Two business lines and global presence
Physitrack is a global digital healthcare provider with staff on four continents, customers in 17 time zones, and millions of end users in 187 countries.
a. Lifecare Technology - a Software-as-a-Service (SaaS)-based software platform tailored to physiotherapy and musculoskeletal care, encompassing clinical home exercises, education prescription, outcomes tracking, triaging and Telehealth.
b. Virtual Wellness - Software-as-a-Service and care services powered by Physitrack Group technology by Champion Health with corporate wellness and care professionals in the UK, Germany and the Nordics.
Lifecare Technology- tailored to both small and large healthcare establishments
The Physitrack technology platform digitizes the entire patient journey, from initial contact to patient interactions and outcomes tracking, empowering practitioners to deliver better care.The SaaS platform is offered through a cloud-based software suite that can be tailored by customers to specific patient needs and is also offered as a white label solution.The Lifecare offering caters to payers such as corporates, insurance companies and hospital operators through in-house physiotherapists using Physitrack technology in parallel with hands-on care as needed with specific patient types.Customers pay us monthly or yearly recurring subscription fees for access to our technology.
Virtual Wellness offering - Leverages world-leading tech to provide excellent care
Following the acquisition of several care providers and Champion Health in 2021 and 2022, Physitrack has extended its offering from a pure technology offering to also include virtual care, catering predominately to corporate payers that pay us based on our ability to make their employees feel better, thus decreasing staff turnover and increasing staff retention.We consider there to be a paradigm shift ongoing in how Wellness is delivered and perceived. Through strategic initiatives and acquisitions, Physitrack deems it prepared to monetize this opportunity.
M&A program - accelerating growth and technology edge
Physitrack's organic growth is complemented with acquisitions, serving to increase the user base or for new market entry. Furthermore, we continuously identify acquisition targets that can add value to Physitrack's product range, unlock certain market segments and ensure growth of Physitrack's enterprise customer base.
Physitrack was born out of an ambition to make a difference for millions of patients around the world by introducing powerful, easy-to-use technology for the engagement with their care providers. Our business has grown drastically, our technology has evolved significantly and we have provided substantial shareholder value over the years thanks to a growth strategy that combines customer-led innovation with sound financial management and a disciplined, well structured M&A program.
World-leading products and services
Our innovation is world-class and we never, ever lose sight of the end goal of our products and services offering: To be the best provider our customer's money can buy.To achieve this, we have a symbiotic relationship with our customers, who make sure that we keep evolving our product offering so that they can achieve the best results possible, wherever in the world they are.Our product team has time and time again designed, tested and launched new features in weeks to the joy of our customers, who learn of our innovation in our monthly newsletter Physitrack Connect.
Low risk, high growth, diversified revenue generation
We believe in moving fast, scaling our offering to market segments and geographies with a high potential for monetisation while keeping costs in check. We have a number of tools in our tool box to achieve that - notably our own localisation technology, a multi-lingual and a multi-geographical team of relentlessly hardworking individuals and access to an intelligent and dynamic customer network of care providers that knows its local markets and also speaks every conceivable language under the sun. As a result, we can keep producing well-diversified growth at low cost, resulting in low risk for the business.
Concretely, we can typically take our SaaS offering to a new market in the matter of a few weeks, which we do on a regular basis - in 2020 we launched in about half a dozen new markets simultaneously.
Acquisitions of high-calibre companies
We have repeatedly added to growth and the acceleration of our business with acquisitions and we think this is a great way for us to develop our products and services, our customer base, our business model and our financial success.We see a multitude of exciting M&A opportunities in the healthcare technology space and we are perfectly placed to capture them with a strong capital base, great in-house execution firepower and fantastic service providers.Our first acquisitions - our previous competitor Physiotools and a number of leading virtual-first Wellness providers - were executed with discipline, speed and determination that added over €3 million in revenue, sustained organic growth and the release of very significant synergies in a short period of time.
