Meeting Prep: Ada <> Sword Health

Sword Health - Company Profile

• What they do: AI-powered digital MSK (musculoskeletal) and mental health platform
• Valuation: ~$4B (raised $40M in 2025 from General Catalyst)
• Scale: 300,000+ members supported in 2025
• Key outcomes: 69% pain-free, 55% surgery avoidance, 81% completion rate
• CEO: Virgilio Bento (Portuguese, based in NYC)
• IPO timeline: Targeting ~2028
• Recent moves: Launched "Mind" (AI mental health with therapist Phoenix + wearable M-band), Intelligence division for AI healthcare ops, hired Chief Payor Officer and Chief Enterprise Officer

Strategic Relevance to Ada

• Potential synergy: Sword excels in MSK treatment delivery but relies on employer/payor channels for patient acquisition. Ada's symptom assessment engine could be an upstream intake layer -- patients presenting with MSK symptoms on Ada get routed to Sword's platform.
• Patient Finder angle: Ada could help Sword identify undiagnosed MSK patients in their employer populations before they become surgical cases (Sword's whole value prop is early intervention).
• Distribution play: Sword has deep employer/payor relationships (Desjardins, Alight/Worklife). Ada could leverage these as distribution channels.
• No existing partnership between Ada and Sword per public sources.

Copper CRM Status

• No Sword Health deals found in pipeline (this appears to be an early exploratory meeting)

Commitment Tracker

• No open commitments related to Sword Health

Talking Points

1. Frame the meeting around patient acquisition: Sword's biggest challenge is getting the right patients into their programs early. Ada's symptom assessment sees 15M+ annual assessments -- many with MSK complaints.
2. Quantify the opportunity: If even 2-3% of Ada's assessments flag MSK conditions, that's 300-450K potential Sword patients/year.
3. Explore integration models: White-label symptom assessment within Sword's platform, or referral pathway from Ada to Sword.
4. Ask about their mental health expansion: Mind is new -- same patient identification logic could apply to behavioral health.
5. Revenue model alignment: Sword does value-based care; Ada's per-patient-found model aligns well.

Risk/Watch Items

• Sword may view Ada as a potential competitor in triage/assessment
• They may already have their own intake screening and not need external assessment
• Early-stage exploratory -- don't over-commit; learn what they need first