Company name: LifeWallet
Headquarters: Miami-Dade County (Kendall)
Concept: LifeWallet aims to change the healthcare delivery model, enabling consumers to own their health.
Story: Using the LifeWallet HealthBook app, a 59-year-old locksmith recently lost 17 pounds in three months and his blood glucose reading dropped enough that he was no longer considered prediabetic. “You have to do it for yourself,” he said, adding that the app helped him stay on track because “someone is always looking at your readings and you’re accountable.”
That’s just one example of LifeWallet at work.
LifeWallet, a South Florida-based startup, creates digital health assistants in the form of apps and care programs. “We empower consumers and communities to lead healthier lifestyles and take control of their health,” said Norberto Menendez, LifeWallet’s founder and CEO.
Menendez, 55, was born in Cuba, graduated from South Miami High School and the University of Miami, and then went to Silicon Valley to work for Apple. He returned to Miami in the mid-1990s to take care of his ailing father.
As he continued to work remotely for Apple while caring for his father, frustrations with insurance, the healthcare system, access to medical records, lack of communication between healthcare providers and the high costs of healthcare led him to take the entrepreneurial plunge with LifeWallet.
Menendez believed that technology focused on empowering consumers with control of their health could save lives as well as solve many of the systemic problems of the industry. He recruited several members of his top management team from Apple.
LifeWallet offers a consumer product, its HealthBook app, as well as products for healthcare providers and health insurance plans. Customers have included Baptist, where LifeWallet has done nearly 20,000 health assessments with West Kendall Baptist Hospital, GE, the City of Doral, YMCA, and Indiana Health University. It will be working with Athlete’s Health and the NFL Players Association, where it will be doing assessments for concussions and the health of athletes, Menendez said.
One of LifeWallet’s programs is Sugar Smart for Life, in which the locksmith participated. It is a collaborative effort between the GE HealthyCities Leadership Academy, LifeWallet and West Kendall Baptist Hospital, a one-year pilot program designed to engage consumers diagnosed as pre-diabetic create healthier lifestyles and prevent the onset of Type II diabetes. It recently received a grant from AstraZeneca to continue the program.
Re-imagining the Healthy Hub at West Kendall Baptist Hospital is another program. Consumers go through a simple health screening process at this free one-stop screening and referral-to-care kiosk. Within minutes, consumers receive a Healthsnap, or snapshot of their health, sent to their cellphones.
In August, Doral Mayor Juan Carlos Bermudez challenged his residents to take the StepUp Your Health Doral Challenge. He’s trying to get his citizens to walk a billion steps in the next year. LifeWallet created the app that keeps track of residents’ steps, adds them to the community total and provides individual rankings.
What’s next? LifeWallet is working on strategic initiatives with Florida International University, connecting with Watson Health of IBM and doing work using artificial intelligence and predictive analytics. It aims to create a digital health store where consumers can purchase health assessments they can take from the comfort of their own homes and care plans that can be monitored by health and wellness coaches, Menendez said.
“We’re talking to major healthcare systems throughout the country ... about how the LifeWallet platform can save them, and consumers, billions of dollars a year, particularly in the fight against chronic diseases that account for 86 percent of the costs of healthcare,” Menendez said.
Number of employees: 15
Management team: Norberto Menendez, CEO; Kyle Carriedo, leads engineering team; Ben Sharpe, development; Scott Johns, designer; Edwin Rivera, brand evangelist.
Financing: $6.5 million in private financing from family and friends. Currently seeking Series A financing of $10 million.
Recent milestones: Grant from AstraZeneca to continue its Sugar Smart for Life program with West Kendall Baptist Hospital. Pilot with KeepLivin, Jessie Trice Community Health Center and Health Choice Networks for diabetes prevention and management to help manage patients affected with diabetes. Collaboration with Athlete’s Health to assess and track the course of concussions and overall health in former NFL players and young athletes and to promote health screenings in the community with local organizations, hospitals, schools and companies in 32 cities throughout the U.S. Partnership with AgaMatrix to facilitate preventative care and remote monitoring in populations at risk of developing diabetes.
Biggest startup challenge: Funding in South Florida. “We’re talking to various funding sources in the Northeast and in Silicon Valley, but South Florida still remains a challenge,” Menendez said.
Next step: Continuing to enhance the LifeWallet platform and getting the word out to healthcare providers and insurers.
Mentor’s view: “I always look first at the opportunity and then the team. LifeWallet is at the forefront of the change from traditional healthcare to patient-centered wellness management, one of the biggest possible opportunities. A team of ex-Apple programmers was a very attractive plus,” said Bob Hacker, director of StartUP FIU, startup advisor and professor. “The challenge is picking the early commercial partner — whether it be an insurer, hospital group, large local employer or government organization — to leverage the [software as a service] platform to scale LifeWallet. I like the insurers as the first customer segment.”
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