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$3 billion startup Sword Health cuts some physical therapists as it ramps up AI to treat more patients

Nov 11, 2024 - businessinsider.com
Sword Health, a $3 billion startup that provides virtual care for conditions like muscle and joint pain, confirmed that it cut 13 of its physical therapists in October, representing around 17% of its treatment-facing clinicians. The company is aiming to increase the number of patients its physical therapists can manage using AI, with a goal of 700 patients per therapist by the end of 2024. The company also plans to expand its AI platform and is working towards an outcomes-based pricing model, where payment is based on patient progress.

The company, which reached a $3 billion valuation in June after securing $130 million in financing, is considering going public as soon as 2025 if it becomes profitable. CEO Virgilio Bento stated that the company's AI technology allows physical therapists to prioritize critical patients and converse with patients during their virtual sessions. The company's recent technology and pricing strategies suggest an upcoming IPO, with profitability expected by the end of 2024.

Key takeaways:

  • Sword Health, a $3 billion startup, has cut a portion of its physical therapists and is aiming to manage more patients using AI.
  • The company aims to have its physical therapists manage an average of 700 patients at any given time by the end of 2024, a significant increase from the previous caseload of 200 to 300 patients per therapist.
  • Sword Health has been expanding its AI platform and is planning to introduce a new product that can converse with patients during their virtual physical therapy sessions and give them feedback in real time.
  • The startup expects to be profitable by the end of 2024 and could go public as soon as the second half of 2025.
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