MSK conditions are the leading cost drivers in the American healthcare system, consuming one in every six healthcare Dollars. A majority of this expenditure is driven by chronic MSK conditions, which lead to the overuse of elective surgeries and opiates
FREMONT, CA: Digital musculoskeletal (MSK) solution company Hinge Health raised USD 90 million in a funding round led by Bessemer Venture Partners, with participation from Lead Edge Capital and all other existing investors; Insight Partners, Atomico, 11.2 Capital, Quadrille Capital, and Heuristic Capital. The newly raised funds will help the company to expand its already commanding market leadership position amongst self-insured employers and health plans, with Hinge Health holding an over 80 percent market share. As part of the deal, Steve Kraus of Bessemer Venture Partners will join Hinge Health's board of directors, soon.
"As pioneers in digital MSK care, we're excited to continue re-defining best-practice care for patients with back or joint pain - conditions so pervasive that we all know someone affected," said Hinge Health CEO and Co-Founder Daniel Perez. "We're also really proud there was so much interest in this round from our existing investors, who know us best." Hinge Health will make use of the funds to expand across the MSK care continuum, accelerate employer and health plan market growth, and advance surgery prediction and member support.
MSK conditions are the leading cost drivers in the American healthcare system, consuming one in every six healthcare Dollars. A majority of this expenditure is driven by chronic MSK conditions, which lead to the overuse of elective surgeries and opiates. The company enjoys a strong market position, with 4 out of 5 employers dealing in digital MSK solutions having partnered with Hinge Health to reduce medical spending. Hinge Health pioneered pairing sensor technology with physical therapists and ten times more health coach member support to achieve 74 percent program adherence, which is the industry's highest rate to date.
"Our members were suffering in silence. We turned to Hinge Health because the status quo wasn't working, and we needed to provide another option. Since partnering with Hinge Health, we've seen over a thousand employees and family members reduce their pain and chance of surgery," said Joe Toniolo, Senior Director of Health & Welfare at US Foods, whose 40,000 plus members all have access to Hinge Health. The company boasts of being the only digital MSK solution with clinically validated outcomes across four peer-reviewed studies, showing 2 out of 3 surgeries avoided and significant reductions in chronic pain, opioid use, anxiety, depression, and absenteeism.
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