Health IT, Hospitals, Startups

Health IT business WellTrackONE raises $1.5M to boost staff, product expansion

Health IT company Well TrackONE, which developed a way to automate annual wellness exam admin support and reimbursement has raised $1.5 million in a Series A-1 round

Health IT company WellTrackONE, which developed a way to automate annual wellness exam admin support and reimbursement has raised $1.5 million in a Series A-1 round, according to emailed responses to questions posed to co-founder and CEO Peter Bechtel.

The goal is to provide a way for physician practices to identify opportunities for reimbursement and process them faster in a healthcare reform landscape that is forcing small to medium practices to run their businesses more efficiently.The company took part in the Blueprint Health accelerator last year.

Bechtel said that it planned to use some of the funding, partly to add 20 staff over the next year across marketing, sales, operations, clinical services, account management, training, and IT. It also plans to add more medical assistant coordinators at its Hilton Head, South Carolina call center.

Among the investors that took part in the Series A round are Easton Capital and BioAdvance. But it also added BootStrap Incubation in San Diego. BootStrap has invested in WellTrackONE partner — MD Revolution. Bechtel said it has a strategic relationship with the chronic care management business.

Product development is another priority. Its clinical triggers product scans data collected from its annual wellness exam tool, producing recommendations for treatment options and referrals, if medically necessary, which can be billed to Medicare. The goal is to curb avoidable hospital expenses by reducing the risk of falls and identifying the onset of chronic conditions. It also wants to move into the Medicare Advantage, Commercial and Medicaid Managed Care Organization markets. Among other products, it has a risk management tool for accountable Care Organizations, Reportal Analytics, and an EHR integration product —CCD Extractor.

Earlier this year it inked a deal to provide with Office Ally to provide its annual wellness exam software support to Medicare patients.

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