BOSTON, May 8, 2018 /PRNewswire/ -- Wellist, the leading provider of Integrated Patient Experience Solutions, announced today that it had raised $10 million in Series A funding led by Summation Health Ventures, a strategic healthcare investment fund affiliated with MemorialCare Health System and Cedars-Sinai Health System and .406 Ventures, a Boston-based venture capital firm. This investment enables Wellist to expand in several key geographic markets and enhance its proprietary digital health platform that connects patients to non-medical support services. Brant Heise, co-head of Summation Health Ventures and Mark Neaman, Executive Chairman of the Board of Directors at NorthShore University Health System, have joined Chuck Farkas and Ashley Reid on Wellist's Board of Directors.
The Series A funding builds on an exceptional year for Wellist during which the company added to its roster of hospital system clients, recruited several outstanding executives to the team, and further established its thought leadership in the patient experience market. In addition to Massachusetts General Hospital, Beth Israel Deaconess Medical Center and the University of Pittsburgh Medical Center, Wellist recently launched at MemorialCare Health System.
"Our investment in Wellist is a reflection of a growing urgency to address patient needs, both inside and outside the hospital, in a more innovative and personalized way," said Brant Heise of Summation Health Ventures.
The patient experience market has grown increasingly important over the past several years as health care systems shift toward consumer-centric, value-based care models. Driven by the mandate of providing quality care and improved health outcomes, providers are investing in initiatives that address a broader range of patient needs.
"Given that less than 20% of outcomes are tied to clinical care, hospitals are increasingly called upon to address the full spectrum of patient support. We are thrilled that this new funding will enable Wellist to help even more clients efficiently and compassionately address the social needs of their patient population," said Ashley Reid, Founder and CEO of Wellist.
Wellist is a leading patient experience solutions company that empowers health system leaders to address social determinants of health across their entire patient population. The company's digital marketplace enables hospitals to connect patients and caregivers to vetted non-medical services and crucial information at a time when access to trusted services has a critical impact on the patient and their loved ones. The platform marries proprietary technology, unique data and services to reduce operational costs and improve the experience of patients and staff. Today, Wellist programs span Oncology, OB/Gynecology, NICU, Gerontology, Transplant, Surgery, Primary Care and Cardiology.
Wellist's outstanding contributions have been recognized by organizations including MassTLC (Most Innovative Technology of the Year – Healthcare), Rock Health (Top 50 in Digital Health honoree, Diversity Leadership), American Business Awards (Company of the Year, Silver Stevie – Health Products and Service) and BostInno (50onFire, Health and Medicine winner).
About Summation Health Ventures
Summation Health Ventures is a strategic health care investment fund focused on early- to mid-stage companies offering innovative products, services and technologies which help health care systems significantly improve performance and outcomes. We bring capital investment to accelerate the development of information technology, technology enabled services and technology centered medical devices that can advance high-quality, effective health care. Our portfolio companies gain access to a vast network of organizational resources of our founding investment partners, Cedars-Sinai Health System and MemorialCare Health System. Summation Health Ventures offers a valuable gateway for these entrepreneurs to develop, refine and advance their products. At the same time, health systems gain access to emerging health care IT solutions that can help drive our industry forward. To learn more about us, please refer to our website at www.shv.io.
About .406 Ventures
.406 Ventures is a Boston-based early stage venture capital firm investing in healthcare and enterprise technology companies founded by visionary entrepreneurs. .406 Ventures was founded in 2006 and has over $650M under management across four funds. The firm leads, or co-leads, first institutional investment rounds in market-changing companies. .406 Ventures' healthcare theses focus on systems, technologies, and services that improve clinical delivery, with investments in companies such as Iora Health, AbleTo, Axial Healthcare, and Redox. Learn more at 406ventures.com and here.
Contact: Ann Toomey