Flare Capital and HSS leading $21M Series A fundraising round for RightMove Powered by HSS, a national virtual triage and nonsurgical physical therapy solution that produces better outcomes at reduced costs
NEW YORK, Oct. 25, 2022 /PRNewswire/ — Hospital for Special Surgery (HSS), the world’s leading academic medical center specializing in musculoskeletal health, today announced a $21M Series A to launch RightMove Powered by HSS™, an independent for-profit company, whose mission is to make high quality, patient-focused virtual musculoskeletal physical therapy available to all Americans. The round, led by Flare Capital and HSS, will be used to build out RightMove’s technology platform and create a nationwide network of specialty-trained physical therapists. RightMove expects to be live and treating patients in late Q2 2023.
RightMove addresses a critical need as half of all U.S. adults experience MSK-related issues leading to an annual national health expenditure of over $380 billion USD and rising. Access to high-quality physical therapy has been shown to reduce unnecessary surgeries, injections, emergency room visits, and imaging – resulting in better outcomes at a lower cost for patients, employers and payors.
Amy Fahrenkopf, MD, senior vice president of HSS and president of HSS Health, has been appointed interim CEO of RightMove while an executive search is underway. “We believe RightMove can address an unmet need in the market by being a true value-based partner to health plans and employers through our proven care model, use of specialty trained physical therapists and unparalleled experience providing telerehabilitation,” says Dr. Fahrenkopf.
“RightMove is a milestone opportunity for people and businesses everywhere to make the vital first step in treating orthopedic conditions with the benefit of 159 years of specialized expertise,” said Louis A. Shapiro, president and CEO at HSS, “Flare Capital is a great partner to help scale the impact of HSS’ unique knowledge and capabilities.”
“RightMove is addressing one of the biggest challenges in healthcare right now, and it is doing so with a truly differentiated offering,” said Michael Greeley, co-founder and general partner, Flare Capital Partners. “The amount of money spent on musculoskeletal care every year is staggering and there is urgency in the market to find meaningful solutions for employers and payers. We were drawn to the unique opportunity to partner with the global leader in musculoskeletal care, to quickly scale a company that cares deeply about both clinical quality and value for its customers.”
HSS is the world’s leading academic medical center focused on musculoskeletal health. At its core is Hospital for Special Surgery, nationally ranked No. 1 in orthopedics (for the 13th consecutive year), No. 3 in rheumatology by U.S. News & World Report (2022-2023), and the best pediatric orthopedic hospital in NY, NJ and CT by U.S. News & World Report “Best Children’s Hospitals” list (2022-2023). In a survey of medical professionals in more than 20 countries by Newsweek, HSS is ranked world #1 in orthopedics for a third consecutive year (2023). Founded in 1863, the Hospital has the lowest complication and readmission rates in the nation for orthopedics, and among the lowest infection rates. HSS was the first in New York State to receive Magnet Recognition for Excellence in Nursing Service from the American Nurses Credentialing Center five consecutive times. An affiliate of Weill Cornell Medical College, HSS has a main campus in New York City and facilities in New Jersey, Connecticut and in the Long Island and Westchester County regions of New York State, as well as in Florida. In addition to patient care, HSS leads the field in research, innovation and education. The HSS Research Institute comprises 20 laboratories and 300 staff members focused on leading the advancement of musculoskeletal health through prevention of degeneration, tissue repair and tissue regeneration. The HSS Innovation Institute works to realize the potential of new drugs, therapeutics and devices. The HSS Education Institute is a trusted leader in advancing musculoskeletal knowledge and research for physicians, nurses, allied health professionals, academic trainees, and consumers in more than 145 countries. The institution is collaborating with medical centers and other organizations to advance the quality and value of musculoskeletal care and to make world-class HSS care more widely accessible nationally and internationally. www.hss.edu.
About Flare Capital
Flare Capital Partners strives to help build significant healthcare technology, digital health, and healthcare services companies to improve health outcomes and broaden access while lowering costs of care. We partner with inspirational entrepreneurs who seek to transform the business of healthcare by developing innovative and impactful products and services. Flare Capital is a team of proven healthcare technology investors and senior operating executives known for thought leadership and unparalleled strategic industry resources. Our firm has raised some of the industry’s largest dedicated venture capital funds focused on early-stage opportunities in healthcare technology innovation, and our investors include leading healthcare companies, major institutional investors, important family offices, foundations, and sovereign wealth funds. We are full life-cycle investors in our portfolio companies as we work alongside entrepreneurs over their entire company-building journey. Select portfolio companies include Aetion, Aspen RxHealth, Bright Heath, Cayaba Care, Cohere Health, Eden Health, HealthVerity, Iora Health, Oshi Health, Somatus, and VisitPay. The firm has developed the very successful Flare Scholar program with over 250 participants and actively leverages its extended industry network, Executive Partners, and Industry Advisory Board for the benefit of the entrepreneurs and founders with whom it is privileged to partner. Learn more at www.flarecapital.com and follow the firm on Twitter @flarecapital.
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SOURCE Hospital for Special Surgery