Health tech startup PeerWell secures $6.5 million in Series A funding to help patients prepare for orthopedic surgery and recover faster
We wrote about PeerWell in late 2018 when the health tech startup launches augmented reality trip and fall hazard detector for smartphones. PeerWell helps patients prevent, prepare for and recover from surgery. The startup also helps patients throughout their musculoskeletal journey
Today, PeerWell announced it has raised $6.5 million Series A round of funding to accelerate expansion as compensation programs and health plans utilize PeerWell to tackle the $25 billion+ orthopedic surgery market. The round was led by OMERS Ventures and joined by existing investors, XSeed Capital.
PeerWell will also use the funding to fast-track the commercial rollout of its workers’ compensation surgery optimization platform which has improved patient outcomes and reduced costs in several clinical deployments. PeerWell is the only patient-centered, digital platform to address the whole patient and full musculoskeletal journey—from pain management and surgery avoidance to surgery optimization and guided recovery.
Founded in 2015 by Manish Shah, Navin Gupta and Evan Minamoto, the San Francisco, California-based PeerWell PeerWell is a surgery optimization platform that has helped thousands of patients with musculoskeletal conditions prepare for surgery or avoid it altogether. Leveraging evidence-based health science, PeerWell’s PreHab and ReHab app delivers customized daily lessons to those with scheduled surgery. Our program puts patients in control of their surgery outcome and jumpstarts the return to a greater normal. As a healthcare technology startup, we’re passionate about solving real problems for real people in a simple and sustainable way.
PeerWell is an extension of the healthcare team that works to lower patient risk, control costs, and improve return-to-work times. PeerWell collects meaningful data that helps workers’ compensation insurers, payers, third-party administrators, and providers achieve better outcomes, make informed decisions, and reduce the cost of care.
“125 million Americans struggle with daily musculoskeletal issues which accounts for 10% of total healthcare spending in the United States. Nearly half of this total orthopedic care spending comes from elective procedures in insured adults. PeerWell helps workers’ compensation programs, employer health plans, and payers support patients with pain and mobility issues who are facing complex procedures and surgery. Our interactive digital programs guide patients while reducing costs of care and accurately predicting return-to-work times,” says PeerWell CEO Manish Shah.
PeerWell’s evidence-based platform addresses the five pillars of health optimization: Physical Therapy, Nutrition, Pain & Anxiety, Health Literacy, and Environmental Preparation. The platform is now available to all employers and health plans across North America.
“Musculoskeletal issues are considerably costly for employers and the American healthcare system as a whole,” says Michael Yang, Managing Partner at OMERS Ventures. “PeerWell’s surgery optimization platform takes into account the entire patient and full episode while successfully reducing costs for workers’ compensation insurers and employers. It’s a massive innovation in an area that is in desperate need of attention, and we believe PeerWell’s approach to revolutionizing the surgical experience will deliver significant value for overloaded medical programs globally.”
Through continued partnerships with large claims administrators, employers, and Medicare Advantage plans, workers across the United States are being offered PeerWell’s musculoskeletal programs.
“PeerWell is providing a dynamic solution to patient care. It is designed to help reduce the care costs of claims, but it has given people support and superior care throughout challenging episodes. PeerWell is an advanced health platform that is available for employers, large and small,” says Dr. Teresa Bartlett, Senior Medical Officer at Sedgwick, a third party administrator for large employers.”
PeerWell also has an ongoing partnership with Healthcare Outcomes Performance Company (HOPCo), the management company for groups like The CORE Institute, one of the top five largest orthopedic provider groups in the US. Dr. Jacofsky, Chairman and CEO of HOPCo, adds that “With PeerWell, our patients are armed with the best tools for the most efficient care. We’ve seen outcomes improve which impacts the entire network- from patients to payers. With daily digital guidance and monitoring, our musculoskeletal patients receive care tailored to their progress and their needs, which can optimize recovery.”