San Francisco, CA -(PRNewswire)- PeerWell recently announced a $6.5 million Series A round of funding led by OMERS Ventures and joined by existing investors, XSeed Capital.
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 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.
“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.”
Other direct partnerships include Medicare Advantage plans like the Golden State Medicare Health Plan. Dr. Sanjay Patil, CEO of Golden State Medicare Health Plan, says, “PeerWell serves our patients and Medicare, and is setting a precedent for how we approach musculoskeletal health and other chronic conditions in this country.”
Also participating in this round were Emmett Shear (Co-Founder CEO of Twitch) and Travis May (CEO of Datavant), joining previous investors Auren Hoffman (CEO SafeGraph, Co-founder of LiveRamp), Kevin Lin (COO of Twitch), Michael Seibel (CEO of Y Combinator), Humble Lukanga, George Mathew (CEO Kespry), Anne Mathew (Stanford Healthcare), Patrick McKenna (Founder One America Works), Charlene Frizzera (Former Administrator of CMS), Joel Jewitt (Co-founder LiveRamp), Arian Foster (ex-NFL), Glover Quin (NFL), Brandon Marshall (NFL), Duane Brown (NFL), and Malik Jackson (NFL).