Insurtech ChronWell, an injury management programme for the workers’ compensation industry, has secured additional capital of $2.8m.
This brings its total funding to $7.8m. Based in Fort Lauderdale, ChronWell intends to use the additional funds to accelerate growth and move into the production and commercialisation stage. Also, it will continue to invest in its platform, ChronWell Recovry.
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ChronWell Recovry provides early intervention and unified case management for all injured workers at the best value. The solution manages this through the use of AI, technology-driven risk analysis, and a comprehensive psychological evaluation for every injured worker.
Recovry provides a holistic view of every case and opens lines of communication between employee, employer and insurer. The intention is for workers to recover faster and for employers to 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 minimising the impact of workplace accidents for all parties involved.”
Since its Series A funding round in early 2018, which garnered $5m, ChronWell has completed a successful pilot programme. In addition, it has contracted with California Farm Management (CFM), a self-insured collective of multiple farming companies.
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By GlobalDataDuring the pilot, ChronWell helped CFM achieve 28% fewer workers’ compensation complex claims, and nearly a one-third reduction in litigated claims. This resulted in an overall 22% savings in 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,” added 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.
