PRN: WellFX[TM] Social Platform for Healthcare Secures Series A Funding
WellFX[TM] Social Platform for Healthcare Secures Series A Funding
PETALUMA, California, July 17, 2012 /PRNewswire/ --
First Private, Secure, Cloud-based Social Platform for Healthcare Helps Address Epidemic of Chronic Illness
WellFX, a healthcare technology start-up that provides the industry's only private, secure cloud-based social platform designed specifically for healthcare providers, announced today that it has secured a seven-figure investment in Series A Funding from private investment company CMT Ventures. Â With this investment, the company will aggressively accelerate its vision of bringing a new social platform to market. Â Currently in pilot across several healthcare institutions, WellFX is poised to transform the way patients engage inÂ their own healthcare resulting in better patient outcomes and reduced healthcare costs.
"Chronic illness has reached epidemic proportions in the U.S., to the point that 75 percent of US Government healthcare spend goes toward treating chronic conditions." said WellFX CEO Jock Putney. "WellFX is perfectly positioned to become part of the solution in improving patient outcomes and reducing healthcare costs by creating communities that engage patients to become part of their own care through the industry's first private and secure platform."
WellFX provides patients with an online community where they can actively engage in their own care - receiving information and education from their healthcare provider, learning from other patients with similar conditions and engaging with a supportive, compassionate community. Â WellFX also benefits providers by enabling them to increase efficacy of care, reduce costs and create a healthier patient community.
The U.S. health IT market is forecast to grow at a compound annual growth rate (CAGR) of 24% during 2012 to 2014. Â A major element of this growth is in response to the increase in chronic illnesses and the associated rising healthcare costs. Â 2/3rds ofÂ AmericansÂ over 65 and 3/4s of those over 80 have multipleÂ chronic diseases. Â Moreover, by 2020 almost half of allÂ AmericansÂ will have aÂ chronic illness and 24 percent will have more than one. Â At the same time, according to a 2012 Health Research Industry Report, 40% of respondents reported that information found via social media would affect the way they coped with a chronic condition or their approach to diet and exercise.
"The good news is we know social media is a tool that patients want to use. 34% of Americans are already using the internet and/or social media sites for health content." says Putney. "The better news is that, until now, healthcare has been an underserved market.Â WellFX delivers a private, secure, 100% HIPAA compliant social platform that providers can deliver to patients, thus ensuring the efficacy of the information, education and motivation they are receiving."
About WellFX: WellFX inspires wellness. Equally beneficial for providers and patients, WellFX delivers a private and secure social platform that enables providers to engage patients in their own care through the sharing of information and educational materials and creation of patient-to-patient support communities. For providers, WellFX transforms how patients engage in healthcare. For patients, WellFX is a private and secure online community where they can meet, share and get support. Â For more information to go: Â http://www.well-fx.com
2. US Department of Health and Human Services,
3. Roger Wood Johnson Foundation,