BetterPT Digitalizes the Physical Therapy Industry
Recognizing that physical therapy will always be in demand, Dr. Stephen Fealy MD, a leading orthopedic surgeon at the Hospital for Special Surgery (HSS), and Greg Peters, a leading health and fitness expert, joined forces to make the overall physical therapy industry and experience more effective and efficient, thus BetterPT was conceived.
BetterPT (www.betterPT.com) is a Platform As A Service (PaaS) that connects the patient and the physical therapist through simple, user-friendly technology to give the patient the best possible treatment outcome with a personal and convenient approach. Through the HIPAA compliant BetterPT mobile app, patients can use geo-location to find a therapist, book an appointment to their desired location, add their condition and pay for their treatment, creating an entirely personalized physical therapy experience.
Companies like Uber have created the marketplace for the on-demand lifestyle. Incremental change in health care delivery is on the horizon and companies continue to explore frictionless care options. “After 15 years of experience in health and fitness, plus in-depth knowledge of the PT eco-system, we have identified a need, addressed the frustrations and struggles of the patient, and are now providing a solution to the logistics of making PT a better experience,” explains Greg Peters, Co-founder and CEO of BetterPT. “Like Uber changed the taxi business, we intend to change how the physical therapy industry operates.”
BetterPT revolves entirely around improving the physical therapy experience by placing high emphasis on convenience to both the patient and physical therapists. Patients can seamlessly manage their treatment history, including access to the necessary information for insurance reimbursement. The app even allows direct communication between the physical therapist and patient through its in-app messaging.
BetterPT is a disruptive technology that preserves the relationship between provider and patient while benefitting both parties. The BetterPT app enables New York City physical therapy clinics to extend their brand and treatment outside of the traditional brick and mortar locations, thereby capturing additional revenue without added cost. The platform software allows individual physical therapists and large multisite PT clinics to manage their day-to-day operations efficiently through mobile and desktop applications.
Outpatient rehabilitation is currently a $29.6 billion industry. Traditional musculoskeletal physical therapy (PT) accounts for $26.6 billion and 89.8% of all outpatient rehabilitation spending. Industry revenue is forecasted to grow at an annualized rate of 6.8% to approximately $42 billion in 2020. As it enters an industry with potentially exponential growth, BetterPT looks to not only cater to the needs of those seeking physical therapy, but to ensure a smooth process between patient and physical therapist.
BETTER PT INC closed its initial $1.5M Series Seed Round led by Loeb Holding Corp., one of the last privately held independent investment banking enterprises on Wall Street. “I believe BetterPT will improve both the patient’s and therapist’s experience on many fronts,” states Co-founder and Chief Medical Officer Dr. Stephen Fealy. “This is an incremental improvement to the traditional patient/therapist experience. One in which the patient will be able to book a therapy visit through an app and the physical therapist can simultaneously provide the best care for their patients.” For more information, see the recent article in MobiHealthnews.