What You Should Know:
- The Wound Company, a multi-channel on-demand wound and ostomy care delivery company that improves patient outcomes, today announced its launch from stealth with $4.25M in seed funding from Susa Venturesand Sozo Ventures.
- The funding will be used to expand the company’s national footprint, hire top talent, and to continue improving health outcomes in the most cost-effective way possible while bringing dignity to the over 13 million people in need of improved wound and ostomy care.
Making a Change with Evidence-Based Wound-Care
The US is experiencing an amputation epidemic due to diabetic foot ulcers and other serious wounds. Despite medical advancements, Americans are amputating double the number of limbs today than during the Civil War. About 50% of lower extremity amputations would have been preventable if patients with type 2 diabetes and foot ulcers had access to better healthcare. This issue is one of the problems The Wound Company is solving for.
Often providers need more wound care expertise or, due to understaffing, don’t have time to offer comprehensive care continuously, leaving patients to figure it out on their own. This leads to wound care patients returning to the hospital due to improper wound care. But it can be prevented.
“The wound and ostomy care industry is broken,” said Nima Ahmadi, founder and CEO of The Wound Company. “It’s operating in the fee-for-service world, which pushes expensive procedures and products that help the bottom line, but don’t impact outcomes for the patient. We’re paid to heal wounds with continuous care and, in doing so, save money for health plans and at-risk providers.”
The Wound Company aims to fix the broken space of wound and ostomy care by using predictive analytics and multi-channel communications to deliver the right wound and ostomy care to the right patient in the right channel at the right time. The tech connects patients and providers to wound and ostomy experts virtually or via in-person visits to ensure they have top-tier care.
While in stealth, The Wound Company has already partnered with health plans, health systems, home care providers, hospice providers, and patients, with significant results to date:
- A potential 15-20% reduction in the total cost of care for wound and ostomy patients for payers
- Up to 50% savings on supplies per patient for home and hospice care providers
- 60% of patients demonstrated progressive healing week after week
- 90% of Stage I/II pressure ulcers resolved without advancing to a higher stage
- 100% of ostomy patients have a predictable pouching system and reduced chance of ER visits or readmissions