September 17, 2019 – ITEN is very pleased to announce that phas3 completed the Investor Readiness Program and is our latest Mock Angel graduate.
phas3 is a digital health company focused on increasing participation in cardiac rehabilitation (CR), an important but extremely underutilized secondary prevention program for patients with heart disease. 80% of eligible patients never even enroll in a CR program and 95% of eligible patients don’t complete the full course of treatment despite data suggesting that completing a CR program doubles the chances of extending one’s life by five years or more.
There are two main reasons why CR is a broken model within the U.S. healthcare system:
1. Patients are reluctant to participate in a CR program because it is expensive, time-consuming and inaccessible due to distance or transportation issues
2. Providers typically lose money because CR is expensive to operate and poorly reimbursed, and therefore they do not aggressively recruit referred patients, leading to further stagnation of the program.
phas3 is fixing the CR system by removing the barriers to participation and compliance while helping providers achieve financial viability. The phas3 program makes CR viable for patients by allowing them to complete the protocol in the comfort of their own home while costing 90% less than an in-clinic program and requiring 85% fewer clinic visits, typically saving 36 hours or more in travel and work time. phas3 also helps hospitals transform their CR department into a sustainable profit center by enabling a new revenue stream via new CMS reimbursement codes, reducing staff burden by managing the patient recruitment process, and supporting the business office by developing a customized CR financial model including support during the back-end claims process.
phas3’s accessible, cost-effective, and reimbursable approach to cardiac rehab can help a health system maintain the existing qualities and add a tangible value proposition based on revenue and profit improvement.
If you have questions about phas3’s current pilot, product development timeline or fund raising plans please contact:
Lucas Rydberg ,CEO, phas3 at: