Hinge Health, the San Francisco-based telerehabilitation company, is set to have a great year after closing $300 million in Series D funding. The company has been valued at $3 billion by its investors, Coatue Management and Tiger Global, which effectively makes the company a 2021-crowned unicorn.
This puts Hinge Health in the same lofty bracket as other previously minted telehealth unicorns such as Babylon Health and Ro. But where Hinge Health differs from these companies is in its business model, as it’s the only company of its size to offer digital rehabilitation services.
What is Hinge Health?
Hinge Health’s services are based around the concept of providing physical rehab services to clients across the country. Those who sign up for the company’s services are able to receive consultations and advice from medical experts as well as videos and instructions that cover a wide array of rehab exercises. Clients can speak to physical therapists, wellness coaches, and physicians online and receive tailor-made treatment plans to assist them in both prevention and treatment.
Who Are Hinge Health’s Clients?
The company has many different types of clients, from individuals to Fortune 500 companies. Individual clients are able to enroll in a treatment plan through Hinge Health that either they have chosen or their physician has recommended. Many companies use Hinge Health’s services, not only because it’s more economical for them but because their employees often find it to be more convenient than having to make appointments and visit physical locations.
Companies offer Hinge’s physical therapy options to their employees for various reasons as well. Some companies enroll their employees in prevention services to avoid costly workplace injuries. Other companies see the benefit of providing post-surgical options to their employees who are trying to quickly return to work after surgery. In any case, Hinge Health has secured business from many large and well-known companies including Walgreens, Boeing, Kraft Heinz, David’s Bridal, Morton, Autozone, L.L. Bean, Post, and Sprint.
First of Its Kind Clinic
Hinge’s Digital Musculoskeletal Clinic was the first of its kind when it was unveiled in August 2020. It helped the company expand by offering clients more focused pre/post-therapy for the most common musculoskeletal surgeries. The company also brought on more than 100 full-time health professionals with this expansion as well. This was a clear-cut sign that the company was headed for unicorn status long before its recent Series D funding round and impressive valuation.
Hinge Health Going Forward
Now that Hinge Health has officially reached unicorn status, the next milestone is likely to be an IPO in the coming years. The company’s Co-founder and CEO, Daniel Perez, has estimated that he will take the company public sometime in 2022. With how quickly the company has grown in recent years, it wouldn’t be surprising to see this happen even sooner.