Ft. Lauderdale, FL – ChronWell, a technology-enabled platform company for the workers’ compensation insurance industry, recently announced that it had raised $4.5 million in a Series A funding round. By providing the first line of care for injured workers with innovative technology and services, ChronWell aims to disrupt the workers’ compensation market while better serving injured workers, getting them back to work faster and reducing costs.
“Our mission is to use technology to bridge the gap between employee, employer and insurance company,” said ChronWell CEO and Co-Founder Joe Rubinsztain. “In making the process more efficient, we will improve outcomes and help injured workers receive the care they deserve. Everyone agrees the workers’ compensation market is long overdue for disruption, and this is the right time to do it. We are thrilled to receive such strong support from our investors.”
“The current workers’ comp system is broken,” added ChronWell President and Co-Founder Salomon Sredni. “We strongly believe in bringing compassion and empathy back into a system that is failing to serve those most in need.”
The Series A round will be used to fund the first phase of the company’s innovative platform which covers triage, on-site care, care coordination and personalized assistance service. When an employee is injured on the job, a ChronWell health care professional backed by Artificial Intelligence will determine the best course of action by recommending self-care, on-site care or a health care facility. The service provides follow-up with the worker and manages the claim.
This service, the only worker-centric, transparent, digitally enabled administrator to date, will help injured workers receive services faster to recover faster, ultimately reducing costs for employers by minimizing the number of injuries that become claims and the number of claims that become long-term indemnity claims.
ChronWell was launched in September 2017 by long-time veterans in the health care information technology and insurance industries. CEO Joe Rubinsztain, MD, a physician and entrepreneur, along with VP of Product Development Sam Rubinsztain together founded gMed in 1997, recently selling it to Modernizing Medicine. President Salomon Sredni, an accomplished executive in technology, financial services and health care, was formerly president and CEO of TradeStation, one of the largest online brokers in the U.S.