Clarification: This article has been updated to reflect that Reflexion Health has entered into the employer market.
This morning, virtual physical therapy platform Reflexion Health announced that it has inked a deal with BevCap Management, a program manager for captive insurance companies. This marks Reflexion’s first deal in the employer market.
As part of the partnership BevCap’s clients will have access to Reflexion’s Virtual Exercise Rehabilitation Assistant (Vera) as well as Reflexion’s cloud-based clinical services network, which lets patients using Vera get care through video check-ins and follow-ups from a physical therapist.
“Often time the patients are hobbled up after an injury and asking them to make the trip back and forth [to a provider] doesn't seem like it is patient-centered care,” Dr. Joe Smith, CEO of Reflexion Health told MobiHealthNews. “So we have had good success in having this model rolled out in surgical centers and rehabilitation hospitals. There is a time for us to take this value proposition and share it with a group of folks who have largely been a group of movers and shakers in value-based healthcare — that is, the self-insured employers — because they really do recoup all of the benefits in terms of getting people back to work sooner or keeping them convenient in terms of where they get their care delivered and all of the economics around it.”
In 2015 Reflexion Health got FDA 510(k) clearance for Vera, which uses Microsoft Kinect motion tracking to help patients with musculoskeletal rehabilitation.
While this is the company's first deal with employers, Smith said the company doesn’t anticipate it being the last.
“Whenever you come forward with a novel approach to delivery I think everyone can be a little bit skeptical … they appreciate you might make it better, but before they change everything they want to see it is better,” Smith said. “We have gone through that natural stage of development by getting early adopters and getting them to share their experiences … [then] people are going to say 'How can we scale this more closely to make sure that all the patients that might benefit from this approaching getting it?' That is where we see deals like this come to fruition and others. There are a lot of large self-insured employers and a lot of insurance companies that every year are asked to do more and more for their employers, and do so in a way that is economically advantageous.”
In addition to growing its deals with employers, the company plans to grow its physical therapy offerings and expand services to more clients.
Investors have also taken notice of the company. Since 2012 the company has been raking in investments including a $18 million Series B funding round in 2016, a $7.5 million Series A round in 2014, and a $4.25 million seed funding round in 2012.
“The onboarding of Reflexion’s Vera platform and clinical services network is an important addition to BevCap’s benefits package which offers clients and their employees a convenient solution to receive consistent, quality care at home following total joint replacement surgery,” Lee Anne Klas, senior account executive of BevCap Management, said in a statement. “All of our clients in 17 states will benefit from the availability of Vera through this new and improved employee benefits package, and we are confident that this addition will be a tremendous asset to their employees.”jordans for sale pink