Hinge Health, a healthcare startup that wants to help employers cut down their medical costs, has closed an $8 million Series A round. The San Francisco company believes a 12-week remote monitoring program to improve patient education, monitor physical therapy, and cognitive behavior therapy is what companies need to improve recovery times for employees recuperating from chronic back pain and knee pain associated with musculoskeletal disorders.
The business takes the view that its approach could be a more effective way to address chronic pain for musculoskeletal disorders instead of surgery and drugs, which account for the bulk of employers costs, according to a document outlining Hinge Health’s approach provided by CEO and Cofounder Daniel Perez in an email. It fits into a broader goal of reducing medical costs for self-insured employers, through transparency tools and employer wellness programs, which have had mixed results so far.
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In a webinar on April 16 at 1pm ET, Aneesh Chopra will moderate a discussion with executives from DocuSign, Velatura, and behavioral health providers on eConsent, health information exchange and compliance with the CMS Final Rule on interoperability.
The new funding will be used to expand the company’s program for chronic lower back and knee pain and to add treatment programs for hip, shoulder, and neck pain. Having started the year with eight staff, the digital health business plans to add 20 more across its product, commercial and clinical teams, Perez noted in a phone interview. Since an interview with Perez in 2015, the company has whittled down the program length from 16 weeks to 12.
Photo: Hinge Health app, wearables, sensors
The program combines wearables with sensors that guide participants through clinically validated stretching and strengthening regimes. Weight management is another part of the program with a goal of helping participants trim their weight from 5 percent to 10 percent by enlisting health coaches and peer support.
Venture capital firm Atomico led the round and gained a seat on Hinge Health’s board. Eleven Two Capital and The Vertical Group, which took part in its $1.3 million Seed round one year ago, also participated in the Series A. The digital health startup launched in London but has since made San Francisco its headquarters.
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A specialty drug is a class of prescription medications used to treat complex, chronic or rare medical conditions. Although this classification was originally intended to define the treatment of rare, also termed “orphan” diseases, affecting fewer than 200,000 people in the US, more recently, specialty drugs have emerged as the cornerstone of treatment for chronic and complex diseases such as cancer, autoimmune conditions, diabetes, hepatitis C, and HIV/AIDS.
Hinge Health currently works with employers that add up to 100,000 employees with access to its program. Perez said that later this year the company plans to publish data from a randomized control trial that will quantify the effectiveness of its program.
Photo: Getty Images
