RightMove Appoints Marcus Osborne as CEO; Frist Cressey Ventures & Greycroft Join Series A Financing
New York, NY (February 06, 2023) RightMove Powered by HSS, a nationwide provider of virtual musculoskeletal physical therapy co-founded by Hospital for Special Surgery (HSS) and Flare Capital Partners, has appointed former Walmart Health executive Marcus Osborne to be its Chief Executive Officer.
RightMove, which was announced in October and will launch mid-2023, also announced that leading venture capital firms Frist Cressey Ventures and Greycroft have joined HSS and Flare Capital Partners in its Series A financing.
Specialized in musculoskeletal health for 160 years, HSS is the world’s leading academic medical center dedicated to the field, ranked #1 in orthopedics worldwide by Newsweek and nationwide by U.S. News & World Report. Half of all U.S. adults experience musculoskeletal health-related issues leading to an annual national health expenditure of over $380 billion USD, and rising. Access to high-quality physical therapy has been shown to reduce unnecessary surgeries, injections, emergency room visits, and imaging - resulting in better outcomes at a lower cost for patients, employers and payors.
“RightMove connects the world’s largest concentration of knowledge and expertise in musculoskeletal health that is HSS to the enormous need for better quality diagnosis and treatment at population scale,” said HSS CEO Louis A. Shapiro. “Marcus Osborne, Frist Cressey Ventures and Greycroft each bring to this their own singular strengths and together with Flare Capital Partners, we can positively transform quality and performance for millions nationwide.”
For 15 years, Mr. Osborne played a key role in Walmart’s push into healthcare. Announcing his move from Walmart last year, he said: “I’m not done trying to do what I can to make things a little better—I’m just going to do it while on a different path." Mr. Osborne’s official start date as CEO of RightMove Powered by HSS is February 13.
Since the October announcement of the independent for-profit company’s formation and Series A financing, Amy Fahrenkopf, MD, senior vice president of HSS and president of HSS Health, has served as interim CEO of RightMove. “We are delighted and encouraged to have secured both the iconic leadership of Marcus Osborne and partnerships with visionary investors Frist Cressey Ventures and Greycroft, particularly in the context of a challenging capital market,” said Dr. Fahrenkopf.
Prior to earning his MBA at Harvard in 2007, Mr. Osborne completed an internship at The White House and served as Chief Financial Officer of the Clinton Foundation’s HIV/AIDS Initiative. Since leaving as Senior Vice President of Walmart Health, Mr. Osborne has joined the Board of Directors of five early stage wellness and healthcare companies and serves as Executive Chairman of one of those.
“The number of Americans dealing with chronic musculoskeletal issues is staggering,” said Marcus Osborne. “The opportunity to work with a best-in-class institution in HSS and phenomenal investors in Flare Capital Partners, Frist Cressey Ventures and Greycroft to deliver a next-generation solution to market to help address this massive problem is one that I’m enormously excited by.”
Co-founded by former U.S. Senate Majority Leader Bill Frist, MD, and private equity pioneer Bryan Cressey, Frist Cressey Ventures is a venture capital firm with a mission of transforming healthcare to improve lives. “We don’t believe that the status quo of musculoskeletal care available to the average American is good enough,” said Navid Farzad, Partner at Frist Cressey Ventures. “We’re grateful to be a part of the RightMove team and bring the world-class clinical excellence in musculoskeletal care at HSS to more people.”
Greycroft’s portfolio spans investments in a broad range of internet sectors, with companies headquartered in 19 countries. It concentrates on long-term, values-based opportunities with businesses committed to teamwork. “At Greycroft, we look to invest in areas like health tech that are rapidly evolving. In particular, we see an immediate opportunity to transform how MSK care is delivered and experienced. HSS is the premiere center for musculoskeletal health and we are thrilled to leverage their clinical expertise and data-driven approach to bring an innovative solution like RightMove to market,” said Greycroft Partner Ellie Wheeler.
Hospital for Special Surgery (HSS), the global leader in Orthopedics, launches Newco targeting $380B national musculoskeletal health burden
Flare Capital and HSS leading $21M Series A fundraising round for RightMove Powered by HSS™, a national virtual triage and nonsurgical physical therapy solution that produces better outcomes at reduced costs
New York, NY (October 18, 2022) Hospital for Special Surgery (HSS), the world’s leading academic medical center specializing in musculoskeletal health, today announced a $21M Series A to launch RightMove Powered by HSS, an independent for-profit company, whose mission is to make high quality, patient-focused virtual musculoskeletal physical therapy available to all Americans. The round, led by Flare Capital and HSS, will be used to build out RightMove’s technology platform and create a nationwide network of specialty-trained physical therapists. RightMove expects to be live and treating patients in late Q2 2023.
