Workers compensation-focused Bardavon Health Innovations has acquired digital musculoskeletal care startup PeerWell in a cash and stock deal for an undisclosed amount.
Bardavon, which offers tools for injury prevention, treatment planning, and case-tracking and documentation, will use PeerWell to offer both in-person physical therapy and virtual coaching. The company said the digital MSK platform will complement its bNotes clinical guidance tool, which connects employers and therapy providers to track outcomes.
“We focus on the worker and the unique clinical and professional needs of that population, understanding how the patients’ existing health, lifestyle and job demands factor into their recovery,” Bardavon CEO and founder Matt Condon said in a statement. “Bringing in PeerWell’s leading digital engagement capabilities is the next evolutionary step.”
WHY IT MATTERS
According to the Bureau of Labor Statistics, about 30% of occupational injury and illness cases in the private sector involving days away from work were musculoskeletal disorders. Half of private sector musculoskeletal disorder cases were from the retail trade, manufacturing, and healthcare and social assistance industries.
In 2018, the incidence rate of musculoskeletal disorder cases was 27.2 per 10,000 full time workers, a decline compared with 35.4 in 2011.
THE LARGER TREND
Founded in 2015, PeerWell most recently raised $6.5 million in Series A funding in 2019. With the acquisition, PeerWell’s investors, including OMERS Ventures and XSeed Capital, will become shareholders in Bardavon.
A number of digital health startups are interested in the digital MSK space, including companies like Hinge Health, SWORD Health, DarioHealth, RecoveryOne and Upswing Health.
SWORD has also become involved in workplace MSK, acquiring Vigilant Technologies, maker of a wearable that aims to prevent workplace injury, last year.