Seeing strong demand for musculoskeletal care solutions, Bardavon Health is looking to expand beyond workers’ compensation with an influx of new funding.
The Overland Park, Kansas-based company recently closed a $90 million series C round led by investment firm Matrix Capital Management, with support from from growth equity firm WestCap.
Since it was founded in 2014, Bardavon has been focused on workers’ compensation. The company has a network of physical therapists across all 50 states. It also has a technology platform, called bNotes, that guides therapists through documentation for workers’ compensation and best practices, and uses analytics to predict outlier cases.
So far, Bardavon has found keen interest in its workers’ compensation business. The company has seen its revenue grow 70% in the last year.
Now, it plans to use the new funds to expand its capabilities and take this model to other types of payers.
“This infusion of capital allows us to take the next step to bring meaningful change to an increasingly burdened healthcare system,” Bardavon Founder and CEO Matthew Condon said in a news release. “It’s time to expand and share our collaborative solution beyond workers’ compensation — especially as our population ages, obesity increases, and national spending on MSK-related injuries skyrockets.”
A Deep-dive Into Specialty Pharma
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.
A potential nod to that direction: Zane Burke, who served as CEO of Livongo until it sold to Teladoc last year, joined the company’s board of directors.
In the meantime, other digital health startups continue to build out capabilities for connecting patients to physical therapy, often through telehealth visits or self-guided exercises.
DarioHealth, which started as a platform for diabetes management, recently launched a digital physical therapy platform. And last year, Livongo rival Omada Health bought virtual physical therapy startup Physera.
Photo credit: feellife, Getty Images
