What You Should Know:
– StrataPT, the only billing-aware practice management platform for outpatient therapy clinics, is announcing it has secured $25M 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.
StrataPT: Driving Growth and Maximizing Reimbursements for Healthcare Practices
StrataPT has enabled healthcare practices to achieve nearly 100% reimbursement rates, addressing a common industry issue where many practices receive only 70-80% of what they are owed from payers, with some unaware of the full amount owed. To date, StrataPT has collected $275 million on behalf of its clients, contributing to a 60% year-over-year revenue increase and a 75% growth in its U.S.-based team over the past two years.
Client practices report significant improvements, including a 42% increase in monthly insurance collections. Additionally, 99% of claims processed by StrataPT meet correct coding, modifier, structure, and formatting standards on the first submission. The company’s commitment to transparency is demonstrated by its regular publication of aggregate data, providing valuable insights on reimbursement rates and comparative performance across states and practices.
StrataPT’s growth and success are further supported by the addition of Council Capital Partner Kevin Fahey and Healthcare IT veteran Gregory Anderson to its Board of Directors. Their leadership is set to enhance StrataPT’s impact in the healthcare sector.
“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.”
