We're thrilled to announce our investment in Spry, a company set to revolutionize the physical therapy sector with their innovative SaaS platform.
The physical therapy industry, a crucial component of healthcare, has long been plagued by outdated systems and practices. Many therapists still rely on pen, paper, or spreadsheets to manage their daily activities, leading to inefficiencies and disjointed care. Therapists spend nearly 40% of their time manually entering data into medical records, increasing the likelihood of mistakes and resulting in up to 10% of claims being rejected. Additionally, patient adherence is a significant issue, with only 30-50% of home exercises being completed and about 14% of patients missing follow-up appointments. This lack of adherence delays recovery and increases the overall cost of care.
Spry addresses these challenges head-on by providing a comprehensive SaaS platform tailored specifically for physical therapists. By integrating all clinical operations into one seamless system, Spry automates processes that traditionally drain therapist time and energy. The platform automates electronic health records (EHR) and captures data without the need for manual input, allowing therapists to focus on their patients. Spry also enhances patient outcomes by providing continuous feedback between patients and therapists, ensuring adherence to prescribed exercises. This remote monitoring feature helps patients stay on track, while therapists can measure recovery progress and intervene when necessary, potentially generating additional revenue for clinics.
The market opportunity for Spry is enormous. In the US alone, physical therapy is a $34.5 billion industry, projected to grow to $45.7 billion by 2023. An aging population, the increase in joint replacements, sports injuries, and rising obesity levels are driving this growth. Moreover, the shift towards digitization in healthcare is accelerating, making Spry’s offering not just a convenience but a necessity for clinics that want to stay competitive and compliant.
Behind Spry is a team with proven expertise in building scalable SaaS solutions. Brijraj Vaghani, co-founder and CEO, has a successful track record with Ridlr, a ticketing and payments app that raised $10 million in funding and was later acquired by Ola for $50 million. As CTO of Ola Cabs, Brijraj oversaw a team of 500 members and played a key role in the company’s international expansion. Riyaz Rehman, Brijraj’s co-founder, has worked closely with him for over seven years. Together, they have built partnerships with government bodies, tackled complex B2B sales challenges, and scaled businesses. Their shared vision and chemistry make for a formidable team that we believe will execute their vision with precision and passion.
While WebPT is the dominant player in the physical therapy market with a 40% share, it does not address the critical issues of automated EMR entry and patient adherence that are central to Spry’s offering. The remainder of the competition is highly fragmented, leaving a significant opportunity for Spry to carve out a leadership position in the market with its unique value proposition.
We believe Spry is poised to transform the physical therapy industry. By providing an affordable, reliable, and efficient solution, Spry has the potential to improve patient outcomes and streamline clinic operations. We're excited to partner with Brijraj, Riyaz, and the entire Spry team on this journey to revolutionize physical therapy.
If you're interested in learning more about Spry's mission to revolutionize physical therapy, visit sprypt.com.