Commons Clinic, a value-based health system providing spine, orthopaedics, and pain management care, has raised $19.5m in a Series A funding round, led by RA Capital Management.

Current investors Floating Point and Courtside Ventures, along with new investor Time BioVentures, also joined the fundraising.

As part of the deal, RA Capital Management’s Prithviraj Singha Roy and Floating Point’s John Loser have joined the Commons Clinic board.

With prior investments from industry leaders, including Elliot Cohen and Mike West, Commons Clinic has now amassed a total of $33.5m.

The clinic seeks to improve speciality care by offering comprehensive services independently from the traditional hospital-centric model.

To do this, Commons Clinic employs minimally invasive surgical techniques and digital-first care models to aid in improving the affordability, quality, and speed of speciality care.

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According to the health system’s press statement, surgery centres offer cost savings, averaging 40% less in expenses than conventional hospitals.

Hospital fees have been a major driver of rising healthcare costs, with an estimated annual expenditure of $58bn on care at inappropriate service sites and more than $100bn wasted on low-value care.

Commons Clinic’s approach involves vertical integration, allowing them to control care and costs more effectively.

The health system offers all-inclusive care programmes for procedures such as total joint replacements and spinal fusions.

Its bundled payment system, both surgical and non-surgical, claims to offer cost savings for health plans and employers while delivering high-value care to plan members as an alternative to costly hospitals.

Commons Clinic co-founder and CEO Nick Aubin said: “With Commons Clinic, I believe there is a once-in-a-generation opportunity to foundationally change how speciality care is delivered, enabling us to win long-term consumer relationships, earn the power of top physicians’ loyalty, and capture the power of a rebuilt speciality care value chain.

“We’ve been fortunate enough to quickly gain traction, adding six of LA’s top surgeons to our group, opening three clinics, and securing a top five national health plan as our anchor value-based partner in our first two years of operations.”