SIMPLETHERAPY® ANNOUNCES ACQUISITION OF PHYSMETRICS AND HALCYON BEHAVIORAL
Combination furthers SimpleTherapy's commitment to delivering tailored omnichannel healthcare for Musculoskeletal (MSK) and Behavioral Health conditions anytime, anywhere.
LIVERMORE, Calif., March 29, 2023 /PRNewswire/ -- SimpleTherapy, Inc., an industry-leading digital musculoskeletal pain recovery solution for employers and health plans, has acquired PhysMetrics, a musculoskeletal benefit administration company, and Halcyon Behavioral, a behavioral health and wellness company. The deal was finalized in April of 2022. SimpleTherapy's Arpit Khemka will continue to serve as CEO, and Jeremy Oswald of PhysMetrics and Halcyon Behavioral, has been named SimpleTherapy's President.
This acquisition allows SimpleTherapy to expand upon its existing digital and virtual physical therapy programs to deliver omnichannel MSK and behavioral health services under the direction of a single, unified multidisciplinary care team. Members are supported through a combination of digital, self-guided programs, virtual telemedicine services and a nationwide network of more than 20,000 providers including Physical Therapists, Occupational Therapists, Speech Language Pathologists, Chiropractors, Acupuncturists and every type of behavioral health provider including psychiatrists and facilities. SimpleTherapy serves payors, including government-funded plans, commercial payors, and health systems.
SimpleTherapy's CEO Arpit Khemka, says, "Employers and health plans have realized the significant impact of MSK and behavioral health conditions on their populations. We believe in leveraging data and technology to deliver significant support for these conditions by enabling providers to deliver easily accessible, high-quality care at scale."
With its Virtual First approach and access to in-person care, SimpleTherapy enables a seamless consumer interface, breaking down silos in care provision across virtual and in-person care, which remains largely unaddressed by other MSK and behavioral health solutions. This combination of high-touch and high-tech care fosters more significant access to valuable benefits, drives quality outcomes for members, and offers additional opportunities for clients to control their costs.
SimpleTherapy's President, Jeremy Oswald adds, "There is a significant correlation between physical pain and behavioral health conditions such as depression, stress, and anxiety. SimpleTherapy's platform and multidisciplinary care team of physicians, coaches, behavioral health and MSK providers has the expertise to address each member's unique needs and provide hyper-personalized treatment."
The impact of the correlation between MSK conditions and anxiety and depression on the cost of care can be significant. Self-insured employers bear a greater share of these costs, as they are responsible for funding their employees' healthcare benefits. To mitigate these costs, employers need to consider implementing strategies to improve both the physical and mental health of their employees. This includes investing in programs where members have access to healthcare programs and providers who take a comprehensive and integrated approach to treating MSK conditions and mental health conditions. SimpleTherapy's integrated MSK and Mental health program addresses the underlying causes of these conditions and improve overall health outcomes, reducing healthcare costs in the long run while delivering a seamless member experience.
The SimpleTherapy team has worked for nearly a year to integrate the company teams and service lines. Khemka adds, "It's been a perfect 'marriage of like-minded companies', driven by the promise of value-based care delivery where the patient is always our number one priority."
Oswald adds, "Our team has been providing MSK and behavioral health benefit management for large employers, including municipalities, school districts, and labor groups for more than 20 years. It has been exciting for our team and our clients to be able to add technological and preventative components to their benefit offerings."
SimpleTherapy currently serves over 200+ clients across various industry segments, including but not limited to Fortune 500 employers, commercial carriers, and hospital systems. Grounded in the belief that every organization, regardless of size or structure, deserves to offer effective, inclusive, and affordable care for their member's needs, SimpleTherapy's mission is to deliver tailored behavioral and MSK care anytime, anywhere.
Keval Health acted as financial adviser on the transaction and Burr & Forman LLP served as legal counsel to SimpleTherapy for the transaction.
SimpleTherapy, founded in 2011, is the industry-leading digital musculoskeletal (MSK) pain recovery & mental health solution for employers and health plans to offer their employees and members. Combining evidence-based exercise therapy with artificial intelligence (AI), SimpleTherapy is personalized to each participant's condition, limitations, and therapeutic response.
PhysMetrics, founded in 2007, is a MSK company that serves employers throughout the U.S. PhysMetrics' services include carve-out MSK benefit administration and provides supplemental chiropractic and acupuncture benefit programs. PhysMetrics' nationwide provider network includes Physical Therapists, Occupational Therapists, Speech Language Pathologists, Chiropractors and Acupuncturists. PhysMetrics also includes wholly owned subsidiaries Chiropractic Health Plan of California and ChiroSource. https://physmetrics.com, https://chpc.com
Halcyon Behavioral, founded in 2012, is a behavioral health and wellness company serving employers throughout the U.S. Halcyon's services include carve-out mental health and substance use disorder (MHSUD) benefit administration, Employee Assistance Programs (EAP) and wellness programs. Halcyon's nationwide provider network includes every type of behavioral health provider including psychiatrists and facilities. https://halcyonbehavioral.com.
Media Contact: Joshua Oswald, press@simpletherapy.com
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SOURCE SimpleTherapy Inc.
