Hinge Well being, a telehealth startup targeted on offering look after again and joint ache, raised $600 million in new financing, the corporate introduced Thursday.
The newest haul boosts its valuation to $6.2 billion, making it one of the precious digital well being companies. Tiger International and Coatue Administration led the Collection E funding spherical, whereas Alkeon Capital Administration and Whale Rock Capital Administration purchased $200 million in present fairness. The corporate will use the brand new cash to develop its operations.
“In 2021, Hinge Well being greater than doubled its buyer base 12 months over 12 months,” the corporate stated in a information launch.
Eighty % of employers and 90% of well being plans with a digital musculoskeletal resolution use Hinge Well being, in response to the information launch.
Musculoskeletal situations symbolize one among the top-five highest sources of employer claims spend, in response to a February report from UnitedHealth Group, Trendy Healthcare reported earlier this 12 months.
That’s led to massive investments in the digital physical therapy market, pushed primarily by a excessive fee of pointless spinal surgical procedures, Tom Cassel, president of digital consultancy Rock Well being stated throughout an interview with Trendy Healthcare final month.
Most telehealth musculoskeletal startups fall into two classes, Cassels stated—these like Hinge Well being and SWORD Well being that make use of suppliers and people like IncludeHealth and Kaia Well being that focus totally on offering instruments that bodily therapists can use to supply digital care. Employers typically require {that a} startup rent suppliers in order that they’ll assure some continuity of service. In distinction, insurers and well being methods can use their instruments to get their very own bodily therapists on-line, Cassels stated.
The U.S. has the best fee of spinal surgical procedure globally, regardless of reporting a prevalence of backbone problems which can be just like these present in different nations, in response to a research revealed in Backbone journal, Trendy Healthcare reported. Medicare spending for inpatient again surgical procedure greater than doubled from 1992 to greater than $1 billion in 2003. Sufferers residing in areas with extra native surgeons had been extra more likely to have surgical procedure, even when physical therapy or different ache administration providers could also be extra applicable, in response to a 2015 research from the Staff Compensation Analysis Institute.
Cellular well being firms raised $1.4 billion throughout the third quarter in 2021, a 109% improve over the identical interval final 12 months, in response to data from Digital Well being Enterprise & Know-how.
