Existing investor Oak HC/FT, along with new investors Section 32, Shulman Ventures, and MTS Ventures, participated in the round.
Michael Yang, Managing Partner of OMERS Ventures, will join WithMe Health’s Board of Directors, and Brian Marcotte, the past CEO and President of the Business Group on Health, will join the Advisory Board.
With recent partnerships with Centivo and Consociate Health, the company plans to use the new funding to support its growth of the client base and extend its core offering.
WithMe Health tailors medication recommendations and member support to an individual’s needs and context by assimilating multiple data sources (pharmacy, medical, and lab) to develop an integrated clinical point-of-view. A team of clinical pharmacists then engage with members to guide them to the best possible outcome. According to the company, these interactions are supported by a proprietary underlying engagement model based on MEDS’ behavioral and economic psychology (Meet, Evaluate, Decide, Support).
Joe Murad, Chief Executive Officer of WithMe Health, commented: “The pandemic has really focused everyone on the healthcare system and the ways in which it’s falling short. This is an excellent time for innovation across all aspects of the pharmacy value chain, from how people receive medication to our area of focus: getting people on the right medication and helping them to understand if it’s working. There are few bigger problems than the misaligned incentives that govern medication selection and utilization.”
“We are excited to partner with Joe Murad and the WithMe Health team as they bring a new medication management model to a very traditional pharmacy benefit management market. The early traction they’ve had getting new customers on board is impressive and a clear indication that the need for a product like this is significant and timely,” said Michael Yang, Managing Partner, OMERS Ventures.
According to a recent Mercom Digital Health Funding and M&A report, Digital Health companies have raised $10.3 billion in the first nine months of 2020.
Image credit: WithMe Health