SAN MATEO — WithMe Health, Inc., a medication guidance company, has closed a Series B financing round of $20 million led by OMERS Ventures and with participation from existing investor Oak HC/FT, along with new investors Section 32, Shulman Ventures and MTS Ventures
Michael Yang, Managing Partner of OMERS Ventures, will join WithMe Health’s Board of Directors and Brian Marcotte, past CEO and President of the Business Group on Health, will join the Advisory Board. The new funding will support further growth of the client base as well as an extension of the core offering.
In addition to providing a full-service replacement for traditional pharmacy benefit managers (PBM), WithMe Health is launching a medication guidance service that complements plan sponsors’ existing PBM infrastructure by personalizing medication selection and member guidance. The service helps employers and health plans curb their costs while optimizing member experience and outcomes.
WithMe Health tailors medication recommendations and member support to an individual’s needs and context by assimilating multiple data sources (pharmacy, medical and lab) to develop an integrated clinical point-of-view. A team of clinical pharmacists, called Medication Guides, then engages with members to guide them to the best possible outcome. These interactions are supported by a proprietary underlying engagement model based in behavioral and economic psychology called MEDS (Meet, Evaluate, Decide, Support).
“The pandemic has really focused everyone on the healthcare system and the ways in which it’s falling short,” said Joe Murad, Chief Executive Officer, WithMe Health. “This is an excellent time for innovation across all aspects of the pharmacy value chain, from how people receive medication to our area of focus: getting people on the right medication and helping them to understand if it’s working. There are few bigger problems than the misaligned incentives that govern medication selection and utilization.”
“We are excited to partner with Joe Murad and the WithMe Health team as they bring a new medication management model to a very traditional pharmacy benefit management market. The early traction they’ve had getting new customers on board is impressive and a clear indication that the need for a product like this is significant and timely,” said Michael Yang, Managing Partner, OMERS Ventures.
OMERS operates one of Canada’s largest pension plans.