|Loop Announces Partnership with Hyperice, Commercializing On-Demand Care Virtually and In-Person|
|By: PR Newswire Association LLC. - 04 Oct 2022||Back to overview list
Partnering with PT Clinics to Transform MSK Treatment and Offer Pro-Athlete Caliber Care
CENTENNIAL, Colo., Oct. 4, 2022 /PRNewswire/ -- Loop is completing the continuum of care with its on-demand, health-focused SaaS platform that serves both patients and brick-and-mortar facilities. Previously known as 180MSK, Loop is redefining recovery by offering patients a dedicated clinician, personalized daily protocol, whole-body medical and wellness history, and real-time feedback and support.
In the fourth quarter, Loop kicks off a partnership with Hyperice, a global health and wellness brand specializing in percussion massage (Hypervolt line) and dynamic air compression (Normatec line). The partnership provides expert advice and attention to patients needing immediate access to care, in addition to helping individuals optimize their Hyperice products based on their specific needs.
"It's been exciting to watch the Loop Health platform evolve over the past several years," said Eric Fernandez, Director of PT & Chiro sales. "As a high-performance wellness brand, Hyperice looks to surround itself with forward-thinking partners like Loop Health, whose vision for creating a cohesive patient journey without competition between specialties and providers is unique. Through our partnership, Hyperice customers will be some of the first to benefit from their innovative approach to delivering personalized access to health and wellness professionals."
Loop tech utilizes motion capture, audio-visual guidance, and form correction to optimize results. Customers who purchase Hyperice's high-quality recovery devices receive a free assessment with a dedicated Loop clinician and the opportunity for a subscription discount.
Regularly $35 per person per month, the subscription integrates multiple recovery modalities into one platform, including physical therapy, pre-operative care, exercise, nutrition, wellness, and more. Anyone can access Loop with the camera built-in to smartphones, computers, and tablets.
"Our experience in treating pro athletes brought us to Hyperice, and we believe everyone deserves pro-athlete-caliber concierge care," according to Nicholas Edwards, chief innovation officer at Loop. "Beyond high-quality technology, we focused our model on solving the most pressing problems for patients and clinics."
The musculoskeletal industry boasts one of the largest healthcare spends in the nation, but it's significantly backlogged. Across the U.S., the average wait time is 3 weeks. Patients wait, lost in the system, while clinics are losing revenue.
Though more than 127 million Americans need care, revenue across the MSK space has decreased by 22% in total reimbursements. The situation becomes magnified, as research shows the total population to be served is set to increase.
The value of the MSK industry is estimated at $600 billion; the growing spend is expected to surpass $40 billion. Most telehealth, virtual physical therapy, and remote provider groups target a small segment of the population. Only 10% of the market is addressed; there's another 90% awaiting solutions.
"Things are changing, and clinics are forced to find new revenue sources," Edwards explained. "We've adapted to meet an urgent need by providing a foundation, rather than a reactionary band-aid with remote monitoring codes or other 'new' billing options, which will decrease sooner than later."
The Loop team, which also includes Chief Operations Officer Holly Door and Randy Hite, board member and clinical officer, developed the unique platform to capture untapped revenue streams, improve the virtual care format, and improve experiences for patients and clinics.
Loop provides service first and retains patients with a dedicated clinician and on-demand access. Partnered clinics, whose patients receive a 20% discount, have seen $500,000 in passive revenue every 2,500 patients. The model expands clinic reach and increases passive revenue, while lowering the costs.
Rich Spina, head of growth and marketing, said Loop is committed to continuing to provide access to care in a post-COVID era, when patients and clinics are still struggling.
"We want to make sure everyone has access to the resources they need when they need them," Spina said. "At Loop, we're proud to meet patients wherever they are in their journey."
Patients get in right away; and clinics capture the market with no additional cost, hires, or contract. Loop is the digital front door to care, with the capacity to serve more than 38,000 private practices and brick-and-mortar facilities around the nation.
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SOURCE Loop Care
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