PeerWell announces $6.5 million in funding

Peerwell , an innovator and leader in PreHab that helps patients prepare physically and mentally for orthopedic surgery and recover faster, announced a $6.5 million Series A round of funding led by OMERS Ventures and joined by existing investors, XSeed Capital.

PeerWell will leverage the funding to fast-track the commercial rollout of its workers’ compensation surgery optimization platform which has improved patient outcomes and reduced costs in several clinical deployments.

PeerWell’s evidence-based platform addresses the five pillars of health optimization: Physical Therapy, Nutrition, Pain & Anxiety, Health Literacy, and Environmental Preparation. The platform is now available to all employers and health plans across North America.

“125 million Americans struggle with daily musculoskeletal issues which accounts for 10% of total healthcare spending in the United States. Nearly half of this total orthopedic care spending comes from elective procedures in insured adults. PeerWell helps workers’ compensation programs, employer health plans, and payers support patients with pain and mobility issues who are facing complex procedures and surgery. Our interactive digital programs guide patients while reducing costs of care and accurately predicting return-to-work times.” – PeerWell CEO Manish Shah.

Through continued partnerships with large claims administrators, employers, and Medicare Advantage plans, workers across the United States are being offered PeerWell’s musculoskeletal programs.

“PeerWell is providing a dynamic solution to patient care. 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. – Dr. Teresa Bartlett, Senior Medical Officer at Sedgwick, a third party administrator for large employers.