Healthcare technology developer PeerWell said today it raised $2.1 million in seed funding to support its PreHab hip and knee replacement surgery optimization application.
The San Francisco-based developer said its PreHab program is designed for hip and knee replacement candidates to help optimize their health before undergoing surgery.
“Healthcare is moving toward outcome accountability and associated payment mechanisms, nowhere faster than in the move to bundled payments for procedures like hip and knee replacement. There is consequently a large and growing opportunity for entrepreneurs who recognize the change and can deliver what is needed: improve patients’ ability to go straight home after surgery, reduce length of stay, drop readmissions, and limit overall complications. PeerWell is at the forefront of this emerging field. Their PreHab platform is unique in that it aligns and dramatically benefits all stakeholders: patients, doctors, and hospitals. That is why we are excited to invest in Manish and the PeerWell team,” XSeed Capital founding partner Michael Borrus said in a prepared response.
The PreHab program provides users with guidance through evidence-based patient modules, as well as allowing them to connect with other patients who are undergoing the same procedures and patient mentors.
Funds from the round will be used to integrate smartphone based tracking into the program and to support development of PreHab programs for other major distributors. Money from the round will also support the creation of new distribution channels and growing the company’s employee pool.
“Today the average surgery costs the same as living with diabetes for 33 years. The best way to reduce costs is to enable patients to be as strong, healthy and prepared as possible before their procedure. Unfortunately, today most patients are given a 50 page hard copy book of pre-op instructions which is an outdated and ineffective method for preparing patients. At PeerWell, we are establishing pre-surgical PreHab as the standard of care for all patients, providing an easy to use mobile app tool for surgery preparation. We designed PeerWell to make clinical workflow more efficient by automating everything a patient needs to get done before surgery. This is a rare win for hospitals, physicians and patients,” CEO Manish Shah said in a press release.