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ReferWell completes an equity investment round led by Connecticut Innovations
Fremont, CA: ReferWell, a full-service referral management solution devoted to solving the last mile issues in healthcare delivery completed an equity investment round. The round was led by Connecticut Innovations (CI), with participation from existing investors Health Catalyst Capital (HCC), Meyer Ventures Investments, and several other new investors.
The investment is set to accelerate ReferWell's growth and add infrastructure along with team members to support adding payers, health systems, and providers across all markets in the US. ReferWell has developed certain features over the past year in those areas where a care gap existed. Closing the gaps in behavioral health access and 340b management, The company looks to further expand those capabilities in 2020.
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"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 med when a patient is referred from a medical provider to another one. The company believes that booking patients at the point of care is one of the biggest reasons for increased patient compliance. ReferWell has proven to maximize patient compliance significantly while also closing the loop to give the referrer information about the scheduled visits. The company has recognized use cases for multiple payer types, such as Medicaid plans to provide better access to care, Medicare plans to improve STAR ratings, encouraging 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."
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