To expand beyond the small- and mid-size employer market, digital physical therapy, telehealth, and patient engagement platform Physitrack has launched two new enterprise-focused offerings for new or current customers.
The first of these, called PhysiApp 2.0, is a revamp of the company’s patient-facing physical therapy app that is better suited for long-term treatment and guided patient education, while the second, called Physitrack AI, is a tool for enterprises to better collect data and manage their patient populations. Both offerings are highly customizable so that they can conform to the needs of a specific enterprise, Henrik Molin, CEO and cofounder of Physitrack, told MobiHealthNews.
“We’re probably 70 percent small- to mid-size B2B revenue now, with 30 percent enterprise,” he said. “The aim for Physitrack — and this was always the case ever since we launched the first versions back in 2015 — was to have the opposite balance: 70 percent enterprise, 30 percent small- to mid-size business. So, these new products will definitely get us closer to that, and I think that that will happen pretty fast given just the size of these deals that we’re seeing on the backs of these products.”
Founded in 2012, Physitrack’s virtual platform offers an alternative to the traditional paper-based exercise regimens supplied to patients preparing for or recovering from surgery. The platform’s remote monitoring and compliance tracking makes both parties more accountable, and provides patients access to educational physical therapy content. The service is marketed to employers and healthcare providers, is used in 102 countries, and has seen more 2.5 million total patients, according to the company.
Physitrack’s new version of its app still provides physical therapy education and support to patients, but better supports the adjustable, multi-year patient communication strategies often required by enterprises, Molin explained.
“PhysiApp itself wasn’t really made for that type of stuff. It was more made for limited periods of time, rehab over a few weeks maybe," he said. "We looked at this and we saw that we could do so much more with this, and that became the more custom offering PhysiApp 2.0, which is only available to larger companies.”
Meanwhile, Physitrack AI can help enterprises begin managing their patients prior to their first spoken interaction with the organization. Among its primary features is an onboarding algorithm that allows patients to input their information and needs through the app. Along with reducing the burden on an organization by prompting the first visit, a telehealth call, or self-management in the case of a minor injury, Molin said that this kind of service can help engage patients who’d normally shy away from a live call.
“For a lot of patients, they prefer to do that kind of information sharing in an app, and potentially get that kind of advice or things to do before they talk to somebody,” he said. “That was the start of that whole journey — to make things easier for the healthcare provider in terms of finding out key things that’s going on with the patient without having to talk to him, and for the patient just to do that virtually without having to talk to someone. You’d be surprised how many people don’t want to talk to anyone anymore.”
Molin also noted that Physitrack AI’s algorithms can be adjusted by the customer to better match triaging results to their organization’s capabilities.
“Our clients can define their own questionnaires, their own triage flows and endpoints,” he said. “We, Physitrack, will then be one step removed from that actual clinical process, and … you have a very nice looking tool that the organization can use to get those workflow benefits and the patient journey benefits.”
While initially planned for the first quarter of this year, Molin said that Physitrack is still looking toward its upcoming public listing on the Nasdaq First North stock exchange and noted that the company has been fielding some M&A inquiries in the meantime.
In the past, Molin has been very outspoken about his company’s emphasis on maintaining a positive cashflow, and the advantages he and his cofounder Nathan Skwortsow have enjoyed by limiting the influence of venture capital (Physitrack was largely funded by prior successful exits, and so far has received just under $3.5 million from outside investors).
Early last year, the company was also named as a participant in Apple’s Mobility Partner Program alongside mobile EHR company drchrono.