TUCSON, Ariz., April 30, 2021 /PRNewswire/ -- Pyx Health, a tech-enabled services company providing health plans and their members an innovative, scalable solution that effectively addresses the nation's critical loneliness epidemic, announced today that it has received a strategic investment from Rallyday Partners, a Denver-based private equity investment firm. The funding will enable Pyx Health to enhance and scale its service offerings, further help people affected by social isolation in conjunction with loneliness, recruit additional talent and accelerate technology development.
"Loneliness affects more than 60% of our population, impacting all ages, genders and socioeconomic statuses," said Pyx Health founder and CEO, Cindy Jordan. "This significant investment from Rallyday Partners enables us to further identify, engage and help those suffering from social isolation in conjunction with loneliness."
Pyx Health has more than doubled its user base and achieved 2,000% growth since 2019. The platform's online bot technology uses ongoing, evidence-based feedback and pathways to provide emotional support to those suffering from social isolation in conjunction with loneliness and supports human intervention that is tailored to individuals' personal needs. These interventions may include providing support to address social determinants of health such as access to adequate food, housing, transportation, and prescription medication.
The company's services have been proven to reduce healthcare utilization costs and provide significant engagement with its users. Currently Pyx Health is contracted to work with four of the top five national health plans, along with regional and provider-sponsored plans, and is rapidly expanding its offerings into the employer market. Use of Pyx Health's proactive and personal approach to combating loneliness has resulted in an 11% reduction per member per month spending for emergency department and in-patient care, making strides in reducing overuse of the healthcare system.
"Chronic loneliness is not simply a feeling, it is a condition that quite often predicates anxiety and depression and is documented as actually being more dangerous to mortality than obesity or alcohol abuse," said Jordan. "The far-reaching impact that this condition has on our country is significant and our mission is to help anyone and everyone that is suffering from it. We are determined to change how social isolation in conjunction with chronic loneliness is viewed and treated throughout the healthcare industry."
The Rallyday Partners investment in Pyx Health extends beyond financial backing. The firm will provide experienced mentorship and consultation services from accomplished industry entrepreneurs who have decades of experience and knowledge.
"Rallyday Partners was built by our founders for founders. Our mission is to provide capital to inspired companies and build powerful peer relationships that enable better outcomes for all stakeholders," said Nancy Phillips, co-founder and managing partner with Rallyday. "The vision of Pyx Health fits perfectly with our mission. The company embodies our goal of increasing human potential, enhancing quality of life and catalyzing innovation to solve systemic challenges."
In conjunction with the capital investment, digital health and industry veteran Scott Johnson will become an advisor to the Pyx Health board of directors. He brings more than 20 years of experience building, leading and scaling healthcare companies to significant levels of revenue growth and profitability. Johnson most recently served as president and COO of CirrusMD.
"I look forward to helping Pyx Health further improve the health and quality of life for so many, while reducing the economic and social costs of chronic loneliness," said Johnson.
About Pyx Health
Pyx Health offers the first loneliness and social isolation technology focused on helping the most vulnerable populations. Combining a digital platform with a Compassionate Support Center and timely human interventions, Pyx Health provides employers, health plans, and their members an innovative, scalable solution that effectively addresses the nation's critical loneliness epidemic. Pyx Health is improving lives and lowering inpatient costs for healthcare systems by 46%. Founded by Cindy Jordan, Pyx Health is based in Tucson, Arizona. More information is available at https://www.pyxhealth.com.
About Rallyday Partners
Rallyday Partners, headquartered in Denver, Colorado, is a private equity firm investing growth capital in founder-led companies in the healthcare, education and IT services industries. Rallyday Partners invests in lower middle market growth companies with compelling secular trends, disruptive, scalable business models and audacious leadership. For more information about Rallyday, please visit https://www.rallydaypartners.com/.
SOURCE Pyx Health