BetterPT Secures $5M in Series A Financing
Fastest Growing U.S. Specialized Physical Therapy Marketplace Poised for Expansion
BetterPT™, a healthcare technology platform company providing end-to-end digital connectivity between physical therapists (PT), patients, and physicians, announced today it has completed a $5 million 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. BetterPT will use the capital to expand its reach and adoption as the leading specialized PT marketplace in the U.S.
“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,” said Ronald W. Russo, Partner and COO of 5Lion Ventures. “We’re excited to work with BetterPT as we watch the business grow and scale across the healthcare infrastructure.”
“This financing is an important milestone for BetterPT as we increase the footprint of our unique healthcare offering in the U.S., connecting patients to physical therapists through a streamlined point of entry,” said Greg Peters, CEO of BetterPT. “We look forward to strategically growing our PT clinic customers as well as our patient user base.”
"HSS is focused on advancing quality and reliability across the spectrum of musculoskeletal health," said Louis A. Shapiro, President and CEO of HSS. "Our strategic relationship with BetterPT is an important part of that, making it easier for consumers to independently identify and access the highest value physical therapy most convenient to where they live or work."
BetterPTTM is a healthcare technology platform company, committed to transforming patient access and experience with healthcare services by providing end-to-end digital connectivity between physicians, physical therapists (PTs) and patients. Partnering with the world leader in musculoskeletal health, Hospital for Special Surgery (HSS), BetterPT is the fastest growing specialized PT marketplace in the U.S. Patients can find 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, while BetterPT’s inbound patient management (IPM) solution offers a number of operational efficiencies to clinics. With its interoperable, HIPAA compliant application and EMR compatibility, BetterPT enables patients greater access to PT, an important and oftentimes overlooked part of clinical rehabilitation and preventive care, and its unique marketplace model has potential to expand across the larger healthcare landscape to help advance connectivity between other kinds of patients and providers. For more information, please visit www.BetterPT.com.
HSS is the world’s leading academic medical center focused on musculoskeletal health. At its core is Hospital for Special Surgery, nationally ranked No. 1 in orthopedics (for the tenth consecutive year), No. 3 in rheumatology by U.S. News & World Report (2019-2020), and named a leader in pediatric orthopedics by U.S. News & World Report “Best Children’s Hospitals” list (2019-2020). Founded in 1863, the Hospital has one of the lowest infection rates in the country and was the first in New York State to receive Magnet Recognition for Excellence in Nursing Service from the American Nurses Credentialing Center four consecutive times. The global standard total knee replacement was developed at HSS in 1969. An affiliate of Weill Cornell Medical College, HSS has a main campus in New York City and facilities in New Jersey, Connecticut and in the Long Island and Westchester County regions of New York State. In addition, HSS will be opening a new facility in Florida in early 2020. In 2018, HSS provided care to 139,000 patients and performed more than 32,000 surgical procedures, and people from all 50 U.S. states and 80 countries travelled to receive care at HSS. There were more than 37,000 pediatric visits to the HSS Lerner Children’s Pavilion for treatment by a team of interdisciplinary experts. In addition to patient care, HSS leads the field in research, innovation and education. The HSS Research Institute comprises 20 laboratories and 300 staff members focused on leading the advancement of musculoskeletal health through prevention of degeneration, tissue repair and tissue regeneration. The HSS Global Innovation Institute was formed in 2016 to realize the potential of new drugs, therapeutics and devices. The HSS Education Institute is the world’s leading provider of education on musculoskeletal health, with its online learning platform offering more than 600 courses to more than 21,000 medical professional members worldwide. Through HSS Global Ventures, the institution is collaborating with medical centers and other organizations to advance the quality and value of musculoskeletal care and to make world-class HSS care more widely accessible nationally and internationally. www.hss.edu.