Council Capital Leads Round for Innovator of integrated EMR and Billing-Aware Practice Management
SARASOTA, Fla., Oct. 1, 2024 /PRNewswire-PRWeb/ -- Today, StrataPT, the only billing-aware practice management platform for outpatient therapy clinics, is announcing it has secured $25MM in financing led by Council Capital. The funding comes as StrataPT experiences explosive growth led by demand for its SaaS-based platform that combines Electronic Medical Records (EMR), Revenue Cycle Management (RCM), billing, and collections into a single solution that helps practitioners improve cash flow and focus on patient care.
"We are on the precipice of real change as it relates to accountability and awareness in healthcare billing," said Paul Singh, CEO of StrataPT. "Our goal is to crack open the complexities of reimbursement and streamline clinical processes with a platform that provides true transparency for the first time ever. We value our partnerships with the physical, occupational, and speech therapists we serve, and the trust they have in us enables immediate benefits and long-term impact. Council is an expert in healthcare innovation, and their support helps us extend our reach and capabilities so we can help even more clinics."
Anecdotally, the majority of practice owners tell StrataPT that they typically only receive payments for 70-80% of what they are owed by healthcare payers - and worse, others don't even know how much they are owed. StrataPT has helped practices reach nearly 100% reimbursement rates, collecting $275MM for them to date. The company's revenue has increased 60% year-over-year, and its U.S.-based team has grown 75% in just the last two years.
"We understand the heartache and headaches that clinics experience with managing billing and operations," said Kim Peacock, founder of StrataPT. "We've built a full-service solution for outpatient therapy practices that helps them solve critical needs without having to hire expensive staff and other third-party vendors."
"Before StrataPT, I was essentially running two businesses - my PT practice and a billing business," said Justin Stiver, owner of Total Therapy Florida, a leading physical therapy clinic. "With StrataPT, I can focus on growing my practice without being stuck in the minutiae of billing - it really is the only EMR and billing platform in one."
Council Capital Partner Kevin Fahey, along with Healthcare IT industry veteran Gregory Anderson, are joining the StrataPT Board of Directors.
"StrataPT supports the business owners who are also practitioners by ensuring they easily recoup every dollar owed to them and return to a focus on patients," said Fahey. "StrataPT's approach is game-changing for the outpatient therapy industry and healthcare as a whole. Our mission is to invest in the right side of healthcare change, and we believe StrataPT is ushering in the next evolution of healthcare billing with its best-in-class solution for practice management and collections. Providers are looking for systems that make their job easy and get them paid - StrataPT does both exceptionally well and has the track record to prove it."
StrataPT's clients report up to a 42% increase in monthly insurance collections, and 99% of claims meet standards for correct coding, modifiers, structure, and formatting on the first attempt. As part of its commitment to transparency, StrataPT publishes its aggregate data and delivers analysis on reimbursement rates and insights on how states and practices compare. Check out StrataPT's Benchmark Data and ROI calculator for more details.
PEAK Technology Partners served as StrataPT's financial advisor.
About StrataPT
StrataPT is the only billing-aware practice management platform for outpatient therapy clinics. Built by experts in Electronic Medical Records (EMR) and Revenue Cycle Management (RCM), StrataPT is the strategic billing partner for physical, occupational, and speech therapy practices. StrataPT seamlessly brings together therapy documentation and billing into one full-service platform designed to deliver transparency so every practice can optimize growth. By accelerating the billing process with a reliable, SaaS-based solution, StrataPT helps practices realize a nearly 100% reimbursement rate so practitioners can improve cash flow and focus on patient care while eliminating stress so they can get back to the joy of operating their business. To learn more, visit https://www.stratapt.com/.
About Council Capital
Council Capital is a healthcare-focused private equity firm based in Nashville, Tennessee. Council Capital invests in lower middle market healthcare-related companies where it believes it can drive growth by applying its Council Model, which draws upon the resources and experience of its CEO Council (experienced industry executives), Strategic Healthcare Investors, and Value Creation Team. Council Capital leverages its Council Model to attract and support leading management teams and portfolio companies on the 'right side' of change in the healthcare industry – where growth will accelerate as cost pressure and quality demands increase. Council Capital targets control and minority investments with enterprise values typically between $10 million and $50 million. For more details, please visit http://www.councilcapital.com.
Media Contact
Kerriann Becker, Superior PR, 631-235-7796, [email protected], https://www.stratapt.com
SOURCE StrataPT
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