This post has been updated from an earlier version with comments from CEO Joseph Smith.
Reflexion Health, a remote patient monitoring business that developed an interactive approach to physical therapy that can be done from home, has raised a new round of funding. In a statement it said it would use the $18 million Series B towards completing an evaluation of its first FDA cleared product, supporting product development, and scaling its VERA platform nationally among U.S. healthcare systems.
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In November, Reflexion secured 510(k) clearance from the FDA for its VERA platform. Reflexion Health’s device also serves as a remote monitoring tool for physical therapists to collect patients’ performance data.
Its main focus has been on recuperation from hip and knee replacement surgery, particularly the bundled payment system requiring several facilities and individuals to track and demonstrate improved outcomes to ensure they are fully paid. The Centers for Medicare and Medicaid launched the Comprehensive Care for Joint Replacement payment model last year. The bundled payment program covers 90 days after surgery.
Patients are prepared for the rehab process even before they have surgery. They are familiarized with the technology and watch educational videos. For patients lacking WiFi, it’s installed in their homes. Those lacking computers are provided with one.
In a phone interview with CEO Joseph Smith, who moved from a board seat to CEO at the end of last year, replacing co-founder Spencer Hutchins in the role. After a national search, the board decided to make Smith permanent. Smith was previously the Chief Medical and Science Officer at West Health and its president but stepped down from those roles in March. He said the funding would be focused on moving Reflexion Health beyond the product development phase to doing peer reviewed studies validating its technology and ramping up sales and marketing staff as it brings its product to market.
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“We want to demonstrate in an unequivocal way what the benefits of the technology are,” he said. “It’s not about thinking what it can be, it’s about proving it. As we ask hospitals and doctors to adopt our technology, physicians will ask, ‘If we do this, what can we expect?’
He added that it would be transparent about the data it collects and the outcomes its VERA technology produces.
In addition to hip and knee replacement surgery rehab, it has also worked with partners on cardiac rehab, fractures, and chronic pain.
Smith said that since January, it has grown its staff by 20 percent and it is looking to hire five more.
Photo: Reflexion Health