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Phreesia (PHR) — the health care software company that’s using technology to make both providers and patients lives easier — made its public debut today on the New York Stock Exchange.
“We're in the early innings of this industry, and we think it's a huge opportunity,” Phreesia CEO Chaim Indig said on Yahoo Finance’s On The Move.
Phreesia specializes in customized patient intake software that handles a wide range of tasks including verifying appointments, offering mobile check-ins, gathering patients’ demographic, clinical and social data, checking insurance, and collecting copays and balances.
“We continuously partner with lots of companies all throughout the health care ecosystem, because we don't think one company could change health care.” Indig stated. “We think being a public company gives us the ability to remain independent for a long, long time, and continue building on that mission of improving the health care experience for all the stakeholders.”
Phreesia opened up at $26.75, after being originally priced at $18 per share. The stock climbed as much as 53% above its offering price.
“We think over time it will improve the cost and quality, but also, the experience,” Indig stated. “You know, it's tough to be a patient and it's tough to be a provider in today's environment. If we can make a little difference improving that health care experience, then I feel like it's a good way to spend my life. And I feel like most of the people in our company have the same feeling.”
This year, Phreesia was named the 2019 Category Leader for Patient Intake Management by the research and insights firm KLAS. According to the company’s website, Phreesia processes and manages $1.4 billion in payments per yer, and serves 54 million patients per yer.
“What I do believe is that your providers want to provide great care for their patients and they're always looking for new tools to be able to help them provide the care that they want to give to their patients,” Indig expressed. “...We think that we are an important part of the health care ecosystem moving forward.”
Chelsea Lombardo is a Production Assistant for Yahoo Finance. You can find more of her work here.