Overall Rank: 15
Category: Business Processes
Category Rank: 3
- Top Software Company of 2023
- Power 500 Software Company
Phreesia is a healthcare technology company that provides an innovative patient intake management platform designed to transform the patient experience and improve clinical outcomes. It was founded in 2005, as the need for a better way to manage patient intake in healthcare organizations was recognized.
Phreesia’s platform streamlines the patient intake process by automating tasks such as patient registration, insurance verification, and payment collection. The platform also enables healthcare providers to collect important patient data and deliver customized clinical content to patients, Phreesia’s mission is to transform how healthcare is delivered by providing innovative technology solutions that enhance the patient experience and improve clinical outcomes.
The company has over 1,600 healthcare organizations using the platform across the United States, including hospitals, health systems, and medical practices. Phreesia is headquartered in New York City and has additional offices in Ottawa, Canada. With a team of over 1,000 healthcare and technology professionals, Phreesia is committed to improving patient care and driving innovation in the healthcare industry.
Phreesia’s key product is its patient intake management platform, which is designed to streamline the patient intake process and improve the patient experience. The platform offers a range of features and capabilities, including:
- Streamline registration: Phreesia offers a registration solution that simplifies and accelerates the patient registration process. By reducing paperwork and automating data entry, it enhances efficiency and improves the patient experience.
- Simplify scheduling: The company provides a scheduling platform that streamlines appointment booking, rescheduling, and reminders. It offers intuitive tools for staff and patients, enabling seamless scheduling and optimizing resource utilization.
- Gain insights: Phreesia’s analytics solution empowers healthcare providers to gain valuable insights from patient data. By analyzing trends and patterns, providers can make informed decisions, improve care delivery, and enhance operational efficiency.
- Increase revenue: Phreesia’s revenue cycle management solution helps optimize billing processes, maximize reimbursements, and reduce claim denials. It enables accurate and timely charge capture, ensuring healthcare organizations receive appropriate payment for services rendered.
- Measure patient activation: With Phreesia’s patient activation solution, healthcare providers can assess patients’ knowledge, skills, and confidence in managing their own health. This information helps tailor interventions and support patient engagement, leading to better health outcomes.
- Close gaps in care: Phreesia’s care management solution assists healthcare organizations in identifying and addressing gaps in patient care. It enables proactive interventions, care coordination, and follow-up, ensuring comprehensive and timely healthcare delivery.
- Collect patient-reported data: Phreesia’s platform facilitates the collection of patient-reported outcomes and other patient-reported data. This information enhances shared decision-making, patient engagement, and the overall quality of care provided.
Phreesia’s patient intake management platform has been well-received by many healthcare providers. Several users find their platform easy to use and has helped them to streamline their patient intake process, resulting in reduced wait times and improved patient satisfaction. Some also find that the platform’s insurance verification and payment collection features have improved their billing accuracy and collection rates.
Some users find that the platform can be expensive, especially for smaller practices. A few of them also experienced technical issues with the platform or had difficulty getting in touch with customer support. Overall, Phreesia’s patient intake management platform is well-regarded by many healthcare providers who have used it to improve their operations and enhance the patient experience.
- Number of employees: Over 1,000
- Number of healthcare organizations using the platform: Over 1,600
- Number of patients who use the platform: Over 70 million
- Total Funding: $112.6M
- Number of Investors: 10
- Last Funding Type: Series D
- Number of Acquisitions: 2
- Number of Board Members and Advisors: 9
- Q4 2022 Highlights:
- Revenue was $76.6 million in the quarter, up 32% year-over-year.
- Average number of healthcare services clients (“AHSCs”) was 3,140 in the quarter, up 36% year-over-year.
- Healthcare services revenue per AHSC was $17,705 in the quarter, down 4% year-over-year.
- Total revenue per AHSC was $24,390 in the quarter, down 3% year-over-year.
- Net loss was $38.0 million in the quarter compared to $46.5 million in the same period in the prior year.
- Adjusted EBITDA was negative $17.6 million in the quarter compared to negative $30.5 million in the same period in the prior year.
- Cash and cash equivalents as of January 31, 2023 was $176.7 million, down $32.9 million from October 31, 2022.
Rating and Commentary
Phreesia has established itself as a strong player in the market with its innovative offerings and commitment to customer satisfaction. With a wide presence in over 1600+ organizations, Phreesia’s user-friendly solutions and exceptional customer service have garnered positive feedback. The company’s financial performance in Q4 FY2023 showcases impressive revenue growth, improved net income, and strong customer retention rates compared to the previous year. This financial stability is further supported by a diverse investor base, including prominent investors like HLM Venture Partners, Polaris Partners, BlueCross BlueShield Venture Partners, and Ascension Ventures.
