The internet has put everything on demand at our fingertips. There’s countless apps for transportation; apps that let you find all kinds of people and services including to find nannies, doctors, and even significant others. One of the most recent entrants into the space is Better PT, a mobile first app for those in need of physical therapy services. The platform is a one stop solution that allows you to seek providers based on affordability, location, and insurance. Insurance validation and integration with EMR are on the horizon. Physical therapy is growing fast and Better PT sits at the intersection of this industry that’s ripe for technological disruption.
AlleyWatch chatted with CEO Greg Peters about the Startup and how the PT industry can benefit from the app.
Tell us about the product or service:
Better PT is a new disruptive service that intends to revolutionize how physical therapists, doctors and patients interact. Better PT provides a mobile and web app that facilitates the interaction between physical therapists and their patients in a HIPAA compliant and frictionless platform.
How is it different?
We are one of the first mobile first companies to disrupt a very specific sector in healthcare that almost everyone on the planet has some interaction. Technology has not yet been applied to the PT space either.
What market are you attacking and how big is it?
Outpatient rehabilitation is currently a $29.6 billion industry, which includes physical therapy, speech therapy, audiology, and more. 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. Licensed physical therapist in US in 2014 = 210,900. Projected US growth by 2024 = 282,700 (34% increase), US Department of Labor. Indicative of the industry’s economic stability, “physical therapist” was rated the 6th most recession-proof job by Time Magazine.
What is the business model?
Monthly subscription for clinics and private physical therapists. Patients are free to download
What inspired the business?
Coming from the health and fitness world I was listening to countless stories from clients about the difficulty with the logistics of getting physical therapy. Who is good? Are they near my house? Do they take my insurance? Do I need a script? Etc. It just seemed like such an opportunity to attempt to reduce some friction points for patients while providing physical therapists a simple technology to help improve their business efficiency and drive new business. What we are doing is so simple but could potentially revolutionize and massive industry that only keeps growing.
Could your offering not be easily replicated by a larger organization that is already focused on home care?
We are not just focused on home care right now. Version 2 will introduce in clinic booking with insurance validation and EMR integration. Every business is replicable but it doesn’t mean it will be successful. It all comes down to execution. We are very confident we have the right leadership, team and strategic partners to grow betterPT to its potential.
What are the milestones that you plan to achieve within six months?
BetterPT will have over 500 clinics using its platform and be across the northeast.
What is the one piece of startup advice that you never got?
No one ever told me how much FUN this really is!
If you could be put in touch with anyone in the New York community who would it be and why?
Mike Bloomberg – Mr. Bloomberg is a visionary and business mogul. There are a lot of lessons to learn from him.
Why did you launch in New York?
If you can make it in NYC you can make it anywhere. NYC is the mecca of healthcare.
What’s your favorite restaurant in the city?
Lupa.
