Ft. Lauderdale, FL – ChronWell, a technology-enabled injury management program for the workers’ compensation industry, recently announced it has secured $2.8 million in additional funding, bringing its total capital raised to $7.8 million.
ChronWell will use the added funding to further accelerate growth by moving into the production and commercialization stage and continuing to invest in its innovative advanced technology platform, ChronWell Recovry™, which delivers on the promise of providing early intervention and unified case management for all injured workers at the best value. ChronWell achieves this through the use of augmenting human case managers with Artificial Intelligence, technology-driven risk analysis, and a comprehensive psychosocial evaluation for every injured worker. Recovry provides a holistic view of every case and opens lines of communication between employee, employer and insurer from the onset of an injury. Ultimately, the ChronWell early intervention program helps injured workers recover faster and employers save money.
“Patient advocacy and empathy are core components of ChronWell’s service, not just add-ons,” said Joe Rubinsztain, CEO of ChronWell. “By coupling that with our advanced technology, we can ensure early intervention for each case, thus minimizing the impact of workplace accidents for all parties involved.”
Since the announcement of its Series A funding round of $5 million in early 2018, ChronWell completed a successful pilot program and has contracted with California Farm Management (CFM), a self-insured collective of multiple farming companies. During the pilot period, ChronWell helped CFM achieve 28% fewer workers’ compensation complex claims, and a nearly one-third reduction in litigated claims, resulting in an overall 22% savings in new claims cost for the company.
“This new capital will allow us to develop our technology platform further and build on the success we’ve already seen with our client in improving the recovery process for injured workers while bringing down costs for employers,” said Rubinsztain.
ChronWell launched in September 2017 by healthcare and insurance technology veterans Joe Rubinsztain, Sam Rubinsztain and Salomon Srendi. CEO Joe Rubinsztain, MD, along with CIO Sam Rubinsztain together founded gMed in 1997, selling to Modernizing Medicine in 2015.