Kins, a digital-first, hybrid care physical therapy practice, announces $4 million in new seed funding, raising $7.2M to-date, as well as expansion into Massachusetts.
Kins’ recent funding round was led by W Health Ventures, which invests in and scales early-stage healthcare companies that are reinventing care delivery. Other notable angels in the medical field also participated, joining existing shareholder Redesign Health. Kins will use this new financing to further develop the company’s hybrid model of in-home and virtual care delivery and expand into new markets.
“At W Health we believe in transforming health care delivery – Kins is doing exactly that for the antiquated outpatient Physical Therapy industry,” said Dr. Pankaj Jethwani, Executive Vice President at W Health. “We’re impressed by the team, the mission and the results to date. As a health tech investor we look forward to the impact Kins will have in the years ahead.”
Today’s $34 billion dollar outpatient physical therapy industry is inconvenient, outdated, and is burning out therapists. This clinic-centric experience contributes to a 70% drop out rate, a clinical outcomes improvement rate of only 15% per patient, and a therapist turnover rate as high as 40%. Kins was founded on the belief that a 1-on-1 patient-centric experience will flip these metrics for patients and therapists alike.
“Our mission at Kins is simply to help people get back to doing what they love,” stated Dan Smith, CEO of Kins. “By adopting a patient-centric approach, rather than a clinic-centric approach, we are delivering experiences and outcomes multiples better than industry averages. We see patients where they are – in their homes, in person, via tele-health, in between visits, whatever works best for them and their goals. Our hybrid model helps provider groups and health systems grow their footprint, helps payers lower costs, and most importantly, helps our patients recover more efficiently.”
Kins has achieved strong traction since its launch last year, experiencing 30% month-over-month growth, recent expansion to Massachusetts, and patient outcomes including:
- 4.9 out of 5 star patient satisfaction rating
- 68% retention to care plan
- 71% clinical improvement per patient
“Kins’ hybrid care model not only modernizes physical therapy treatment for patients but also for therapists,” stated Nadine Booysen, Chief Clinical Officer of Kins. “We believe physical therapists will lead the charge in the future of conservative care in musculoskeletal health. Kins provides therapists autonomy and flexibility for a better work life balance and to provide high-value care while having the time to build relationships with their patients.”
Kins launched in New York in September 2021 with partnerships including Aetna, Cigna and UnitedHealthCare. They have launched in Boston, adding Blue Cross Blue Shield, Harvard Pilgrim and Optum Care. Kins is hiring and partnering in New York, Massachusetts, and additional markets in the months ahead.
[Source(s): Kins, Business Wire]