Sword Health, a clinical-grade musculoskeletal care home, has raised $110 million in six months. The funds will be used to start its global expansion and to create value-based care models for musculoskeletal care.
Sword Health Raises Funds for MSK Care
The virtual musculoskeletal or MSK provider drew up $85 million in a Series C funding round led by General Catalyst, with the help of BOND, BPEA, and Highmark Ventures, together with investors Founders Fund, Khosla Ventures, Green Innovations, and Transformation Capital.
The fresh capital follows in the footsteps of the Series B round in January that raised $25 million. As of June 2021, the Series B funding raised $135 million, according to Fierce Healthcare.
Sword Health admitted that it was not expecting to raise fresh capital until the end of 2021 or early 2022. Still, the accelerated adoption of digital MSK solutions in the past year and the company's fast growth fueled the Series C funding round, according to CEO and founder of Sword Health, Virgilio Bento.
Sword Health is a virtual care provider that lets people with MSK conditions recover at home instead of seeking care in-person for imaging and surgery or choosing to take opioids. Sword Health treats MSK issues in affected areas such as the shoulder, neck, knee, and lower back.
Sword Health also offers an MSK product called digital therapist, which connects in-house doctors of physical therapy to Sword Health members who wear motion sensors and access a personalized artificial-intelligence-powered therapeutic exercise program on a tablet. The motion sensors let the physicians track the progress of the members in real-time.
The company was launched in 2015, and it works with health systems, insurers, and employers in the United States, Australia, and Europe.
Sword Health reports show that its revenue grew 600% and its user base increase more than 1000% since 2015, according to TechCrunch.
MSK Healthcare Plan
MSK disorders are one of the leading causes of chronic pain and disability, and it is affecting more than 2 billion people around the world, according to Insider Voice.
The current healthcare system has expensive and usually unnecessary surgical procedures, but these do not relieve MSK pain, and it often puts patients at risk of dependency on both prescription and over-the-counter pain medications.
Sword Health plans to use the fresh capital to build its value-based MSK platform to help cost savings to employers, providers, and payors.
Bento said they are the first company to introduce sensor-based technology to treat patients and a doctor of physical therapy and the first to deploy a global solution that treats patients across three continents.
Now, the company wants to develop the leading results-oriented and value-based virtual musculoskeletal care provider model in the world and decrease the cost of high-quality MSK treatment for everyone.
Sword Health's digital solution covers chronic, acute, and preventative care. Employers working with the company say that the solution is helping to address a critical and expensive healthcare challenge.
Danaher, a medical company, reported that people with MSK conditions account for 51% of their medical spend when factoring in other comorbidities.
After working with Sword Health, Danaher reports that after 12 weeks, people with MSK conditions had an 80% decrease in surgery intent, a 49% pain reduction, and a 72% increase in productivity.
The cost for MSK treatment in the United States health system costs $300 billion per year.
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Written by Sophie Webster