payer partners are taking a proactive step to lower healthcare costs, attract new members and improve people's lives."
About Element3 Health
Element3 Health is a healthcare solution for social isolation, loneliness and inactivity. By engaging people around their passions, Element3 Health increases their physical, social and mental activity in a way that is effective and enduring. Physical, social and mental activity are the three most powerful elements of health. Combining them into one cohesive solution, Element3 Health tackles the $75 billion of unnecessary healthcare spending associated with physical, social and cognitive decline. https://element3health.com
SOURCE Element3 Health