The Wound Company Launches with $4.25M in Funding to Curb the Amputation Epidemic and Save the Healthcare System Billions
Led by Susa Ventures and Sozo Ventures, the funding will be used to transform the $45B wound and ostomy care industry by bringing on-demand experts to more patients and providers in need via telehealth and in-person visits.
Minneapolis, MN — June 15, 2023 — The Wound Company, a multi-channel on-demand wound and ostomy care delivery company that improves patient outcomes, today announced its launch from stealth with $4.25M in seed funding from Susa Ventures and Sozo Ventures. The funding will be used to expand the company’s national footprint, hire top talent, and to continue improving health outcomes in the most cost-effective way possible while bringing dignity to the over 13 million people in need of improved wound and ostomy care.
Why Wound Care Matters
The US is experiencing an amputation epidemic due to diabetic foot ulcers and other serious wounds. Despite medical advancements, Americans are amputating double the number of limbs today than during the Civil War. About 50% of lower extremity amputations would have been preventable if patients with type 2 diabetes and foot ulcers had access to better healthcare. This issue is one of the problems The Wound Company is solving for.
Often providers need more wound care expertise or, due to understaffing, don't have time to offer comprehensive care continuously, leaving patients to figure it out on their own. This leads to wound care patients returning to the hospital due to improper wound care. But it can be prevented.
"The wound and ostomy care industry is broken," said Nima Ahmadi, founder and CEO of The Wound Company. "It's operating in the fee-for-service world, which pushes expensive procedures and products that help the bottom line, but don't impact outcomes for the patient. We're paid to heal wounds with continuous care and, in doing so, save money for health plans and at-risk providers."
The Wound Company leadership. From left to right: Chief Medical Officer Dr. Sanford Roberts, Head of Operations Rita Ritchie, Head of Care Delivery Julie Roskamp, and CEO Nima Ahmadi.
Enter The Wound Company
The Wound Company aims to fix the broken space of wound and ostomy care by using predictive analytics and multi-channel communications to deliver the right wound and ostomy care to the right patient in the right channel at the right time. The tech connects patients and providers to wound and ostomy experts virtually or via in-person visits to ensure they have top-tier care.
"The Wound Company's innovative technologies have the potential to save health plans billions of dollars and transform the patient experience," says Susa Ventures Investor Derick En'Wezoh. "With a dedicated team of highly experienced experts, a strong vision, and a passion for improving healthcare outcomes, this tech will save lives."
The platform also offers clinical reporting, customer data integration, and workflow automation to make care delivery as painless as possible for providers.
While in stealth, The Wound Company has already partnered with health plans, health systems, home care providers, hospice providers, and patients, with significant results to date:
A potential 15-20% reduction in the total cost of care for wound and ostomy patients for payers
Up to 50% savings on supplies per patient for home and hospice care providers
60% of patients demonstrated progressive healing week after week
90% of Stage I/II pressure ulcers resolved without advancing to a higher stage
100% of ostomy patients have a predictable pouching system and reduced chance of ER visits or readmissions
"Our blend of virtual and in-person services provided by passionate experts in wound care helps people heal quickly, safely, and with the dignity they deserve while helping to alleviate the pressure on overworked healthcare professionals," said Chief Medical Officer Sanford Roberts.
The Wound Company is open to partnerships with health plans, at-risk providers, home health providers, and hospice care providers. For more information, visit thewound.co.
About The Wound Company
The Wound Company is a Minneapolis-based technology company dedicated to advancing wound and ostomy care. The company uses proprietary technology to connect providers with experienced and certified wound care specialists who can care for patients virtually or via in-person visits. The Wound Company partners with health plans, home care companies, and providers to bring dignity to patients with wounds and ostomies while increasing positive patient outcomes.
Media Contact
Melissa Mowery
VSC on behalf of The Wound Company thewoundcompany@vsc.co