Bardavon Health Innovations, a digital workers’ compensation and musculoskeletal (MSK) healthcare practice management platform for therapy providers, raised a Series C funding of $90 million led by investor Matrix Capital Management, an investment firm, joined by WestCap, a growth equity firm.
The company plans to use the latest investment to accelerate go-to-market activities, expand capabilities, and introduce new offerings and services to all-payer classes.
Matthew Condon, Founder and CEO of Bardavon said: “This infusion of capital allows us to take the next step to bring meaningful change to an increasingly burdened healthcare 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 skyrockets.”
According to the Liberty Mutual Workplace Safety Index (2018), MSK injuries cost US companies more than $1 billion per week. MSK disorders affect one in two American adults, according to the Bone and Joint Initiative.
Founded in 2014, Bardavon is focused on workers’ compensation.
The company offers injury prevention, treatment, and work readiness solutions through its national network of therapy providers across the US.
The company also offers a technology platform, called bNotes, that guides therapists through the documentation for workers’ compensation and best practices and applies analytics to predict outlier cases.
“There is a great opportunity to be had with MSK health,” said Karan Takhar, Senior Managing Director at Matrix Capital Management. “Our research shows that America’s largest employers are desperate for a viable MSK health, wellness, and care solution. Bardavon, and their MSK health solutions, upend the current marketplace model. Their solutions bring desperately needed transparency, innovation, and relevant clinical treatment data to positively impact MSK care for all. We look forward to helping them take these solutions to a wider general health population.”
Healthcare Practice Management Solutions companies raised $753 million in venture capital in the first half (1H) of 2021, compared to $233 million in 1H 2020, a 223% increase year-over-year (YoY), according to the latest Mercom Digital Health Funding and M&A Report.