Madison health IT companies Wellbe, Veda announce funding

wellbe digital healthcare automation madison wi

Wellbe, a Madison company that makes digital health care tools for patients and providers, said it has received more than $2 million in investment commitments led by HealthX Ventures with co-investment by WISC Partners.

The company’s platform, called ConnectedCare, is used by 21 health care systems in 16 states, in orthopedics, bariatrics, cardiology and oncology, and other services. The new funding will help accelerate Wellbe’s product innovation and expansion into new markets, the company said Tuesday.

“As COVID rages and health care providers feel the squeeze of a turbulent labor force, Wellbe’s automated care platforms deliver efficiency and effectiveness that is increasingly valuable,” Mike Splinter, general partner of WISC Partners, said in a statement.

Meanwhile, Madison-based Veda, which helps health care companies process data, in late July announced the close of $45 million in Series B funding led by Oak HC/FT.

Veda uses artificial intelligence and machine learning to help companies process data. The funding will allow Veda to scale up and address requirements of the No Surprises Act, which restricts excessive out-of-pocket costs to consumers from surprise billing and balance billing, the company said. Starting Jan. 1, the law will require provider directory updates be processed in under 48 hours.

“Veda’s technology will fundamentally change how the healthcare system operates by automating processes, increasing accuracy, and reducing costs that have existed for decades,” Andrew Adams, managing partner and co-founder at Oak HC/FT, said in a statement.

David Wahlberg | Wisconsin State Journal. Sep 1, 2021

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