Edison Partners, a growth equity firm based in Princeton, announced Thursday it is leading a $10 million investment into Health Recovery Solutions, a remote pain monitoring solution.
Hoboken-based HRS provides a RPM platform for health care providers to reduce hospital readmission rates by up to 80% while also improving patient and caregiver satisfaction.
“As the U.S. health care industry shifts to a value-based care model, providers are more incentivized than ever to decrease readmissions and improve patient outcomes,” Gregg Michaelson, partner at Edison Partners who led the investment and will join the HRS board of directors, said.
The funds will be used to accelerate company’s go-to market capabilities and augment its technology platform.
“We’re delivering a comprehensive solution to costly chronic disease management,” Jarrett Bauer, co-founder and CEO, HRS, said. “Our partnership with Edison Partners will allow us to further accelerate toward our ultimate goal of positively impacting millions of patients who are unnecessarily readmitted to the hospital every year. We’re thrilled to partner with the Edison team as they bring healthcare and technology expertise along with operational capabilities to help us drive toward a premium outcome.”
HRS has more than 140 customers across the health care provider network including Banner Health System, Penn Medicine at Home, Well Care Health, Northwell Health and Medstar Health.
“CEO Jarrett Bauer and his team have built a superior technology solution that has allowed HRS to quickly scale in a capital-efficient manner. Jarrett, along with his co-founders Rohan Udeshi and Dan Priece, are singularly focused on building the market leader and we’re thrilled to have the opportunity to help them achieve their goals,” Michaelson said.
