Bardavon Health Innovations Secures $ 90 Million Series C Funding to Advance True MSK … | Your money
Overland Park, KS / Boston / San Francisco, October 20, 2021 (GLOBE NEWSWIRE) – Health innovations from Bardavon, a workers’ compensation and musculoskeletal health (MSK) firm, announced a $ 90 million Series C funding led by investor Matrix Capital Management, a public and private investment firm, joined by West Cape, a development capital company.
Bardavon, a private digital health partner based in Kansas City, connects all stakeholders to better manage injuries and MSK health. Its prospective and proactive method combines digital health technology with differentiated clinical physical rehabilitation services. The company currently has more than 220 employees.
Bardavon will use this investment to accelerate time-to-market activities, expand capacity and introduce new offerings and services for all categories of payers.
“We created this company with the goal of revolutionizing and disrupting the workers’ compensation industry,” said Matthew Condon, Founder and CEO of Bardavon. “It has been a privilege to elevate the standard and quality of health care for injured workers in the United States while highlighting the importance of proactive, preventive and clinically led networking in the workplace injury segment. . “
“This injection of capital allows us to take a new step in bringing about significant changes to an increasingly overburdened health system. It’s time to expand and share our collaborative solution beyond workers compensation, especially as our population ages, obesity increases and national spending on MSK-related injuries rises. sharply.
According to the Liberty Mutual Workplace Safety Index (2018), MSK injuries cost US businesses more than $ 1 billion per week. Looking at the general healthcare segment, MS disorders affect one in two American adults, according to the Bone and Joint Initiative. The United States spends around $ 390 billion on treating MSK conditions alone, including indirect costs, such as lost workdays, which run to more than half a trillion dollars a year.
“There is a great opportunity to be seized with MSK Health,” said Karan Takhar, senior managing director of Matrix Capital Management. “Our research shows that America’s largest employers are desperate for a viable MSK health, wellness and care solution. Bardavon and its MSK healthcare solutions are disrupting the current market model. Their solutions provide the transparency, innovation and relevant clinical treatment data that we desperately need to positively impact MSK care for all. We look forward to helping them bring these solutions to a wider general health population. “
“MSK injuries affect one in two American workers and for too long employers have relied on legacy solutions and processes to support their injured workers,” said Daphne Tong, Partner and Co-Head of Private Equity at WestCap . “Bardavon’s technology platform has demonstrated its ability to drive superior clinical outcomes for patients and deliver a higher return on investment for some of the nation’s largest and most sophisticated employers. This is just the start for Matt Condon and his team at Bardavon in their mission to increase transparency around care coordination and improve MSK care for all Americans.
Bardavon has capitalized on early growth since its inception in 2014, gaining ground in the market and experiencing 70% revenue growth over the past year. The company has achieved 90% national physiotherapy network coverage in 50 states. They continue to rationalize technologies and partner with reputable clients as part of its continued expansion into the MSK commercial health industry.
For its worker’s compensation business portfolio, Bardavon reduced cost per claim for first-year employees by 83%, reduced the number of physiotherapy visits by 21% and achieved a 49% reduction in expenses total.
About Bardavon Health Innovations
Bardavon is a proactive private MSK workers compensation and digital health partner that connects all stakeholders to better manage claims. We offer injury prevention, treatment and work preparation solutions through our nationwide network of healthcare providers. Bardavon shares a holistic analysis of the claim so that American workers’ compensation patients can achieve optimized functional results and return to full work. To learn more about Bardavon, please visit Bardavon.com. We treat people well. ™
About Matrix Capital Management
Matrix Capital Management is an investment management firm that manages private equity funds in a concentrated portfolio of high conviction investments, primarily in public companies. Matrix Capital was co-founded in 1999 by David Goel and is based outside of Boston, Massachusetts.
WestCap is a private equity firm founded by Laurence A. Tosi, who, along with the WestCap team, has founded, capitalized and operated technology and lightweight markets for over 20 years. With over $ 5 billion in assets under management and committed capital, WestCap has made notable investments in technology companies such as Airbnb, StubHub, iPreo, Skillz, Sonder, Addepar, Hopper, iCapital and Bolt. To learn more about WestCap, please visit WestCap.com.
Amy Curtis Bardavon Health Innovations 913-839-0690 [email protected]
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