Proven loneliness and social isolation technology to increase national footprint in order to bring support and well-being to the most vulnerable, further reversing the U.S. loneliness epidemic
Tucson, AZ (February 18, 2020) – Pyx Health, a healthcare IT startup created as a solution to the U.S. loneliness and social isolation epidemic, today announced it has completed a $1.8 million Series A4 round of financing led by Arizona Founders Fund, and entrepreneur Todd Davis, co-founder and former CEO of fraud protection giant, LifeLock. Pyx Health combines Artificial Intelligence and compassionate human interventions in an innovative, scalable solution for Medicaid and Medicare healthcare systems and their patients.
The investment brings Pyx Health’s total funding to $3.5 million, with previous initial capital investment provided by Desert Angels. The additional funding will help the company expand its national footprint to provide a loneliness and social isolation solution to at-risk patients in need of support. Pyx Health experienced 126% revenue growth in 2019 and earned $2.1 million in revenue over 18 months as of December 2019.
Pyx Health is the first loneliness and social isolation technology solution serving populations who have historically been forgotten by technology: Medicaid and Medicare patients. Approximately 90% of healthcare happens outside traditional care settings, when many patients are alone and without sufficient social support. Offering these vulnerable individuals the Pyx Health mobile app during times of transition from emergency or inpatient care provides a level of engagement and support proven to offset poor health outcomes due to loneliness and limited access to resources.
“Traditionally, healthcare technology solutions have been set up kind of selfishly – focused on moving data from point A to point B, but not striving to solve a pervasive pain point for the patients,” explains Cindy Jordan, founder and CEO of Pyx Health. “We’re tackling the problem of loneliness by combining technology with much-needed human interventions at impactful times, and that has improved patient outcomes and well-being, allowing healthcare systems to better serve their members.”
In the Pyx Health mobile app, a funny and empathetic chatbot named Pyxir provides 24/7 companionship, support and self-management tips, while facilitating regular loneliness and Social Determinants of Health (SDOH) screenings. When urgent needs are identified in the app, Pyx Health offers access to resources such as food, transportation and a nurse hotline, which is reinforced with a human touch from the compassionate call center.
“As an institutional investor, the Arizona Founders Fund aims to invest in entrepreneurs like Cindy Jordan who are solving huge problems. We have no doubt Pyx Health will change the conversation around social isolation, loneliness, and the larger umbrella of behavioral health, for all patient populations,” explains Molly Iarocci, principal of the Arizona Founders Fund. “We find great value in supporting Cindy who is succeeding as a VC-backed, female founder in the healthcare technology industry, a space where deals closed by female-led startups represents a low percentage of the total.”
Improved patient outcomes after implementing Pyx Health are also drastically reducing costs for healthcare systems. Health plan partners can expect more than $2,800 in savings per Pyx Health user annually, which translates to more than $1.5M per year when at least 45 monthly users are engaged. One Pyx Health client – a large integrated health plan in the Southwest – completed a case study that showed a net reduction of 46% in inpatient spend for Pyx Health users during a 6-month period over control group patients who did not use the Pyx Health app.
Pyx Health is the first loneliness and social isolation technology focused on helping the most vulnerable populations in the country. By combining Artificial Intelligence and human interventions, Pyx Health offers patients and healthcare systems an innovative, scalable solution that effectively addresses this U.S. health epidemic through a mobile app and compassionate call center. Research shows that loneliness increases mortality rates by 26%, with the mortality risk increasing to 45% among seniors. Annual patient treatment costs for loneliness are greater than chronic conditions such as arthritis, and a lonely patient is at a higher risk of heart disease, obesity, depression and cognitive decline. Pyx Health is not only helping people feel better, it’s lowering Medicaid and Medicare inpatient costs for healthcare systems by net 46%.