June 22, 2021
By Stephanie Baum
Read the original article here: MedCity News
Force Therapeutics, a remote patient monitoring business providing physical therapy for people recovering from orthopedic procedures, has closed a $2.5 million financing round, according to a Form D filing on the U.S. Securities and Exchange Commission’s website.
In response to emailed questions, Mark Lieberman, the president of Force Therapeutics, said in an email that the company would use the new funding “to expand its product development capabilities, fund expansion and grow its national footprint.”
The New York-based company, which is part of StartUp Health’s portfolio, is one of several businesses that present themselves as a way to support the roll out of bundled payments, starting with hip and knee replacement surgery.
The Comprehensive Care for Joint Replacement launched in April and holds hospitals accountable for the care they provide Medicare fee-for-service beneficiaries from surgery through recovery. Companies like Force Therapeutics are intended not only to allow patients to recover from home, but also provide insight to physicians on patient progress between appointments. The idea is they can intervene earlier when needed to help patients and spark follow-up care sooner rather than later if patients fall short of their goals for whatever reason.
Force Therapeutics’ fundraise follows another capital raise in February last year when it reported a $2.2 million funding round. At that time, it capital from six new investors across strategic investors and private equity.