WebPT, which is backed by Battery Ventures, has acquired BMS Practice Solutions, a billing and collections company serving the rehab therapy market. No financial terms were disclosed.
PHOENIX (Feb.15, 2018) — WebPT, the leading rehab therapy software platform, today announced it has acquired BMS Practice Solutions, the largest and most-tenured billing and collections company serving the rehab therapy market. With WebPT and BMS –– the two leaders in the outpatient rehab therapy market –– coming together, therapy practices of all sizes now have an end-to-end solution for attracting and retaining patients, streamlining workflows, completing defensible electronic documentation, staying compliant with healthcare regulations, obtaining fast and accurate payments, and ensuring consistent delivery of high-quality clinical care and patient experiences.
“Declining reimbursements, the shift to value-based care and the intensified focus on patient experience have changed the climate and complexities of the healthcare market,” said Nancy Ham, CEO of WebPT. “Now more than ever, practice owners and providers must have visibility into the entire patient journey –– from patient acquisition to the close of a claim. With WebPT and BMS joining forces, our customers will be able to choose from a wide array of innovative products and services to build the packages that not only work best for them, but also enable them to streamline efficiencies, improve revenue and revolutionize clinical care. And they’ll have one vendor partner helping them through it all.”
WebPT and BMS established an integration several years ago and have a long history of working together. More than 10,000 clinics — nearly a third of the market –– use WebPT for rehab therapy-specific documentation, scheduling, billing, outcomes tracking and patient relationship management. With 1,100 clinics of its own, BMS is one of the most widely-used physical therapy revenue cycle management (RCM) services in the country and counts some of the industry’s largest therapy organizations as clients. WebPT and BMS both boast a 99-percent customer retention rate, and currently have more than 50 mutual customers that are mostly large, multi-location clients, like Minnesota’s OSI Physical Therapy.
“Like WebPT, we developed BMS out of a need we identified in our own clinics,” said John Wallace, CEO of BMS. “We grew and succeeded in this industry by providing outstanding customer service and by helping our clients fight for every dollar they deserve. Because of our deep commitment to our customers and to this industry, we knew bringing our two companies together was the right move. By joining forces with WebPT, we will better support rehab therapists in growing their businesses and providing quality patient care.”
WebPT launched in 2008 as the first and only cloud-based documentation and electronic medical record software designed specifically for physical, occupational and speech therapists. Over the years, it has added web-based scheduling, outcomes tracking, billing and analytical reporting to its platform. In September 2017, it acquired Strive Labs, a patient relationship management (PRM) platform for physical therapy providers. Now, with BMS — which brings with it a 20-year history of providing top-notch RCM services to rehab therapy organizations — under its umbrella, WebPT will introduce an enhanced version of its RCM service as well as a robust all-in-one billing option for enterprise-level providers.
“From the beginning, WebPT has been an advocate for the rehab therapy community, developing innovative tools to help rehab therapists achieve greatness in practice,” said Dr. Heidi Jannenga, PT, DPT, ATC/L, president and co-founder of WebPT. “BMS shares a similar mission and history, and through this new partnership, we’ll be able to accomplish so much more than we ever could have individually –– from both a business and an industry standpoint. We are stronger — and better — together, and we’ll be able to make a powerful difference for our customers and their practices.”
BMS solutions are immediately available to WebPT customers, and WebPT products and services are immediately available to BMS clients.
About WebPT, Inc.
With a 30-percent market share, WebPT is the leading rehab therapy platform for enhancing patient care and fueling business growth. From scheduling, documentation and billing to outcomes tracking, business reporting and software integration, WebPT is the ideal solution for outpatient therapy organizations of all sizes. With a 99-percent retention rate and uptime rate in excess of 99.9 percent across its entire platform, WebPT is the most-trusted and most-reliable solution in the industry. Launched in 2008, the company is based in downtown Phoenix’s historic Warehouse District. It has ranked on the Inc. 5000 list of the nation’s fastest-growing companies five years in a row and is backed by global investment firm Battery Ventures. Learn more at webpt.com.