Hinge Health, a digital physical therapy company focused on chronic musculoskeletal conditions (MSK), recently closed on a $90 million Series C round of funding led by Bessemer Venture Partners.
Lead Edge Capital as well as all existing investors Insight Partners, Atomico, 11.2 Capital, Quadrille Capital and Heuristic Capital also participated in the round. With this, the company’s fundraising increased to about $125 million. Hinge Health plans to use its new funding to expand its product line and employee size.
Hinge Health uses wearable sensors and one-on-one health coaching to deliver in-home MSK therapy. Offered to more than 1 million members nationwide, the company’s model takes established best-practices and turns them into their three-pillar approach that addresses exercise therapy, behavioral health, and education.
Hinge Health’s educational component educates clients on scientifically-proven best practices, the behavioral health pillar helps patients create behavioral change that lasts, and the exercise therapy consists of sensor-guided movements with live feedback. They can do the exercises whenever and wherever – not just at a therapist’s office – and their adherence is tracked digitally.
Hinge Health’s programs are commonly covered by most insurance plans in the self-insured employer market, although they are also sold to individuals. Hinge Health stated that its customer base has tripled within the last six months, completing more than 200 enterprise implementations. Hinge Health is partnering with Celgene to offer innovative digital programs for those with back and knee pain.
Hinge Health’s recent collaborations have helped drive its rapid growth.
- Meritain Health, an Aetna company, selected Hinge Health in 2018 as a preferred digital musculoskeletal solution giving access to clients across Meritain Health’s population. Increasing member access to best-in-class musculoskeletal care demonstrates how Meritain Health is further helping clients build efficient health plan strategies that improve quality and value, while reducing cost. Meritain Health is one of the nation’s largest independent providers of services for self-funded health plans.
- BridgeHealth, a provider of national surgical Centers of Excellence, partnered with Hinge Health. BridgeHealth and Hinge Health will assist plan sponsors, including large self-insured employers, tackle their largest cost driver – musculoskeletal health. Through this collaboration, exercise therapy, coach-led behavioral health, education, and surgical care are coordinated to support the member’s journey, ensuring that the right treatment is delivered at the right time.
Takeaway: Employers and health plans are focused on outcomes, as well as customer engagement.