Under the leadership of CEO Chaim Indig, Phreesia benefits from a skilled leadership team that brings diverse expertise to guide the company’s decisions and strategy. The team’s effective execution of Phreesia’s business strategy has positioned the company for continued growth and success. By prioritizing innovation and a customer-centric approach, Phreesia maintains a competitive edge in the industry, despite facing competition from other healthcare technology providers. With a strong focus on product quality and a commitment to understanding and meeting customer needs, Phreesia is poised to expand its market share and solidify its position as a leading player in the healthcare technology market.
Chaim Indig, CEO
Prior to founding Phreesia, he held leadership positions at NaviMedix and Accenture. Under Chaim’s leadership, Phreesia has grown to become a leading patient intake management platform used by healthcare organizations across the United States.
Evan Roberts, COO
In this role, he oversees the development of Phreesia’s platform and leads the company’s technology strategy. Prior to founding Phreesia, Evan held positions at DoubleClick and was a co-founder of an early web analytics company.
Balaji Gandhi, CFO
Balaji Gandhi, the CFO of Phreesia, brings extensive financial expertise to the company. His strategic financial management and strong leadership contribute to Phreesia’s growth and success in the healthcare technology industry.
Dan Nathan, CTO
Dan Nathan, the Chief Technology Officer at Phreesia, is a visionary leader driving innovation in healthcare technology. With his deep technical expertise and strategic insights, he spearheads the development of cutting-edge solutions that enhance patient experiences and streamline healthcare workflows.
Kharen Hauck ,Vice President, Marketing
Kristin Roberts, VP Product Management
Amy VanDuyn, SVP, Human Resources
Allison Hoffman, General Counsel
Phreesia has a culture that is focused on innovation, collaboration, and growth. Many employees describe the company as fast-paced and dynamic, with a strong focus on staying ahead of industry trends and driving innovation.
Phreesia prioritizes the well-being and development of its employees through a range of inclusive initiatives and comprehensive benefits. As an equal-opportunity employer, Phreesia fosters a diverse and inclusive work environment where all employees are encouraged to express their identities freely and feel safe. The company supports historically marginalized communities through various employee resource groups (ERGs), providing opportunities for connection and engagement with leadership and the organization as a whole. Phreesia also recognizes the importance of work-life balance and offers 100%-paid 12-week parental leave for U.S. employees, along with generous parental benefits for Canadian employees.
In addition, the company promotes wellness by providing monthly fitness stipends, virtual health seminars, mental health resources, and other wellness perks. Phreesia values the professional growth of its employees and offers opportunities for tuition and certification reimbursement, as well as other professional development initiatives. The company’s competitive benefits package includes comprehensive healthcare coverage, life and disability plans, vision coverage, and even pet insurance plans, which are available from the first day of employment in the U.S.
Chaim Indig, CEO and co-founder of Phreesia
Chaim Indig has been instrumental in revolutionizing the patient intake experience. With his leadership, the company has established a strong national presence, formed strategic partnerships, and received recognition for its patient-centered approach to healthcare.
Michael Weintraub, Founding Chair of Phreesia
Michael is a seasoned entrepreneur and healthcare innovator. With his experience in healthcare enterprise software and population health management, he brings valuable insights to the company. His leadership roles in various organizations demonstrate his commitment to advancing healthcare technology.
Edward L. Cahill
Edward L. Cahill, Partner at HLM Venture Partners and brings a wealth of experience in the healthcare industry. His previous roles at Alex. Brown & Sons and Cahill, Warnock & Co. showcase his expertise in healthcare finance and mergers. Ed’s directorship positions and board memberships further contribute to his understanding of the healthcare landscape.
Lainie Goldstein, as the CFO of Take-Two Interactive Software, Lainie brings her financial acumen and industry knowledge to Phreesia. With her extensive experience in the software and entertainment sectors, she provides valuable insights into financial strategy and investor relations.
Gillian, the CFO at Vimeo, has a strong background in finance and technology. Her previous positions at Iora Health and Union Square Ventures demonstrate her expertise in financial management and venture capital. Gillian’s experience in the technology industry adds depth to Phreesia’s leadership team.
Mark Smith, M.D.: With his academic background and leadership roles in healthcare organizations, Mark brings expertise in clinical medicine and health policy. His extensive experience in healthcare improvement and his past role as the CEO of the California HealthCare Foundation provide valuable insights for Phreesia’s strategic decisions.
Ramin, the CEO of Sumo Logic, contributes his experience in continuous intelligence and cloud management to Phreesia. His previous roles at VMware and other leading enterprises demonstrate his expertise in technology and product development. Ramin’s involvement in startup companies brings a fresh perspective to Phreesia’s innovation efforts.
HLM Venture Partners
Prominent healthcare-focused venture capital firm, signaling confidence in Phreesia’s ability to revolutionize patient intake and engagement, leveraging industry expertise for growth and success.
