- Hinge Health, a leading digital musculoskeletal (MSK) solution, announced it raised $90 million in funding led by Bessemer
Hinge Health, a leading digital musculoskeletal (MSK) solution, announced it raised $90 million in funding led by Bessemer Venture Partners with participation from Lead Edge Capital and all existing investors Insight Partners, Atomico, 11.2 Capital, Quadrille Capital, and Heuristic Capital.
This round of funding positions Hinge Health to continue to expand its already commanding market leadership position amongst self-insured employers and health plans. Currently, Hinge Health holds more than an 80% market share.
With this funding round, Hinge Health plans to expand across the MSK care continuum, accelerate employer and health plan market growth, and advance surgery prediction and member support.
In connection with this funding round, Steve Kraus of Bessemer Venture Partners will be joining the board. Bessemer’s portfolio contains more than 120 IPOs across consumer, enterprise, and healthcare.
“As pioneers in digital MSK care, we’re excited to continue re-defining best-practice care for patients with back or joint pain – conditions so pervasive that we all know someone affected,” said Hinge Health CEO and Co-Founder Daniel Perez. “We’re also really proud there was so much interest in this round from our existing investors, who know us best.”
MSK conditions are continuing to be a leading cost driver in America’s healthcare system, consuming 1 in 6 healthcare dollars. And the majority of the spend is driven by chronic MSK conditions — which lead to overuse of elective surgeries and opiates. 4 out of 5 employers with a digital MSK solution have partnered with Hinge Health to reduce medical spend.
“Our members were suffering in silence. We turned to Hinge Health because the status quo wasn’t working and we needed to provide another option. Since partnering with Hinge Health, we’ve seen over a thousand employees and family members reduce their pain and chance of surgery,” explained Joe Toniolo, Senior Director of Health & Welfare at US Foods — whose 40,000+ members have access to Hinge Health.
Hinge Health has pioneered pairing sensor technology with physical therapists and 10x more health coach member support to achieve 74% program adherence – the industry’s highest rate. Plus Hinge Health is the only digital MSK solution with clinically validated outcomes across 4 peer-reviewed studies, showing 2 out of 3 surgeries avoided and significant reductions in chronic pain, opioid use, anxiety, depression, and absenteeism.
Last year was big for Hinge Health. The revenue and customer base both tripled in the final 6 months of the year and revenue is poised to triple again in 2020. Hinge Health’s strong clinical outcomes and enterprise readiness have resulted in 100% client retention over 5 years.
“US employers and health plans are looking not just for outcomes, but also meaningful engagement and – critically – enterprise experience and maturity. That’s why we’ve invested in Hinge Health. Rarely have I seen customers more enthusiastic about a product. In all of my customer reference calls (and there were many), the praise for Hinge Health’s product and especially their ease of implementation was universal – which explains why they’ve never lost a customer,” added Kraus.
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