New York, June 25, 2024 (GLOBE NEWSWIRE) -- A new study by Risk Strategies Consulting (RSC), a leader in actuarial and risk management, found that Sword Health program participants save $3,0121 annually on musculoskeletal (MSK) and related health services compared to non-participants. Based on these findings, Sword delivers a 301.2% return on investment (ROI) per member annually—the highest independently validated medical savings in the healthtech market.2 The study demonstrated that participants in Sword’s program have lower utilization of services for musculoskeletal (MSK) disorders and physical inactivity-related chronic conditions such as diabetes and depression.
The RSC study found that Sword clients save significantly more on healthcare costs compared to participants receiving traditional treatment, mainly by reducing the rate of costly surgeries by 50%3 and lowering overall MSK medical spend across service categories including procedures, ER visits, office visits, in-person physical therapy, and medical imaging.
This comes just days following the Peterson Health Technology Institute report that found that physical therapist-managed digital solutions proved savings and efficacy—and cited Sword as top of that list.
“In this independent analysis by a third party, it was demonstrated that Sword is able to deliver the highest level of cost savings in the healthtech space, saving our clients $3 in wasteful healthcare spend for each $1 spent with Sword," said Virgilio "V" Bento, founder and CEO of Sword Health. "In today's economic climate, where companies are being pressured to increase efficiencies, we're seeing an acceleration of Sword's adoption in the market precisely because we're able to deliver this magnitude of cost savings in our clients' healthcare costs, which is an area that has historically been very challenging to manage.”
This news coincides with Sword’s recent announcement of Phoenix, the AI Care Specialist, which guides and reacts to members during their sessions through natural conversation, bringing the clinical experience and expertise of a clinician to wherever the patient is, whenever they need it. Globally, billions of people lack access to high-quality care, including two billion people suffering from MSK issues, and two billion from either pelvic health or mental health conditions. To address these issues, Sword has reinvented the way care is delivered, starting with back, joint, and muscle pain, and has expanded to women’s pelvic health issues and sedentariness. The company has delivered over three million AI sessions to its members and is available to over 10,000 employers across three continents.
“For health plans and employers in the U.S., MSK spend is the largest cost category–30% more than cancer and diabetes combined,” continued Bento. "The accepted wisdom in healthcare is that you can't improve cost, quality, or access without harming the others. But we continue to prove that with AI Care, we finally have a model that can improve all three at once."
The full report can be found here.
Methodology
Risk Strategies Consulting analyzed data from 2,815 treated and 5,441 control members, adjusting for 2023 values, including COVID-19 impacts, chronic conditions, and cost truncations.
About Sword Health
Sword Health is on a mission to free two billion people from pain by pioneering the field of AI Care. Sword has developed the first AI Care platform, which starts with the expertise of world-class clinicians and builds in the expansive power of proprietary AI to deliver customized care to patients globally—anytime, anywhere. Delivering over three million AI sessions to members to date and available to over 10,000 employers across three continents, Sword holds the majority of industry patents, a 70% win rate in competitive evaluations, and has raised over $300 million in funding from major venture firms, including Khosla Ventures, General Catalyst, and Founders Fund. Ranked the 26th fastest-growing U.S. company on the Inc. 5000 list, Sword is redefining healthcare by building AI designed to make world-class care accessible to all, while saving millions of dollars in healthcare costs for its clients. Visit www.swordhealth.com for more information.
- Savings Claim: This claim is based on the study's findings and Sword's comparative analysis of available industry data at the time of publication.
- ROI Explanation: The return on investment (ROI) is calculated as the untruncated gross medical savings ($3,012) divided by program fees ($989) as reported in the study. This calculation is based on the study's specific data.
- Surgery Reduction: Surgery reduction figures are based on comparative studies between Sword participants and a control group receiving traditional care.
