Phreesia Inc. is an American company that specializes in the manufacture and sale of healthcare software. The company has recently gone public and it has been the topic of many conversations. Phreesia serves a broad range of major companies and is one of the more successful tech companies in its market sector. If you'd like to know more about this top-rated organization, we took an in-depth look at who they are, what they do and how others perceive the healthcare tech company. To help you become better acquainted with Phreesia Inc, its products and company profile, here are 20 things about Phreesia that you probably didn't know.
1. Phreesia offers improved scheduling services
In this day and age, patients are on the go, and impatient when it comes to waiting for a call from a scheduler at their local clinic. It's preferable to have the ability to go online or use a mobile app to schedule an appointment quickly and easily. Phreesia offers software solutions for its clients that allow them to implement this kind of self-service programs to better serve their own clients.
2. The company is fourteen years old
Phreesia was founded in 2005. Its main headquarters is located at 432 Park Ave South in New York, New York. Although the company has been in existence for less than two decades, they've done very well in their growth and expansion. Phreesia has offices throughout the United States and it has even expanded into Ottowa, Canada, employing an estimated 400 staff members.
3. Phreesia had a successful IPO
At the Initial Public Offering for Phreesia, Inc. trading on the first day resulted in prices for stock that were 40% above the set price. The stock climbed to a high of 53% above teh set price. They are listed with the NASDAQ stock exchange under the ticker symbol PHR. The reason for going public was to grow and expand the company. The IPO was led by JPMorgan, William Blair, Wells Fargo Securities, Allen & Company and Piper Jaffray as lead managers.
4. Phreesia's mission is client-centric
Phreesia seeks to improve the patient experience through automation. This provides their clients with solutions that have the potential for lightening the workload and reducing the amount of time that employees spend on paperwork and other types of administrative activities. The automation process is referred to as the "digital front door." The overarching goal of Phreesia is to provide the businesses they serve with solutions that help to streamline their interactions with patients so the time that is spent is of a higher quality which is not interrupted with activities that may be addressed by the patient themselves in an automated environment.
5. Phreesia's software makes clipboards obsolete
Those of us who have shown up 15 minutes early for an appointment just for the paperwork understand how time-consuming and frustrating this can be, particularly if you're a patient who is sick or in some type of pain or other discomforts. One of the benefits of the software Phreesia clients employ is that it does away with the need for the old traditional clipboards with several pages of forms to fill out, and it reduces the amount of paperwork necessary.
6. Phreesia began as a hardware company
Prior to developing its healthcare software solutions, Phreesia was more focused on hardware. They offered patient check-in tools such as tablets to go along with the software for patient check-in and so forth. It was a bit later that they turned their attention more to the software product and then added refinements and expanded the scope of software capabilities.
7. The company is in the process of defining client needs
One of the most forward-looking aspects of Phreesia's healthcare software service is that they are constantly defining what their customers need. For example, a clinic that has a busy client load is likely to benefit from an automated system that allows for online patient check-in which can be accomplished at a kiosk, online or on a mobile device. Appointment setting and confirmation are other features that save time and effort at a clinic, requiring less direction from the staff, completing profiles online to save paper and the need for arriving early to fill out paperwork and health assessments and so forth.
8. They're changing the billing and payment systems
Thanks to the capabilities of Phreesia's healthcare software, patients can now get online to review their invoices and pay their bills. It also allows users to see which bills have been paid along with the amounts paid as well as the date. It's a paperless option for those who find it to be more convenient to perform these activities online or from a mobile device.
9. The Phreesia solutions are within reach for most
One of the first things that smaller to medium-sized businesses are concerned with is the cost of client management software. Phreesia's program offers a complete suite of applications that are scalable for businesses of all sizes. They're also customizable to fit the precise dimensions of the services provides. Finally, and perhaps just as importantly, they are cost-effective and intended to streamline services and result in savings.
10. The software supports multiple languages
Although Phreesia has established offices throughout the United States and Canada, the software is designed to accommodate a variety of languages. Each country is the home of large groups of non-English speaking patients and healthcare providers must often provide a translation into a variety of different languages. The languages supported through the software include Arabic, Chinese, English, French, German, Hindi, Italian, Japanese, Persian, Polish, Korean, Russian, Spanish, Portuguese, Vietnamese, and Urdu. Most clients can use mobile and online apps to conduct business in their first language.