RightMove addresses a critical need as half of all U.S. adults experience MSK-related issues leading to an annual national health expenditure of over $380 billion USD and rising. Access to high-quality physical therapy has been shown to reduce unnecessary surgeries, injections, emergency room visits, and imaging - resulting in better outcomes at a lower cost for patients, employers and payors.
Amy Fahrenkopf, MD, Senior Vice President of HSS and President of HSS Health, has been appointed interim CEO of RightMove while an executive search is underway. “We believe RightMove can address an unmet need in the market by being a true value- based partner to health plans and employers through our proven care model, use of specialty trained physical therapists and unparalleled experience providing telerehabilitation,” says Dr. Fahrenkopf.
“RightMove is a milestone opportunity for people and businesses everywhere to make the vital first step in treating orthopedic conditions with the benefit of 159 years of specialized expertise,” said Louis A. Shapiro, President and CEO at HSS, “Flare Capital is a great partner to help scale the impact of HSS’ unique knowledge and capabilities.”
“RightMove is addressing one of the biggest challenges in healthcare right now, and it is doing so with a truly differentiated offering,” said Michael Greeley, co-founder and general partner, Flare Capital Partners. “The amount of money spent on musculoskeletal care every year is staggering and there is urgency in the market to find meaningful solutions for employers and payers. We were drawn to the unique opportunity to partner with the global leader in musculoskeletal care, to quickly scale a company that cares deeply about both clinical quality and value for its customers.”
About HSS
HSS is the world’s leading academic medical center focused on musculoskeletal health. At its core is Hospital for Special Surgery, nationally ranked No. 1 in orthopedics (for the 13th consecutive year), No. 3 in rheumatology by U.S. News & World Report (2022-2023), and the best pediatric orthopedic hospital in NY, NJ and CT by U.S. News & World Report “Best Children’s Hospitals” list (2022-2023). In a survey of medical professionals in more than 20 countries by Newsweek, HSS is ranked world #1 in orthopedics for a third consecutive year (2023). Founded in 1863, the Hospital has the lowest complication and readmission rates in the nation for orthopedics, and among the lowest infection rates. HSS was the first in New York State to receive Magnet Recognition for Excellence in Nursing Service from the American Nurses Credentialing Center five consecutive times. An affiliate of Weill Cornell Medical College, HSS has a main campus in New York City and facilities in New Jersey, Connecticut and in the Long Island and Westchester County regions of New York State, as well as in Florida. In addition to patient care, HSS leads the field in research, innovation and education. The HSS Research Institute comprises 20 laboratories and 300 staff members focused on leading the advancement of musculoskeletal health through prevention of degeneration, tissue repair and tissue regeneration. The HSS Innovation Institute works to realize the potential of new drugs, therapeutics and devices. The HSS Education Institute is a trusted leader in advancing musculoskeletal knowledge and research for physicians, nurses, allied health professionals, academic trainees, and consumers in more than 145 countries. The institution is collaborating with medical centers and other organizations to advance the quality and value of musculoskeletal care and to make world-class HSS care more widely accessible nationally and internationally. www.hss.edu.
About Flare Capital
Flare Capital Partners strives to help build significant healthcare technology, digital health, and healthcare services companies to improve health outcomes and broaden access while lowering costs of care. We partner with inspirational entrepreneurs who seek to transform the business of healthcare by developing innovative and impactful products and services. Flare Capital is a team of proven healthcare technology investors and senior operating executives known for thought leadership and unparalleled strategic industry resources. Our firm has raised some of the industry’s largest dedicated venture capital funds focused on early-stage opportunities in healthcare technology innovation, and our investors include leading healthcare companies, major institutional investors, important family offices, foundations, and sovereign wealth funds. We are full life-cycle investors in our portfolio companies as we work alongside entrepreneurs over their entire company-building journey. Select portfolio companies include Aetion, Aspen RxHealth, Bright Heath, Cayaba Care, Cohere Health, Eden Health, HealthVerity, Iora Health, Oshi Health, Somatus, and VisitPay. The firm has developed the very successful Flare Scholar program with over 250 participants and actively leverages its extended industry network, Executive Partners, and Industry Advisory Board for the benefit of the entrepreneurs and founders with whom it is privileged to partner. Learn more at www.flarecapital.com and follow the firm on Twitter @flarecapital