Musculoskeletal digital health platform Risalto Health bagged $7 million in new funding from Health Catalyst Capital Management, the startup announced yesterday.
WHAT THEY DO
The New York-based company use artificial intelligence to find muscular and skeletal health providers in the user’s area. Patients navigate these selections through the company’s app, which acts as a digital concierge that helps select prompt, appropriate care for their condition.
Risalto aims to partner with payers and providers alike to streamline patients’ access to care. According to the company, the platform has been shown to reduce patients’ pain scores by as much as 50%, and influences members’ care choices at a 95% success rate. Alongside Health Catalyst Capital Management, the company boasts Oxeon Venture Studio as an institutional investor.
WHAT IT’S FOR
In addition to funding improvements to the platform itself, Risalto said that these new dollars will help scale the digital musculoskeletal program across the nation.
"Each day we spend working with patients it becomes more apparent that there is a lack of coordination and vital resources for those with MSK issues," Dr. Daniel Pizzarello, founder and CEO of Risalto, said in a statement. "We're excited to continue our partnership with HCCM to scale nationwide and help ensure that every patient gets the care that they deserve so that they can avoid dangerous drugs and unnecessary surgeries.”
Yesterday’s announcement comes nearly a year and a half after Risalto’s $1.5 million seed round, which was also headed by Health Catalyst Capital Management. That same year saw fundings for similar concierge services addressing different areas of care, such as SteadyMD ($2.5 million in March 2018) and Accolade ($50 million in April 2018). Further, it was only two months ago that Firefly announced its $10.2 million Series A round, and the appointment of athenahealth’s former firebrand Jonathan Bush as its executive chairman.
ON THE RECORD
"Health Catalyst Capital has focused on MSK as a major pain point in the healthcare system. By investing a second time in Risalto Health as it transforms MSK care, Health Catalyst Capital is furthering its mission of improving healthcare system access and quality while lowering costs," Charles Boorady, founding managing director at Health Catalyst Capital Management, said in a statement. “We have been very impressed by the progress made by Dan and the team at Risalto since our last investment. We are excited now to support their scale-up and roll-out to employers and health plans nationally."