BetterPT Raises Another 5M to be the ZocDoc of Physical Therapy

first_img Filed Under: #NYCTech, AlleyTalk, Funded in the Alley, Funded in the Alley, Funding, Funding News, HealthTech, Interviews, Startups, Venture Capital Tagged With: 5Lion Ventures, betterPT, Greg Peters, Hospital for Special Surgery, ID Fund BetterPT Raises Another $5M to be the ZocDoc of Physical TherapyMay 8, 2019 by AlleyWatch 344SHARESFacebookTwitterLinkedin Physical therapy after surgery – like total hip replacement or spinal fusion surgery- is essential to facilitate the healing process, regain mobility, and to avoid reinjury. BetterPT is the healthcare technology platform that allows patients to schedule PT appointments in just three clicks through a smartphone app. On the clinician end, physicians can use this platform to refer patients to high-quality PT clinics, while the PT clinics can receive all of the incoming patient’s health information in a seamless and efficient way.AlleyWatch last spoke to CEO Greg Peters in 2017. In that interview, Peters projected that in the next six months betterPT would have over 500 clinics using its platform. Fast-forward to 2019, and betterPT has generated over 35,000 appointments in more than 3,000 clinics while raising a total of $8M over four rounds.Who were your investors and how much did you raise? BetterPT completed a $5M Series A round of financing. The Series A round was led by 5Lion Ventures and joined by Hospital for Special Surgery (HSS) and ID Fund.Tell us about the product or service that BetterPT offers.BetterPT is a healthcare technology platform that instantly connects physicians, patients, and physical therapy (PT) clinics through a website and mobile app, and it provides end-to-end digital connectivity between the patient and PT clinic.With its interoperable, HIPAA compliant application and EMR compatibility, BetterPT provides patients greater access to PT with a superior experience, as well as increased efficiency, trust, and security for everyone involved.Patients: With BetterPT services, patients can find physical therapy clinics in their local area that best fit their needs and accept their insurance and immediately request an appointment, all with just a few clicks.PT Clinics: BetterPT’s inbound patient management (IPM) solution offers seamless operational efficiencies and communications solutions to PT clinics for greater visibility and improved patient engagement, resulting in less administration time and more patient time.Physicians: Physicians can also refer patients with confidence to quality PT clinics in their network utilizing the BetterPT platform and avoiding the upfront paperwork.What inspired you to start BetterPT?Healthcare as an industry lacks integration and efficiency, resulting in a broken user experience for patients and providers alike. The industry struggles to implement revolutionary digital solutions that have transformed most other sectors in the twenty-first century.Physical therapy is an important part of clinical rehabilitation and preventive care, but it is often overlooked and/or skipped in the initial stages of diagnosis and treatment of an injury, as physicians oftentimes send patients directly to orthopedists or X-rays – a costly and sometimes unnecessary next step. Furthermore, Direct Access, now established in all 50 states, enables patients to see a physical therapist without a physician referral.Starting with the physical therapy sector, BetterPT is committed to transforming patient access and experience with healthcare services by providing end-to-end digital connectivity between physicians, physical therapists, and patients.How is BetterPT different?BetterPT is the leading specialized PT marketplace in the U.S. With its interoperable, HIPAA compliant application and EMR compatibility, BetterPT has generated more than 35,000 appointments in more than 3,000 clinics in the U.S.In addition, BetterPT has partnered with Hospital for Special Surgery (HSS), a world-leading partner in orthopedics and rheumatology to enhance the company’s rapid acceleration and market share capture of PT clinics across the U.S.How has the business changed since we last spoke in 2017?BetterPT launched in May 2016 as an on-demand mobile app focused on providing concierge physical therapy services to patients in their homes and offices.Today, BetterPT is the leading specialized PT marketplace in the U.S. working to transform and simplify patient access and experience through end-to-end digital connectivity across physicians and physical therapists (PTs) as well as patients.What market does Better PT target and how big is it? In the U.S. alone, the outpatient rehabilitation physical therapy (PT) market generates more than $35B in annual revenue with 3-5% annual growth.What’s your business model?BetterPT is a SaaS platform, which charges a monthly subscription fee based on the number of clinics using the platform.What was the funding process like?Brutal! The funding process consists of many NO’s and a few YES’s, which is all that matters. We have purposely been selective of our capital partners because we believe a successful venture in healthcare relies on meaningful partnerships.Brutal! The funding process consists of many NO’s and a few YES’s, which is all that mattersWe have purposely been selective of our capital partners because we believe a successful venture in healthcare relies on meaningful partnerships.What are the biggest challenges that you faced while raising capital?Time and opportunity. Tracking the right investors down for meetings and commitments is time-consuming and until the check clears it’s never a done deal. Resisting the temptation to pursue opportunities for the business that would take away from the capital raise. Raising capital is all that matters to a startup at our stage because it buys time and opportunity.What factors about your business led your investors to write the check?BetterPT has experienced significant growth in a short period of time to become the leading specialized PT marketplace in the U.S. Its healthcare technology platform has the potential to address major shortcomings, not just in physical therapy, but across the broader healthcare system, which continues to lag in innovative and interoperable technology.What are the milestones you plan to achieve in the next six months? Strong and consistent month over month growth in both patient sign-ups and paying clinics.What advice can you offer companies in New York that do not have a fresh injection of capital in the bank?It always takes more time and more money than you think. Don’t wait too long to raise capital. Capital provides time for your core product, team and business model to evolve.Where do you see the company going now over the near term?BetterPT will continue to expand its footprint nationally over the next 12-15 months.PREVIOUS POSTNEXT POSTlast_img read more

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