ChronWell, a Fort Lauderdale startup that is developing a technology-enabled platform company for the workers’ compensation insurance industry, raised $4.5 million in Series A funding, the company announced this week.
The investors were not disclosed.
ChronWell was launched in September 2017 by long-time veterans in the healthcare information technology and insurance industries. Dr. Joe Rubinsztain, ChronWell's CEO, and his brother Sam Rubinsztain, VP of Product Development, together founded Weston-based gMed in Weston in 1997, which was sold to Modernizing Medicine in 2015. ChronWell's president, Salomon Sredni, was formerly president and CEO of TradeStation, one of the largest online brokers in the U.S.
The company said that it aims to be the first line of care for injured workers, while getting them back to work faster and reducing costs.
“Our mission is to use technology to bridge the gap between employee, employer and insurance company,” said Joe Rubinsztain. “In making the process more efficient, we will improve outcomes and help injured workers receive the care they deserve. Everyone agrees the workers’ compensation market is long overdue for disruption, and this is the right time to do it.”
The funding will support the first phase of the company’s innovative platform, which covers triage, on-site care, care coordination and personalized assistance service, the company said. When an employee is injured on the job, a ChronWell healthcare professional backed by Artificial Intelligence will determine the best course of action by recommending self-care, on-site care or a health care facility. The service provides follow-up with the worker and manages the claim.
“The current workers’ comp system is broken,” said Sredni. “We strongly believe in bringing compassion and empathy back into a system that is failing to serve those most in need.”