11. Clients give Phreesia software solutions mixed reviews
In a review asking what clients liked the most about the healthcare solutions software suite, the response was generally positive. Responses included an appreciation for the customization that allows patients to make a payment upon check-in or check-out. In addition, the electronic health record can "talk" and it can import the patient copay for the visit. There were also complaints that asserted that the program frequently crashed creating issues in a busy office environment when the system would do down. There were also issues with precision with information displayed about copayments which were not in line with the information provided by the insurance provider.
12. There are pros and cons with the software
Overall, Phreesia offers a helpful program that does streamline operations when it is fully functioning. It's user-friendly and allows verification of patient insurance, as well as the deductible or co-pay, amount. The system easily integrates with existing billing and payment systems, but the biggest problem experienced is system failures.
13. The software is not appropriate for everyone
Some elderly patients have problems with technology. Those with mobility issues may have difficulty using the advanced system. It's best for those who have a basic knowledge of electronics and associated technology. There have been several incidences reported of elderly patients becoming frustrated with the system. Some providers purchased the system via contract and didn't use it because of this as well as slow deployment and unsatisfactory performance. Phreesia's healthcare business solutions are not the right choice for everyone, but most healthcare providers who use the systems have found them to be extremely helpful in streamlining their operations and feeing worker time to complete other tasks.
14. The statistics for Phreesia are impressive
Although some users have experienced technical difficulty this is not the case for every user. The majority have found the system to be satisfactory and some give it high ratings for accuracy and efficiency. Here are the statistics regarding the data that the system processes in a single year. It processes 54 million patient visits, processes $1.4 billion worth of payments and manages them, it conducts 235 million insurance verifications per year and 5.4 million clinical screenings. This amounts to an astronomical amount of savings for businesses across the industry.
15. You can see a demo online
If you're a health care provider and are interested in previewing the software offered by Phreesia, then you can do so from the comfort of your office or home. All you need to do is just visit their website. There is a link provided that will give you a demonstration of the software. This allows prospective clients to check out the features and learn more about the software applications prior to contacting the company officially. Taking a preview can give potential clients a better idea of the scope and breadth of the program with absolutely no obligation.
16. Phreesia offers custom interfaces
The software suite is designed to support custom interfaces with existing systems. This is a vital function for talking with other systems for the import of information from existing data warehouse or data lake systems. The program is easily figured across a variety of systems. The design makes it possible to tap into existing data sources to import vital information that further streamlines the data acquisition process to pull up important facts about billing, insurance or the patient's profile for healthcare providers, schedulers and billing and payment specialists.
17. Clients have not yet maximized the potential of Phreesia
While we've discussed some of the drawbacks clients have experienced with Phreesia's software suite for healthcare, it's also important to note that there have been more clients who have given them positive reviews for their products and services. We've read reviews from medical providers who have fully implemented the software suite and have remarked that they are very impressed with the results. While they know that the system is capable of reducing their workload by, even more, they haven't yet tapped into every feature and function that the software has to offer.
18. Phreesia has checked-in over 15% of the US population
We were impressed by the reach that Phreesia has in the United States. The software solutions that the company offers is used in a wide sector of the healthcare industry currently. It was a bit surprising to learn that a company that has only been in business for 14 years is currently checking in over 15% of the United States population that has gone to a healthcare facility and checked-in via this method.
19. PHreesia is listed as one of the best places to work in healthcare
It's no small feat for companies to keep their workers happy, but Phreesia has managed to do a good job of it. The company was named as one of the "Best Places to Work in Healthcare" for 2018. It was further noted that the company stands out in the efforts that they make to ensure that their workforce is both empowered and satisfied.
20. Phreesia has an overall rating of 3.8 out of 5
Employees who were surveyed about their satisfaction with their employment experience at Phreesia gave the company an overall rating of 3.8 out of 5. Seventy-three percent would recommend this employer to a friend and seventy-six percent approve of the current CEO. They listed fa series of pros adn cons for employees adn among the benefits are that the company is growing fast and there is a family-like atmosphere for workers. Workers would like to see a few improvements such as 401K matching which currently doesn't exist. While most workers found the employment interviews to be positive there were some who felt that they were too difficult. While it's not easy to get a job at Phreesia, and it's not a perfect place to work, the majority truly enjoy the family-like atmosphere and friendliness that they feel from their co-workers.
Written by Liz Flynn
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