OVERLAND PARK, KS/BOSTON/SAN FRANCISCO—Bardavon Health Innovations, a Workers’ Compensation and musculoskeletal (MSK) health company, announced a Series C funding of $90 million led by investor Matrix Capital Management, a public and private investment firm, joined by WestCap, a growth equity firm.
Bardavon, a privately held, Kansas City-based digital health partner, connects all stakeholders to better manage MSK injuries and health. Its prospective and proactive method combines digital health technology with differentiated clinical physical rehabilitation services. The company currently has over 220 employees.
“We started this company with an eye toward revolutionizing and disrupting the Workers’ Compensation industry,” said Matthew Condon, Founder and CEO of Bardavon. “It has been a privilege to raise the standard and quality of healthcare for America’s injured workers while spotlighting the importance of proactive, preventative, and clinically directed network management in the Workers’ Compensation segment.”
“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 U.S. companies over $1 billion per week. Looking at the general healthcare segment, MSK disorders affect one in two American adults, according to the Bone and Joint Initiative. The U.S. spends an estimated $390 billion on the treatment of MSK conditions alone—when factoring in indirect costs, such as lost workdays into consideration, that number balloons to over half a trillion dollar burden annually.
“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.”
“MSK injuries affect one in two working Americans and for too long, employers have depended on legacy solutions and processes to support their injured workers,” said Daphne Tong, Partner & Co-Head of Private Equity at WestCap. “Bardavon’s technology platform has demonstrated the ability to drive superior clinical outcomes for patients and deliver higher ROI for some of the largest and most sophisticated employers in the country. This is just the beginning for Matt Condon and his team at Bardavon in their mission to increase the transparency around care coordination and improve MSK care for all Americans.”
Bardavon has capitalized on early growth since its inception in 2014, gaining market traction and experiencing 70% revenue growth during the past year. The company has achieved 90% national physical therapy network coverage across 50 states. They continue to streamline technologies and partner with marquee clients as part of its ongoing expansion into the MSK commercial health industry.
For their Workers’ Compensation book of business, Bardavon has reduced the cost per claim for first year employees by 83%, reduced the number of physical therapy visits by 21%, and achieved a 49% reduction in total spend.
Bardavon Health Innovations converted its organizational structure from a limited liability company to a corporation (C-Corp) on October 19, 2021.
About Bardavon Health Innovations
Bardavon is a privately held proactive Workers’ Compensation and MSK digital health partner that connects all stakeholders to better manage claims. We offer injury prevention, treatment, and work readiness solutions through our national network of therapy providers. Bardavon shares a holistic analysis of the claim so America’s Workers’ Compensation patients can achieve optimized functional outcomes and return to full-duty. To learn more about Bardavon, please visit Bardavon.com. We treat people right.™
About Matrix Capital Management
Matrix Capital Management is an investment management firm which manages private investment funds in a concentrated portfolio of high conviction investments, primarily in public companies. Matrix Capital was co-founded in 1999 by David Goel and is based outside of Boston, Massachusetts.
WestCap is a growth equity firm founded by Laurence A. Tosi, who, together with the WestCap team, has founded, capitalized, and operated tech-enabled, asset-light marketplaces for over 20 years. With over $5 billion of assets under management and committed capital, WestCap has made notable investments in technology businesses such as Airbnb, StubHub, iPreo, Skillz, Sonder, Addepar, Hopper, iCapital and Bolt. To learn more about WestCap, please visit WestCap.com.