More than 640,000 orthopaedic surgeries are performed every year in the United States. HealthTech startup PeerWell is working to ease the surgical and recovery process, helping patients throughout their musculoskeletal journey.
Founded in 2015, the company help patients prevent, prepare for and recover from surgery—if not avoid surgery altogether. The surgery platform covers pain management, surgery avoidance, surgery optimisation and guided recovery, addressing the patient’s entire journey in the process.
“Most hospitals, the primary means by which they are preparing the patient is by handing them a 50-page booklet as they are scheduling the survey, or hosting a class a couple of weeks before surgery that the patient has to find time to come and attend in person,” said PeerWell CEO Manish Shah, as reported by Mobi Health News.
The PeerWell platform focuses on five components of wellness: physical therapy; nutrition; pain and anxiety; health literacy; and environmental preparation. By treating its users beyond the basics, PeerWell has improved patient outcomes and lowered medical costs.
“A much better way to give back to the patient, the staff and the clinic is a service that makes the patient more educated and more aware of what to expect, so when they do show up back to the hospital for the surgery, they are in a mindset that is just more prepared,” Manish said.
When medical costs and recovery periods are improved for patients, their employers also benefit, as well, https://suriaplasticsurgery.com/valtrex-valacyclovir/. As most Americans receive health care through their employers, musculoskeletal issues end up being expensive for businesses and the American healthcare system as a whole.
“125 million Americans struggle with daily musculoskeletal issues which accounts for 10% of total healthcare spending in the United States,” the PeerWell CEO explained. “[…] PeerWell helps workers’ compensation programs, employer health plans, and payers support patients with pain and mobility issues who are facing complex procedures and surgery.”
As a result, PeerWell helps both employers and patients alike.
“PeerWell is providing a dynamic solution to patient care,” said Dr. Teresa Bartlett, Senior Medical Officer at Sedgwick. “It is designed to help reduce the care costs of claims, but it has given people support and superior care throughout challenging episodes. PeerWell is an advanced health platform that is available for employers, large and small.”
The startup raised $6.5 million in Series A funding in a round led by OMERS Ventures and joined by XSeed Capital.
The funds will be used to further expansion as compensation programs and health care plans utilise PeerWell to confront the $25 billion+ orthopaedic surgery market.
“PeerWell’s surgery optimisation platform takes into account the entire patient and full episode while successfully reducing costs for workers’ compensation insurers and employers,” said Michael Yang, managing partner at OMERS Ventures. “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.”
The PeerWell platform is available to all employers and health plans across North America.