Better Health, an Israeli medtech startup working to modernize the medical supply industry, raised $10 million in a Series A funding round led by Caffeinated Capital and General Catalyst.
Better Health has a lot of catching up to do with all of the other successful Israel health and medtech services firms out there that have already made their mark. Israeli startup Vim offers digital infrastructure and platforms for US health care providers. The company raised $60 million in investment this past May. Israeli medtech startup MDI Health uses artificial intelligence to improve the use of medications. The company has a total funding to date of $7 million.
Maybe the Better Health founders have seen the recent big money exits made by some Israeli medtech companies and hope to achieve the same success themselves. In August, Nanox Imaging Ltd., an Israeli medical imaging company, acquired Israeli medical artificial intelligence (AI) developer Zebra Medical Vision for $200 million. And in September, Israeli medtech company Itamar Medical was sold to ZOLL Medical, an Asahi Kasei company, for $538 million.
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Co-founded by Naama Stauber Breckler and Adam Breckler, Better Health describes itself as a new type of healthcare provider offering an end-to-end chronic condition care solution, bundling peer-support, education, telehealth, and home delivery of medical supplies. Better Health currently operates in 46 states and its services are covered by insurance for more than 81M lives across the country. Its insurance partners include Medicare, Medicaid, Oscar Health, and Humana, among other payers.
Better Health boasts that its solution has already achieved “great results” for populations with ostomies and chronic urological conditions. A recent study by the company shows 64% of participants who went through Better Health’s peer coaching program reduced their utilization of care (e.g., doctor or hospital visits) and 47% saw an improvement in their mental health scores.
An ostomy is a surgically created opening in the abdomen that allows waste or urine to leave a person’s body. The waste is collected in an external bag.
“We’re excited to continue supporting our members in managing their health at home and to expand our services and offering to meet their growing needs,” said Naama Stauber Breckler, CEO and co-founder of Better Health. “When it comes to medical supplies, receiving the right support makes all the difference in improving patient health outcomes and in reducing overall utilization of care.”