SpineZone, an online musculoskeletal (MSK) treatment platform, closed a Series A funding round of $12 million.
Polaris Partners and Providence Ventures led the funding round with participation from Martin Ventures.
SpineZone plans to use the new funds to expand its business via additional strategic partnerships and clinics in new markets. The company will also be building out the platform to support all primary MSK conditions.
“SpineZone offers a comprehensive value-based treatment model for the spine, neck, and musculoskeletal conditions,” said Kian Raiszadeh, M.D., co-founder, and CEO of SpineZone.
Kian Raiszadeh added: “Our model combines digital technology with onsite care. We create strategic partnerships with health plans, health systems, medical groups, and employers to improve patient outcomes at lower costs.”
SpineZone accepts patients via referrals from primary care physicians and strategic partnerships with health plans, health systems, and employers. Patients referred through primary care or a partner organization receive an evaluation to determine their pain or potential complications and then receive home exercise instructions through the SpineZone app.
“During my 25-year career as a spine surgeon, I noticed a dramatic increase in patients who were receiving surgery for back and neck pain, but who were not getting their desired long-term result,” Kamshad Raiszadeh, M.D., co-founder, and Chief Medical Officer of SpineZone, said.
“Many back and neck surgeries are not necessary. We wanted to develop a better model of patient-centric, value-based healthcare that truly puts the patient first. Using a multidisciplinary model with evidence-based treatments, many patients demonstrate significant functional improvements and pain reduction despite having conditions that are classically thought to be surgical.”
SpineZone says that it currently has 1 million people under management and has partnerships with many health systems, including Sharp HealthCare, Scripps, Providence, and national health plans such as Anthem.
Digital Health companies raised $14.8 billion in 2020, a 66% increase compared to $8.9 billion in 2019. Hinge Health, a digital health company that helps employees recuperate from musculoskeletal problems such as the lower back, knee, shoulder, and neck pain – recently closed a $310 million Series D funding round.