The company is founded by Henrik Molin and Nathan Skwortsow.The idea for Physitrack came about in late 2011, when a relative of Henrik was given a paper home exercise handout after a knee operation and suggested there should be an app for it.
First version in English and Dutch with 180 exercises launched at year-end.
First SMB customers in the Netherlands following endorsement agreement with a large insurer, first Enterprise customer signed. Launch in Australia and the UK.
Launch in the US and Canada. Accepted into the Apple Mobility Partner program, with Apple's designers re-defining UIUX. Launch of Apple re-designed solution.
Launch of Physitrack Telehealth and PhysiData.
Launch of Physitrack AI.
UK government innovation grant won for Physitrack Telehealth.
First major US hospital system sale.
173 percent annual growth. Launch of M&A program, acquisition of major competitor Physiotools OY.
153% annual growth. Nasdaq First North Premier IPO. Continued M&A activity, acquisition of Rehabplus and Fysiotest and expansion into Virtual care.
Continued M&A activity, acquisition of PT Courses to offer continuing education for US physio and occupational therapists, acquisition of Wellnow (Germany) to expand European Virtual care footprint, acquisition of Champion Health (UK).
Founders & management team
Sustainability & ESG
Environmental, Social, and Corporate Governance (ESG) has been a cornerstone of Physitrack's business since inception. In addition to supporting general health and wellbeing with its technology, Physitrack actively and wholeheartedly supports the democritization of rehabilitation by digitizing the whole or parts of the care journey for millions of patients each year, in urban and remote regions in 187 countries around the world. Physitrack also supports academia and research efforts around the world with technology and know-how to support key findings benefitting humanity in as many ways possible.
Focus on prevention and wellness
Through both the SaaS and Virtual care offering, Physitrack allows for streamlined patient engagement and remote on-demand care. Increased flexibility reduces the need for set times and limits the need for preparation between patients as all relevant patient information is available on demand through the platform. By treating patients more effectively, more time can be allocated to care as opposed to administration.
Societal Discrepancies and Rural areas
Physitrack works towards the democratization of rehabilitation.A recent study reported that 8.7 percent of US citizens do not have access to a vehicle. In addition, healthcare costs in the US are among the highest worldwide. The healthcare costs per person is 2.5 times higher in the US compared to the UK, amounting to USD 11,582 per person in 2019. For this vulnerable group, care becomes both costly and difficult to attain and patients may postpone seeking care.The disparity is particularly evident in rural areas with a higher prevalence of chronic diseases and related mortality. In the US, about 57 million people live in rural areas and 20 percent of the population do not have access to healthcare.Through its SaaS offering and Virtual care offering, Physitrack promotes more effective and as a result more affordable care. Furthermore, remote care enables for a wider range of treatment options for individuals living in remote areas and eliminates the need to travel long distance. Limited transportation is positive from an environmental perspective; however, it is also positive for the individual as health conditions that would otherwise be ignored because of the unavailability of care can now be effectively diagnosed and treated remotely.
A business model that aligns well with the Sustainable Development Goals
The Sustainable Development Goals (SDGs), also known as the Global Goals, are 17 goals adopted by all United Nations Member States in 2015 as a universal call to action to end poverty, protect the planet and ensure that all people enjoy peace and prosperity by 2030. Physitrack actively contributes to five of the goals.
Good Health and Well-being
Enabling more effective care is at the heart of Physitrack's business model and the company actively contributes to good health and well-being.
Industry, Innovation and Infrastructure
Both the SaaS offering, and the Virtual care offering are innovations in the healthcare digitalisation trend. Considering the remote aspect of the offering, Physitrack contributes to reaching Target 9.C "Universal access to information and communications technology".
Sustainable Cities and Communities
Physitrack contributes towards Target 11.6: "Reduce the environmental impact of cities". Remote care enables for less travel to and from densely populated areas. Furthermore, enabling for home exercises reduces the need for additional clinical office space.
Responsible Consumption and Production
Through remote care, Physitrack contributes to the reduced need for office space, clinical equipment and administrative materials.