Leading venture capital firm with a track record in investing in transformative technology companies, partnering with Phreesia to drive efficiencies in healthcare administration and enhance patient experiences.
BlueCross Blue Shield Venture Partners
Corporate venture arm of Blue Cross Blue Shield Association, investing in Phreesia to align its offerings with the goal of enhancing patient experiences and outcomes through innovative technology solutions.
Strategic investment firm affiliated with Ascension, the largest non-profit health system in the US, recognizing Phreesia’s potential to advance healthcare delivery through patient intake and engagement solutions.
- Phreesia Announces Chief Financial Officer Transition (2023)
- On 20th March 2023, Phreesia’s recognition as one of the Achievers 50 Most Engaged Workplaces of 2023 marks a key milestone, showcasing its commitment to fostering a highly engaged and productive workforce. This achievement reflects their dedication to creating a positive work environment and driving employee satisfaction and success.
- Phreesia’s Alexandra Beneville Named One of MM+M’s ‘Women to Watch’ for (2023)
- Phreesia’s Dan Nathan Named as a Top Software CTO of 2023
- Unlimited Systems Partners with Phreesia, Improving Efficiency and Offering an Integrated Patient-Driven Intake Experience for Oncology Groups (2023)
- In 2021, Phreesia achieved a significant milestone with the acquisition of Insignia Health LLC, reinforcing its dedication to enhancing patients’ experience and outcomes. This strategic move strengthens its position in the healthcare technology market and expands its innovative solutions portfolio.
News and Press Releases
- June 5, 2023: Phreesia: A healthcare technology company making waves in the stock market (Read)
- June 5, 2023: Credit Suisse AG Increases Stake in Phreesia, Inc. (NYSE: PHR) Demonstrating Optimism Toward Healthcare Technology Industry (Read)
- June 1, 2023: Phreesia earnings beat by $0.06, revenue topped estimates (Read)
- September 22, 2022: Phreesia Names Alexandra Beneville Vice President of Life Sciences Content Strategy (Read)
Epic Systems Corporation: Epic Systems is a leading competitor in the healthcare technology market, offering comprehensive electronic health record (EHR) solutions. With a vast customer base and a wide range of integrated features, Epic Systems poses a significant challenge to Phreesia’s market share.
Cerner Corporation: Cerner Corporation is a prominent player in the healthcare technology industry, providing innovative solutions for healthcare organizations. Their comprehensive suite of products includes EHR systems, revenue cycle management, and patient engagement tools, making them a strong competitor for Phreesia.
Allscripts Healthcare Solutions: Allscripts Healthcare Solutions is a well-established competitor, offering a broad range of healthcare IT solutions. With their robust portfolio of products, including EHR systems, practice management tools, and patient engagement solutions, Allscripts poses a competitive threat to Phreesia’s market position.
eClinicalWorks: eClinicalWorks is a key player in the healthcare technology market, specializing in integrated electronic health records and practice management solutions. Their focus on interoperability and value-based care aligns with industry trends, making them a direct competitor to Phreesia.
NextGen Healthcare: NextGen Healthcare is a leading provider of healthcare technology solutions, offering EHR systems, practice management software, and patient engagement tools. Their comprehensive suite of offerings and strong market presence make them a notable competitor to Phreesia.
Phreesia has been actively involved in corporate social responsibility (CSR) initiatives. The company has a strong commitment to improving the healthcare industry and the communities it serves. One of their primary focuses is on sustainability, and they are committed to reducing their environmental impact through various initiatives such as energy efficiency and waste reduction. Phreesia has also implemented programs to support their employees’ wellness, including providing wellness resources and promoting work-life balance. The company also participates in various philanthropic activities, including donating to local charities and providing volunteer opportunities for their employees.
The company also shows its commitment to ESG in the following areas:
- Diversity, Equity, and Inclusion (DEI): Phreesia has taken steps to foster a diverse, equitable, and inclusive workplace by implementing programs such as unconscious bias training, employee resource groups, and hiring practices that prioritize diversity.
- Sustainability: The company has implemented initiatives to reduce their environmental impact, such as energy-efficient office spaces, waste reduction and recycling programs, and reducing the use of paper and plastics.
- Community Involvement: Phreesia is committed to giving back to the communities where they operate, and has supported initiatives such as volunteerism, charitable giving, and partnerships with non-profit organizations.
- Data Privacy and Security: As a healthcare technology company, Phreesia takes data privacy and security very seriously. The company has implemented a robust data privacy and security program, and regularly undergoes audits and assessments to ensure compliance with industry standards and regulations.
Overall, Phreesia’s commitment to ESG is demonstrated through their focus on building a diverse and inclusive workplace, reducing their environmental impact, giving back to the community, and ensuring the privacy and security of patient data.