PRESS RELEASE: Workit Health Announces Series A Investment Round Led By Blue Cross Blue Shield Venture Partners
Investment Recognizes Workit Health’s Leadership In Telehealth Addiction Treatment
SAN FRANCISCO, CA AND ANN ARBOR, MI — Workit Health, a telehealth addiction treatment company bringing affordable, evidence-backed care to individuals, healthcare organizations, and employers, today announced a Series A investment led by Blue Cross Blue Shield Venture Partners. The round included participation by Endeavor Catalyst and existing investors Montage Ventures, Lux Capital, Wakestream Ventures, Invest Detroit, and RRE Ventures.
Partnering with Blue Cross Blue Shield Venture Partners will help to expand Workit Health’s addiction treatment programs across the United States. Currently, Workit’s Clinic program is one of the few providers of telehealth medication for opioid use disorder. “The stakes couldn’t be higher as the overdose epidemic continues across the U.S,” Lisa McLaughlin, Workit’s Co-Founder says. “For too long, we’ve relied on all-or-nothing, abstinence-based treatment. Workit’s combination of convenient, mobile-first, patient-led design solutions paired with a disruptively low cost enables more individuals to receive treatment than ever before. Our work with payors shows better outcomes, translating to material cost savings, meaning everyone wins.”
“Blue Cross Blue Shield Companies lead the way in delivering access to innovative, cost-effective care, keeping client needs front and center,” says Workit’s Co-Founder, Robin McIntosh. “A partnership naturally evolved from this shared value set, and our Workit Health team is looking forward to working together and delivering the results we currently offer at scale — translating to meaningful outcomes for members, and a return on investment for health plans.”
“At Blue Cross Blue Shield Venture Partners, we are committed to investing in organizations like Workit Health that are positively disrupting the healthcare industry. Workit’s clinical model and program analytics allow for better outcomes at lower costs,” Mike Spadafore says. “Workit Health distinguishes itself from other addiction treatment by bringing cost-effective, evidence-based solutions to those who need them most, at the moment they choose to find help.”
Opioid overdose is now a greater risk to Americans than dying in a car crash, but only 30% of treatment centers in the U.S. offer medication like buprenorphine for opioid addiction. Buprenorphine is one of only three medications proven to reduce risk of overdose and relapse. Workit Health’s Clinic program offers low-barrier buprenorphine treatment via telehealth after a single in-person visit. Workit members follow up via video with their clinician, message their recovery coach 24/7, and work through a personalized curriculum of courses tailored to their self-set recovery goals. While traditional systems of care struggle with an attrition rate of over 50%, Workit’s Clinic program has over 90% retention of stabilized clients.
Founded in 2015 by Robin McIntosh and Lisa McLaughlin, two award-winning entrepreneurs and technologists in long-term addiction recovery themselves, Workit Health has since received Joint Commission accreditation for it’s online outpatient program, partnered with the National Science Foundation, and last year received B Corporation status, proudly joining the movement of more than 2,300 companies dedicated to using business as a force of good. Workit’s Clinic program launched in Michigan in 2017 and California in 2018, with plans to expand into additional states this year.
About Workit Health
Workit Health is an addiction healthcare company offering online, on-demand evidence-based addiction treatment including telehealth medication for opioid use disorder. We partner with healthcare organizations to deliver an innovative digital health solution that blends the best of human-centered design, technology, and science. Through our mobile and web apps, members meet with clinicians, counselors, and coaches and work on completing self-set recovery goals. Our interactive curriculum of over 1,000 engaging online courses keep members on track in the comfort of home. We offer 24/7 recovery that fits into daily life, designed by experts. For more information, visit https://www.workithealth.com.
About BlueCross BlueShield Venture Partners
BlueCross BlueShield Venture Partners (BCBSVP) is a corporate venture fund program to which thirty-three BCBS entities have committed over $575 million across three Funds. The Funds invest in promising emerging companies of strategic relevance to Blue Cross and/or Blue Shield Plans and provide access to its portfolio to deploy innovation at scale. BlueCross BlueShield Venture Partners is sponsored by the Blue Cross and Blue Shield Association, an association of independent Blue Cross and Blue Shield companies. For more information, visit http://www.bcbsvp.com.