Well iQ Patient Engagement Platform Announces Series A Funding & Physician Advisors/Investors, Demonstrates 1300% Online Ratings Uplift
Buffalo Angels Lead Round; Jason M. Matuszak, MD, & Nicholas J. Violante, D.O. join the Well iQ Board as Investors and Advisors
December 21, 2022, San Diego, CA – Well iQ, a comprehensive online Patient Engagement Platform, announced the close of Series A funding with the Buffalo Angels. Well iQ is also pleased to announce the addition of two physician Advisors/Investors to the Board of Directors, Dr. Jason M. Matuszak and Dr. Nicholas Violante of Excelsior Orthopedics. Well iQ will use the funding to expand its client base and create additional integrations with electronic health record (EHR) systems.
Well iQ's patent-pending patient engagement platform is a user-friendly digital survey solution that addresses the growing consumerization of healthcare globally. Patients increasingly rely on social media and reviews to choose healthcare providers. With easy access to a range of providers and low switching costs, physicians and medical practices need to harness and apply the "voice of the patient" to survive and thrive. The Well iQ digital survey is easy-to-complete, using staff photographs and eye-catching endorsement badges. It enables patient feedback at every touchpoint throughout their journey, including every staff member with whom they engage. The rich data generated provides objective information on the patient experience and ensures patients know they are heard, and employees know they are valued.
Buffalo Angels, a regional investment funding group, led the funding round. Jack McGowan, Director, said this investment was unique for their group. A group of Well iQ customers, physicians at Excelsior Orthopedics, are so impressed with the results and impact of using Well iQ that they are investing in the firm personally. They approached Buffalo Angels to lead the funding round, in which the Buffalo Angels Fund and some individual Buffalo Angel members joined.
"It's unique for a group of delighted customers to approach us to help them fund their vendor." Mr. McGowan said. In performing due diligence, it became clear that the elements for a positive investment were in place. "The Well iQ executives have great business backgrounds and have demonstrated their dedication in bringing the solution to where it is today. The customers and partners we spoke with during due diligence are very impressed with the quality of the product, the ease of working with the team in their responsiveness, and willingness to provide modifications to meet the customers' needs."
Excelsior Orthopedics is a New York State regional practice with 35 physicians and 500 employees serving a quarter of a million patients annually. Before working with Well iQ, Excelsior had received just 262 online reviews. Working Well IQ, starting in June 2021, reviews have blossomed to 3,760 new reviews for Excelsior locations and providers. Of these reviews, 91% were 5-star reviews, and 7% were 4-star reviews. This equates to an over 1300% increase in public reviews. Excelsior physicians Dr. Jason Matuszak and Dr. Nicholas Violante have felt the impact of using Well iQ for both Excelsior and their individual practices and joined Well iQ as investors and advisors.
Dr. Jason Matuszak shared, "In the past, getting information about the patient's entire journey within our practice was difficult. With Well iQ, we have seen tangible results in our online presence. Our public Google five-star ratings are going up, the stats for every physician have gone up, and our online reputation has increased substantially. I Invested in Well iQ because we've seen the solution's success. It is offered at a reasonable price point and delivers a good value prop for other practices. This funding round is an opportunity to invest in a product we believe in ourselves."
"Online reviews, positive ones, are essential in this era, and Well iQ has helped us move our practice into 2022-level professionalism. Now, instead of wondering how we are doing, we KNOW how we are doing at every step of the patient journey," said Dr. Nicholas Violante. "I am an investor in Well iQ because I have seen the results. This tool holds me accountable with detailed data that can help me improve my own and my team's professionalism."
"The investment from Buffalo Angels and our new Investor/Advisors from Excelsior are ringing endorsements of the unique, holistic approach we've taken with the Well iQ patient engagement platform," said Peter Harnish, CEO of Well iQ. "Our mission is carried out across the continuum of care in collaboration with partners from healthcare organizations and networks to advance the ability to provide personalized patient care, which is the future of healthcare. With this funding, we will grow our market awareness programs and expand product development and integration with EHR systems. We look forward to our advisors' input on product direction and business ideas as they introduce us to their colleagues. The future is bright for patients and providers with data-driven insights into their practices."
ABOUT WELL IQ Well iQ, launched in 2019 in San Diego, CA, provides a unique, holistic online patient engagement platform that allows patients to provide real-time feedback at all touchpoints of the patient journey. This attention to every step in the process results in better patient experiences, enabling medical practices to make data-driven decisions about patient-staff interactions, resulting in improved online ratings and increased business. With Well iQ, patients know they are being heard, and employees know they are being valued. Well iQ is sold as Software as a Service and is available on a monthly or annual subscription basis. Visit welliq.org for additional information.