BizTucson: New Funding to Propel Pyx Health to Expanded National Growth
Pyx Health, a health care IT company targeting the surging loneliness and social isolation epidemic, announced today that it has completed a $3.5 million Series A5 round of financing involving Bluestone Ventures, Arizona Founders Fund, LifeLock co-founder and former CEO Todd Davis, Holualoa Companies and others. Pyx Health combines artificial intelligence and compassionate human intervention in an innovative, scalable solution for Medicaid and Medicare health care systems and their members.
The latest raise, which brings Pyx Health’s total funding to $6 million, will help the company expand its national footprint. Pyx Health has generated 690 percent revenue growth just since January of this year.
Pyx Health offers the first loneliness and social isolation technology solution for Medicaid and Medicare beneficiaries. Ninety percent of personal health issues arise outside traditional care settings, when many individuals are alone and lacking social support. Providing these vulnerable individuals with the Pyx Health mobile platform during times of transition from emergency or inpatient care provides a level of engagement and support that has been proven to reduce poor health outcomes that result from loneliness and limited access to resources.
Cindy Jordan, Pyx Health founder and CEO, says, “We’re tackling the problem of loneliness by combining AI technology with much-needed human intervention at times of greatest impact. That improves patient outcomes, helps health care systems better serve their members, and significantly reduces cost of care.”
Pyx Health’s health plan partners typically gain more than $2,800 in annual savings per Pyx Health user, which translates to $1.5 million per year when 45 or more monthly users are engaged. In a case study, one Pyx Health client – a large integrated health plan in the Southwest – showed a 36 percent reduction in inpatient spend for Pyx Health users over six months, compared to a control group of patients who did not use the Pyx Health platform.
The company’s mobile platform features an entertaining, empathetic chatbot named Pyxir that provides 24/7 companionship, support and self-management tips, while facilitating regular loneliness and social determinants of health (SDOH) screenings. When the program identifies urgent needs, Pyx Health offers access to resources such as food, transportation and a nurse hotline, all reinforced with human contact via the company’s compassionate call center.
“Loneliness and social isolation are critical components of what is widely recognized as a public health epidemic,” Jordan notes. “They are known to exacerbate chronic diseases, depression, anxiety, functional and cognitive decline, and can even lead to premature death.” The National Academies of Sciences, Engineering, and Medicine, as well as the Centers for Medicare and Medicaid Services, recognize social isolation and loneliness as important social determinants of health worthy of routine screening.
For more information about Pyx Health, visit www.pyxhealth.com.
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Pyx Health is the first loneliness and social isolation technology-driven company focused on helping the most vulnerable populations. Combining an artificial intelligence-supported mobile platform with human intervention via a compassionate call center, Pyx Health offers patients and health care systems an innovative, scalable solution for this costly and rapidly growing public health epidemic. Research shows that loneliness increases mortality rates by 26 percent, with the mortality risk for seniors increasing to 45 percent. Annual patient treatment costs for loneliness are greater than for chronic conditions such as arthritis and diabetes, and an individual with loneliness is at higher risk for heart disease, obesity, depression and cognitive decline. Heath care systems contract with Pyx Health due to evidence that its unique service lowers Medicaid and Medicare inpatient costs by 36 percent. To learn more, visit Pyx Health at www.pyxhealth.com, Facebook, Twitter or YouTube.