This morning BetterPT, a digital platform that connects patients and doctors to physical therapists, raised $5 million in Series A financing. 5Lion Ventures led the round with participation from Hospital for Special Surgery (HSS) and ID Fund.
WHAT THEY DO
The New York-based startup helps patients find physical therapists in their area using a mobile app. After a user searches for clinics in their area, they are able to request an appointment through the app.
The company was born after a 2017 law passed in 29 our of 50 states known as “direct access,” which allows patients to get up to 10 physical therapist visits without a prescription and still be reimbursed for those visits.
The platform also has a provider-facing component, where clinics can upload their profile and hours of operation. The platform also boasts EHR interoperability.
WHAT IT’S FOR
The company plans to use the new money to grow its geographical reach, as well as user adoption.
“This financing is an important milestone for BetterPT as we increase the footprint of our unique healthcare offering in the US, connecting patients to physical therapists through a streamlined point of entry,” Greg Peters, CEO of BetterPT, said in a statement. “We look forward to strategically growing our PT clinic customers as well as our patient user base.”
MARKET SNAPSHOT
Physical therapy has been a hot topic in digital health and the area is seeing an influx of cash. However, it often comes in the form of a virtual therapist. Just this year Sword Health, which supports tech-enabled physical therapy, landed $8 million. Additionally, Physera, an app-based platform for musculoskeletal exercises and remote consultation with physical therapists, raised $8 million in March.
ON THE RECORD
“BetterPT’s technology 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,” Ronald W. Russo, partner and COO of 5Lion Ventures, said in a statement. “We’re excited to work with BetterPT as we watch the business grow and scale across the healthcare infrastructure.”
