WALNUT CREEK, Calif.,
Dec. 16, 2019 /PRNewswire/
-- Trainer Rx, which since 2014 has been a leader in
musculoskeletal (MSK) recovery, today announces its name change to
RecoveryOne. The new name reflects the expansion of the company's
focus to align with health plans and value-based health systems
that share its objective of enabling their members with the most
effective, cost-efficient means of recovery.
The change also coincides with a $12
million funding round led by Cigna Ventures, with
significant participation from existing investor 7wire Ventures and
personal participation by members of the management team. With the
new name and capital, the company will strengthen its ability to
reach a broader population suffering from MSK conditions.
Historically the company deployed its recovery solutions
exclusively through physician practices. Over the past year,
RecoveryOne has expanded its reach and impact through relationships
with health plans and systems.
"Our new brand is a declaration of the goal we share
with most healthcare innovators: to improve the cost,
quality, and productivity associated with recovery from
musculoskeletal conditions, and to do it in a way that puts the
consumer in charge," says RecoveryOne CEO Mark Luck Olson. "It is also a sign of great
things to come. We are building on our strong foundation of
evidence-based clinical pathways, ubiquitous access to our digital
platform, and human connection."
Musculoskeletal conditions affect about 50 percent of adults in
the U.S. and represent nearly $980
billion in treatment costs and lost wages
annually1. With the current standard of care, patients
often encounter prolonged recovery, unnecessary surgeries and
overuse of pain medications, while employers struggle with 264
million lost workdays per year1. Physical therapy often
helps, however the historical lack of access to qualified
therapists, loss of work hours to attend therapy sessions, limits
on covered benefits, and inconsistent monitoring and support of
care plans have created formidable barriers to success.
"RecoveryOne addresses not just the body, but also the mind
through behavior change support," says RecoveryOne Chief Product
Officer Miriam Beecham. "By helping
people find the resilience and motivation to recover and
providing them with the proper education, RecoveryOne is creating a
future without barriers, allowing recovery to be more effective for
any area of the body suffering from a musculoskeletal condition.
Our solution combines an easy-to-use app with remote
recovery coaches that can be accessed anytime, anywhere, on
nearly any device. This will drive greater adherence to recovery
plans and ultimately produce faster, higher
functioning results. Our members get back out there sooner
and employers regain productivity, while the consumer and
risk-bearer shares in the financial savings."
Healthcare organizations with a mission of fostering innovation
have invested in RecoveryOne's plan to roll out its capabilities to
a broader audience. "RecoveryOne's comprehensive solution aligns
perfectly with our mission to be a catalyst for change," says
Tom Richards, global lead, strategy
and business development at Cigna Ventures. "We want to be a
driving force behind innovation that makes health care simpler,
more affordable and more predictable. RecoveryOne not only shares
that vision, but with our investment and support, now has the
resources to impact wider populations. We are honored to add
RecoveryOne to our portfolio."
"It is our strong belief that digital innovation will empower
consumers with the tools, technology and information needed to
better self-manage MSK conditions improving outcomes and quality of
life for those suffering from injury and pain," says Robert Garber, a partner at 7wire Ventures. "As
an early supporter of Trainer Rx, we saw strong potential for its
evidence-based protocols to address a critical problem in
delivering desired results. We are greatly encouraged by how
Mark Luck Olson and his team have
developed the strategy to help millions of people through a
best-in-class digital solution, while concurrently reducing
healthcare costs."
About RecoveryOne
RecoveryOne (formerly Trainer Rx)
was founded in 2014 as a solution to the significant gap between
actual and desired outcomes achieved through conventional
approaches to rehabilitation from musculoskeletal conditions. With
over 180 clinical care pathways that collectively cover the whole
body, RecoveryOne provides personalized programs that combine the
convenience of digital therapy and the support of live coaching to
reduce costs, accelerate recovery and drive patient satisfaction.
For more information, visit recoveryone.com.
About Cigna Ventures
Cigna Ventures is a venture
capital fund that works closely with entrepreneurs across the
health care ecosystem to accelerate growth and innovation through
the strategic use of capital and deep partnerships. Cigna Ventures
is a wholly owned indirect subsidiary of Cigna Corporation (NYSE:
CI). To learn more about Cigna Ventures visit:
www.cignaventures.com.
About 7wire Ventures
7wire Ventures is a preeminent
venture capital firm that invests in early-stage digital health
companies supporting an "Informed Connected Health Consumer" – the
epicenter of a consumer-first, tech-enabled convergence of the
health and wellness markets. Fund successes, such as founding
Livongo, are due in large part because the team are both seasoned
operators and investors with extensive industry experience. Being
highly selective with investments, the fund works side-by-side with
founders to build companies that change the status quo and empower
consumers to be better stewards of their health. As company
builders, the 7wire team has assumed highly involved roles, in some
cases, even pursuing a Hatch strategy to start promising new
ventures. Visit www.7wireventures.com.
1 Bone and Joint Initiative USA, "By The Numbers: Musculoskeletal
Conditions"
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SOURCE RecoveryOne