Healthcare is a significant contributor to global carbon dioxide emissions with the healthcare sector in the largest economies making up 4 percent of global emissions. Physitrack enables for less travel through remote care, which contributes to reduced emissions. Furthermore, the company's solution can be used to offer care in regions affected by climate change. A tangible example of this is the use of the Physitrack SaaS offering in Haiti described below.
Physitrack ‒ A tangible impact
Below are selected examples of customers using the SaaS offering to deliver better care.
Royal Flying Doctors
The Royal Flying Doctor Service is one of the largest aeromedical organisations in the world, providing extensive primary healthcare and 24-hour emergency service to people around Australia, covering an area of 7.3 million square kilometres. When the organisation began offering a range of rural primary health services in northern Tasmania, Physitrack provided tools to support patients in between visits. Furthermore, Physitrack's Telehealth feature is an important tool for the Royal Flying Doctor organisation to reach people living in remote areas.
INTERVAL-GAP4 study funded by Movember charity
The INTERVAL-GAP4 study was a multinational, multi-centre and multidisciplinary trail. The study was conducted over a period of 24 months and focused on metastatic castrate-resistant prostate cancer (mCRPC). As a result of the international and multi-centre approach, the Physitrack platform was chosen not only to deliver exercise programs world-wide but also to allow researchers to collect and analyse outcomes data remotely in real-time.
Veerkracht / Pink Ribbon
Veerkracht is an active tailor-made program for women suffering from breast cancer. Physitrack delivered the technology needed for the exercise programs and the outcomes analysis, circulated to the participants in the study.
Handicap International / Haiti
Physitrack provided Telehealth technology to physiotherapists in Haiti. The technology is used to provide expert care from global specialists.
 Valuepenguin: Car Ownership Statistics
 Online Doctor: 40 surprising facts about the Medical Healthcare Industry
 Statista: Size of the urban and rural population of the United States from 1960 to 2020
 Digital Optometrics: Interesting Telemedicine Statistics
 United Nations Development Programme: What are the Sustainable Development Goals?
 The Global Goals' website
 CarbonBrief: Healthcare in the world's largest economies' accounts for 4% of global emissions
 Physitrack: Royal Flying Doctors nominated for Business Excellence Awards with Physitrack
 Physitrack: Global RCT appoints Physitrack as technology partner
 OncoNet: Een actief programma op maat voor vrouwen met borstkanker
 Company Information
Diversity and inclusion is part of who we are
At Physitrack, we are all different. And that’s our greatest strength. We draw on the differences in who we are, where we live, what we have experienced, and how we think. In order to build solutions that serve everyone - we believe in including everyone.
Our company and team are committed to creating and managing an environment of inclusion, and one that always strives to be inclusive of people of all genders, colours, cultures and religions.
Physitrack is a diverse company with customers in over 100 countries around the world.
Our team of Physitrack collaborators is diverse and spans more than ten nationalities, with representatives of various cultures, sexual orientations and ethnic backgrounds.
For our exercise library, which we film in England, we cast the most suitable models and athletes for the specialties that we need, and this process is independent of gender, sexual orientation, ethnic background and skin color.
Our online coaches include active and inactive professional athletes, professional dancers, choreographers, war veterans, all with unique onscreen performance skills. With the diversity of these models we want to offer you the clearest exercise performance and on screen guidance you can find.
Our M&A program has executed multiple successful transactions to date.
The key components of our transaction methodology are:
- Identification of value-driving acquisitions of profitable companies of relevant size.
- Efficient and cost effective deal structuring, due diligence and transaction completion with an optimal combination of in-house and external resources.
- Rapid and effective identification and realisation of synergies in technology, customer base and financial dynamics.
We continuously look for potential acquisitions that can:
- Grow our customer base
- Enhance our technology
- Enhance our product offering
If you think that your company is a good fit with the Physitrack group - please get in touch with the team at firstname.lastname@example.org.