Woundtech, a South Florida wound management technology company, announced Tuesday that it has closed a $40 million Series A investment by Aldrich Capital Partners.
Woundtech, based in Hollywood, provides comprehensive wound care, via a telehealth-based platform, to patients in over 35 major health plans and over 250 Managed Services Organizations, Independent Practice Associations and large medical groups representing over 4 million insured patients in the U.S. and Puerto Rico, the company said in a news release.
"This investment highlights our view that wound management services is a rapidly growing $50 billion a year industry in the U.S. and expected to grow to over $200 billion in the next several years," said Mirza Baig, a partner at Aldrich, a private equity firm focused on the healthcare IT, fintech, business services and enterprise software sectors. "Like other telemedicine and analytical platforms from the last decade, Woundtech is bringing a new level of service and management to an industry still reliant on misaligned hospital-based programs and expensive and inappropriate therapies.”
Dr. Jeffrey Galitz, CEO and founder of Woundtech, said Aldrich's investment will allow Woundtech to expand its footprint within and outside the U.S., aas well as add related service lines. Employing physicians podiatrists, nurse practitioners and physician assistants, Woundtech brings the wound care center to the patient utilizing its wound care specialists on the ground along with a telemedicine platform and proprietary analytics and software.
"Woundtech has lowered direct costs to healthcare payers by an average of 70 percent, reduced wound related hospitalizations by 95 percent and reduced expensive unproven treatment modalities by over 95 percent," Galitz said. "We do all of this while increasing access to care for patients by treating patients where ever they reside such as in the comfort of their own home.”