- PeerWell — an innovator in PreHab that helps patients prepare physically and mentally for orthopedic surgery — announced it raised $6.5 million
PeerWell — an innovator in PreHab that helps patients prepare physically and mentally for orthopedic surgery and recover faster — announced it raised $6.5 million in Series A funding led by OMERS Ventures and joined by existing investor XSeed Capital.
Some of the other investors who joined this round include Twitch co-founder and CEO Emmett Shear and Datavant CEO Travis May. SafeGraph CEO and LiveRamp co-founder Auren Hoffman, Twitch COO Kevin Lin, Y Combinator CEO Michael Seibel, wealth manager Humble Lukanga, Kespry CEO George Mathew, Stanford Health Care director of marketing strategy Anne Mathew, One America Works founder Patrick McKenna, CF Health Advisors president Charlene Frizzera, LiveRamp co-Founder and VP of Strategic Operations Joel Jewitt, former NFL running back Arian Foster, former NFL safety Glover Quin, former NFL wide receiver Brandon Marshall, former NFL offensive tackle Duane Brown, and former NFL defensive tackle Malik Jackson.
Peerwell’s surgery optimization and avoidance programs for patients offer far more than just physical therapy and its programs are based around the five pillars of health: Physical Therapy, Nutrition, Pain & Anxiety, Health Literacy, and Environmental Preparation. And the platform is now available to all employers and health plans across North America.
With this round of funding, PeerWell will leverage 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 considered the only patient-centered digital platform for addressing the whole patient and full musculoskeletal journey—from pain management and surgery avoidance to surgery optimization and guided recovery.
“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,” said PeerWell CEO Manish Shah.
Shah had founded PeerWell in 2015 with Chief Commercial Officer Navin Gupta and Designer Evan Minamoto. And through the company’s continued partnerships with large claims administrators, employers, and Medicare Advantage plans, workers across the US 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,” explained Sedgwick’s Senior Medical Officer Dr. Teresa Bartlett.
Plus PeerWell also has an ongoing partnership with Healthcare Outcomes Performance Company (HOPCo) — which is the management company for groups like The CORE Institute (one of the top five largest orthopedic provider groups in the US).
“Musculoskeletal issues are considerably costly for employers and the American healthcare system as a whole,” added OMERS Ventures managing partner Michael Yang. “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.”
“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,” stated HOPCo chairman and CEO Jacofsky.
Some of PeerWell’s other direct partnerships include Medicare Advantage plans like the Golden State Medicare Health Plan.
“PeerWell serves our patients and Medicare, and is setting a precedent for how we approach musculoskeletal health and other chronic conditions in this country,” explained Golden State Medicare Health Plan CEO Dr. Sanjay Patil.
