- Physical therapy telehealth company targeting the multi-billion dollar injury-prevention industry
- Developed the PHZIO platform which links patients and physical therapists
- Approximately 10,000 new workers compensation cases are created every day, according to analysts
What eWellness does:
eWellness Healthcare Corporation (OTCMKTS:EWLL) is a physical therapy telehealth company targeting the multi-billion dollar injury-prevention industry through sales and marketing.
The California-based company - which has operations in the US and Canada – has developed the PHZIO platform which it says allows patients and physical therapists to “cut the cord from the old-school, wait in line, brick and mortar clinical experience” to an “immediate response,” digital in-home physical therapy experience.
The platform lowers treatment costs, expands treatment access and improves patient compliance, offering insurance-reimbursable, real-time, distance-monitored treatments.
eWellness says that at least 80% of all physical therapy assessments and treatments can now be done via a patient’s smartphone.
According to business-information provider IBISWorld, from 2013 to 2018, the Occupational Health and Workplace Safety Services industry in the US increased revenue at an annualized rate of 2.3% to $7.1 billion.
The industry provides advice and assistance in the form of worksite evaluations, compliance audits, hazard assessments, facility-design reviews, indoor air-quality evaluations and training programs.
How is it doing:
eWellness is targeting the 100+ carriers, 1000+ TPAs and over 1000 self-insured workers as part of its plan for driving growth and establishing reimbursement qualifications across the US.
Analysts estimate that there are approximately 10,000 new workers compensation cases created every day, which equals approximately 2-to-7% of all workers in the US being affected by a work-related incident that requires care.
In June, eWellness rejigged its corporate structure in order to operate in 48 US states. The company created three operating companies in California, New Jersey and Florida in order to connect with patients in those states.
The Florida company, PHIZIO Florida Professional Association, is able to offer services in 46 states, while the other two are tailored to their individual locations.
Each company will create an operating agreement with eWellness, as required by the states, respectively.
Eventually, the company plans to form companies in Delaware and Kansas, the two remaining states not covered by the new entitites.
eWellness CEO Darwin Fogt will serve as the single shareholder, officer and director of all three companies.
eWellness has signed a contract with First MCO targeting the workers compensation population., additionally, contracts have been signed with Benefits By Design and Green Shield (Canada).
eWellness recently announced a contract with Weight Watchers (NASDAQ:WW) in Canada to facilitate their approximately 250K members’ “check-ins” and to provide fitness programs through the Phzio platform, a relationship that could potentially expand to WW’s more than 5 million global members.
At the end of August, eWellness revealed that one of the largest third-party insurance administrators in the US, with patients in all 50 states, has commenced referring worker compensation patients to the company.
In a brief filing, the company said that, Initially, its PHZIO telemedicine platform will be used to treat patients in five states: California, New Jersey, Georgia, Tennessee and Arizona.
What the boss says:
eWellness Healthcare CFO David Markowski told Proactive Investors in March that he expects increased customers activity and revenue in the second quarter and to uplist to a major exchange by the end of the year.
What the broker says:
In a note in June, analysts at Stonegate Capital Partners analyst Laura S Engel talked up the advanced performance of the latest 3.0 version of the Phzio platform.
“The technology has been developed and tested over years, and patents are pending. The Phzio telemedicine platform is the first of its kind, allowing a one-to-many view for physical therapists supervising patient physical therapy, with patients being able to log on for sessions from the privacy of their homes or offices from any device with Internet access,” she said.
“Utilizing the Phzio telerehab platform has notable advantages such as increasing patient compliance through scheduled routine online sessions,” Engel added.
She continued: “Lower costs due to the lack of brick-and-mortar and the one-to-many monitoring capabilities of its physical therapists, and convenience for both the patient and the physical therapist to conduct the session virtually 24/7, eliminating travel.”
“With the advantages of the Phzio platform over the traditional delivery of physical delivery care, eWellness is likely to have a significant impact on these markets,” Engel concluded.