Wellth, founded in 2014, seeks the answers using behavioral economics, which takes into account individual biases and how they affect decision making. Users can earn small payments, funded by Wellth clients which include medical groups and insurance companies, for things like taking their medications daily, a “gamified” feature that encourages addictive behaviors.
Sequences can save attendees more money – which can only be spent on things like groceries, household needs, home repairs, and auto costs – and users can spin a ‘prize wheel. Every few days for a chance to win bigger winnings. Gamification is frequently used by fintech and other tech companies to disrupt traditional business models and capture market share.
Wellth has raised more than $ 11 million in recent years, has tens of thousands of users, and has reduced hospitalization rates by up to 40% in some populations, Loper said.
So-called digital health companies are attracting more and more capital, according to Megan Zweig, chief operating officer of the Rock Health seed fund. In the first nine months of 2021, these companies made more than $ 20 billion in venture capital investments, up from $ 14.6 billion in 2020 and $ 7.9 billion in 2019, the company said. .
It remains to be seen whether digital health will lead to better health outcomes, Zweig said, but the industry is already changing the way people think about healthcare.