XRHealth

At-Home Healthcare Using VR

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Company Information

Website:

https://www.xr.health/

Sector:

Healthcare Software

Location:

Brookline, MA

Healthcare is going virtual. And XRHealth is at the forefront of this movement.

This company offers at-home medical and therapeutic treatments using Virtual and Augmented Realty. By combining these immersive technologies, along with licensed clinicians and advanced data analytics, XRHealth provides a comprehensive therapeutic care solution for patients to receive treatment right in their own home.

The emergence of Covid-19 disrupted the way many people access healthcare. No longer are people getting in their cars and heading to the doctor’s office. Instead, they’re relying on “telehealth” services — consulting with doctors and medical professionals using smartphones and video-based platforms.

This shift is why telehealth became a $26 billion market last year, and is projected to surpass $70 billion by 2026. Pre-Covid, 39% of people used telehealth services. Today, that number is close to 80%.

Telehealth is certainly a more convenient option. But it has its share of obstacles. For example, patients suffering from chronic conditions like Parkinson’s Disease, Multiple Sclerosis, and even anxiety often require constant therapy — many of them need at-home care. But existing telehealth tools like video calls and basic chat rooms don’t offer full visibility or insight into the patient’s treatment and progress.

As a result, telehealth needs a more comprehensive, intuitive tool to help treat patients. That tool is XRHealth’s virtual care platform.

XRHealth is believed to be the first company to use VR-enabled telehealth to change how patients are treated.

Why VR/AR for healthcare? For one, the immersive, engaging, fun nature of these technologies translates to better adherence rates for patients. In other words, if treatment feels more like a game than work, they’re more likely to stick with it. This leads to better patient outcomes, reduced hospitalization rates, and overall reduced healthcare costs.

For another, VR/AR applications enable full body motor and cognitive training. This enables XRHealth to address several chronic conditions.

Finally, data analytics that can be gathered from VR/AR applications can give better insights into treatments, and allow for continuous modification to ensure the patient is always getting the best care possible.

XRHealth’s platform has three key goals:

Accessible Care: Patients feel better being treated in their own home, and the company’s services are covered by most insurance providers.

Engaging Experiences: As mentioned, AR/VR treatments feel less like work and more like fun. Patients use text and video to chat with clinicians, who guide and monitor their treatment in real-time.

Transparent Results: Patients can track their progress using XRHealth’s mobile app.

The company’s services meet the needs of several huge patient markets. These include:

The $3.8 trillion chronic and mental health conditions market; the $65 billion pain management market; the $22 billion stroke management market; the $23 billion Multiple Sclerosis therapies market; and the $17 billion stress management market.

Initially, XRHealth was a business-to-business company, selling its product to hospitals, clinics, and rehabilitation centers. In 2021, it launched a business-to-consumer model in the form of virtual clinics. Here’s how its business works:

For its B2B model, XRHealth installs a state-of-the-art VR station (hardware and software) in the hospital or clinic. The company then trains the client’s clinicians to optimize patient outcomes and maximize revenue. XRHealth then collects a monthly license fee for the use of its products.

As for its consumer model, patients sign up for XRHealth’s services, usually through either their employer or referring physician. Then, they complete an initial evaluation over a video call with an XRHealth licensed clinician. They’re sent a telehealth VR/AR kit (on loan), which is preloaded with medical applications and a custom treatment plan.

From there, telehealth sessions are held twice a week. Patients use the XRHealth mobile app to track progress and chat with a clinician. Progress reports can be shared with the patient’s primary care provider or with specialists as needed, and the patient’s insurance company is billed for the service.

XRHealth has four operational virtual clinics: two in the U.S. (Massachusetts and Michigan), and ones in Australia and Israel. The company has treated more than 2,000 patients. And from Q1 to Q3 2021, it generated $1.1 million in revenue, up from $400,000 in total revenue in 2020.

XRHealth has 21 patents filed. It’s also raised $20 million from investors, including venture capital funds Flint Capital and 20/20 HealthCare Partners.

Notably, the company has an impressive Net Promoter Score. This metric measures the likelihood a customer is going to recommend a company’s products or services.

Typically, a score between 0 and 30 means a company has room to improve, 30 to 70 means the company has a few satisfied customers, and scores above 70 means the company’s reputation with customers is outstanding.

In the healthcare space, the average Net Promoter Score is 38. XRHealth’s score is 74. 96% of patients enjoy using the platform for treatment, and 92% said that using it has helped motivate them to stick with treatment. Nearly 80% said the treatment made a positive difference in their symptoms after just two weeks.

Team Background

Deepa Javeri - Chief Financial Officer

Deepa has a 15-year career in finance.

She began as an analyst with Morgan Stanley, focusing on Mergers & Acquisitions in the technology industry. From there, she was an associate with DKR Capital, an investment management company.

She then spent three years as an equity portfolio manager with Merrill Lynch, before becoming a research director with Bank of America. Most recently, she was Chief Financial Officer with Frank, a financial services company focused on the education industry.

Deepa has a Bachelor’s degree in Electrical Engineering from MIT.

Miki Levy - Co-Founder & CTO

Miki started XRHealth after a 16-year career with the Israeli Air Force. While in the service, he was an advanced fighter squadron commander and received a Major General’s Award of Excellence.

More recently, he became President of the Tel Aviv chapter of the VR/AR Association, a network of organizations focused on Virtual Reality and Augmented Reality technologies.

Miki holds a degree in Chemical Engineering and a Master’s degree in Military Operational Art and Science.

Eran Orr - Co-Founder & CEO

Prior to starting XRHealth, Eran served in the Israeli Air Force as an instructor and project manager. In addition to his current role, he is a member of the Forbes Technology Council.

He earned a Bachelor’s degree in Business Administration and an MBA from Ben-Gurion University of the Negev.

Co-Investors

20/20 HealthCare Partners

A global investment group investing in early-stage technology and life sciences companies.

Bridges Israel

An Israel-based venture capital firm.

Flint Capital

An international VC fund investing in technology companies.

Raising
$1.07 million
Committed
$145K (14%)
Current Valuation
$81 million
Min. Investment
$256
Deal Type
Title III
(For all investors)
Offering Type
Equity
Finance History
  • $750K
    2016-07-05
    Unknown
    (Pre-Seed)
  • $3.30 million
    2017-06-01
    Unknown
    (Seed)
  • $7 million
    2020-04-22
    Bridges Israel
    (Venture Round)
Notable Investors
  • 20/20 HealthCare Partners
  • Bridges Israel
  • Flint Capital
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