Editor’s note: WRAL TechWire and the Council for Entrepreneurial development are partnering to present a series of profiles and Q&As featuring companies startups and emerging companies participating in the CED’s annual Life Science conference coming up Feb. 28-March 1 in Raleigh. The latest profile is PT Wired, which is based in Greensboro.
- Website: www.ptwired.com
- CEO: Vikram Sethuraman
- Contact information: email@example.com
- Sub-sector: Healthcare IT/Digital Health
- Headquarters: Greensboro, NC
- Year Founded: 2016
PT Wired is a physical therapy software application that improves clinic profitability by engaging patients more effectively during the out-of-clinic rehab portion. Patients are able to log in to the app on their mobile device and are given reminders, instructional videos, notes, and incentives to complete their rehab routines. At the same time, PT Wired collects outcome data and uses EMR integration to auto-populate portions of documentation for physical therapists.
- Vikram Sethuraman
- Mahek Shah
KEY MILESTONES TO DATE
- Funding: $60,000
- Completed beta version, launch in iOS App Store
- Completed pilot test with UNC Stallings-Evans Sports Medicine Center, measuring 70% patient adherence rate (35% above industry norm), February-April 2016
- Completed Groundwork Labs Accelerator, Summer 2016
- Started Dan Ariely’s Startup Lab Accelerator at Center for Advanced Hindsight, October 2016
- What is the primary pain point you are seeking to address?
The current at-home exercise routine prescription methods in physical therapy suffer from inefficiencies, poor communication, and a lack of patient accountability. As a result, only 30-35% of patients adhere
to their prescribed routines. When patients do not adhere to their prescribed routines, they often require additional clinic appointments due to an extended rehabilitation timeline, or, in some cases, additional surgical procedures. Furthermore, the lack of patient engagement during out-of-clinic rehabilitation results in increased documentation overhead for physical therapists.
- What sets your company apart? What’s the “secret sauce”?
By integrating with electronic medical record systems, PT Wired engages patients more effectively during out-of-clinic rehab while reducing the workload of physical therapists rather than adding to it.
- Why should investors be interested in your company? What is the potential market size?
Due to an aging population, unhealthy lifestyles, and increased access to physical therapy as a result of the government legislation, the physical therapy industry is experiencing massive growth rates. The physical therapy industry is a $26.6 billion industry with projections of growth to $34.6 billion by 2020. Furthermore, as reimbursement models continue to shift toward outcome-based payments, there is an increasing need for products like PT Wired.