PeerWell, maker of an app that helps patients prepare for and recover from surgery, has raised $6.5 million in Series A funding. OMERS Ventures led the round, which also included previous backer Xseed Capital.
WHAT THEY DO
The company works with various payers and stakeholders to help members with musculoskeletal conditions through their surgery process.
Before the surgery patients can log in to the PreHab, a pre-surgery platform that gives patients lessons and advice about their condition. After surgery patients can access ReHab, which helps supplement in-person physical therapy sessions and gives patients additional information about their condition. The platform has tools designed to help users manage pain, anxiety and nutrition.
WHAT IT’S FOR
The money will be put towards launching the company’s new compensation surgery optimization platform. The new tool was designed to help reduce cost and improve patient outcomes.
MARKET SNAPSHOT
The startup has been gaining track and validation over the last few years. A study published Annals of Translational Medicine in January found that PeerWell’s patient app for surgery preparation reduced total knee arthroplasty patient’s time in the hospital and discharge disposition.
This isn’t the only company working on digital surgery support — Johnson & Johnson released a website, mobile app and care portal suite tools in late 2017 that looks to engage and educate patients going into surgery.
ON THE RECORD
"Musculoskeletal issues are considerably costly for employers and the American healthcare system as a whole," Michael Yang, managing partner at OMERS Ventures, said in a statement. "PeerWell's surgery optimization platform takes into account the entire patient and full episode while successfully reducing costs for workers' compensation insurers and employers. It's a massive innovation in an area that is in desperate need of attention, and we believe PeerWell's approach to revolutionizing the surgical experience will deliver significant value for overloaded medical programs globally."
