Hospital for Special Surgery, a New York-based academic medial center, is spinning off a virtual musculoskeletal physical therapy company.
The spinoff, RightMove Powered by HSS, has secured $21 million a Series A funding round led jointly by HSS and Boston-based Flare Capital. The funding will be used to build out RightMove's technology platform and recruit a network of specialty-trained physical therapists.
Read More: Five Questions with Flare Capital's Bill Geary
The virtual musculoskeletal physical therapy startup said it will start treating patients by the end of the second quarter 2023.
The category has seen increasing interest from investors. Earlier this year, virtual MSK companies Upswing Health, GripAble and Limber Health all received funding rounds, according to Digital Health Business & Technology's database.
Hinge Health, which works with more than 750 health plans and employers, has raised more than $1 billion, including $900 million last year. Sword Health, another company in this space, raised $163 million in November 2021.
According to data published by the Institute for Health Metrics and Evaluation, MSK conditions are the top cost driver of healthcare spending in the country and amount to around $300 billion in total charges.
“The amount of money spend on musculoskeletal care every year is staggering and there is urgency in the market to find meaningful solutions for employers and payers,” Michael Greeley, co-founder and general partner at Flare Capital Partners, said in a news release.
