A HIPAA compliant CRM that enables owners of private mental health practices to scale while increasing access to care.
St. Louis, MO, USA
One Liner
One Liner
A HIPAA compliant CRM that enables owners of private mental health practices to scale while increasing access to care.
What Problem We are Solving
Problem
Practice owners inundated with inquiries for mental health services, and their client care coordinators at each practice are spending needless hours tracking inquiries and matching clients to therapists using only extensive google sheets and pen and paper. Nationwide, we are in the middle of a mental health crisis, and the average wait time to see a therapist (even with private pay) is 5-6 weeks. Practice owners are turning away inquiries but have no data to tell them why, in order to know which types of therapists to hire next. We save client care coordinators time, help clients move off of waitlists faster, and help practice owners gain the analytics they need to scale.
About Us
About Us
The nearly insurmountable need for mental healthcare in the U.S. is a crisis and a massive opportunity for therapy practices to scale with the right tools. Practice Axis is a HIPAA compliant CRM tailored to this complex niche that enables data-driven revenue growth and saves care coordinators an average of 10 hrs per week through email automations & task management. Practice Axis was born out of a consulting engagement in 2021 when founder, Berit Elizabeth, was hired to set up systems to scale a private mental health practice with 10 therapists and goals to scale to 20 therapists. Realizing how difficult & expensive it was to find a HIPAA compliant CRM with none on the market tailored to the unique journey of a new therapy client, she configured a commercial CRM and launched a beta program with 10 practices nationwide before raising funding to build the latest version of Practice Axis.
Venture Highlights
Highlights
Version 1.0 of Practice Axis launched in private beta in Jan 2023!
In 2021, founder Berit Elizabeth discovered the need for a CRM tailored to mental health practices during a consulting engagement. By the end of that year, she had attended conferences of systems-minded practice owners and founded Practice Axis to build this CRM and run the first round of private beta users.
In early 2022, 15 practice owners nationwide, with 10-30 therapists at each practice, were paying customers on our MVP of Practice Axis, a white-labelled version of a HIPAA compliant CRM platform configured to match the unique workflow of each practice. This allowed for invaluable customer development and the real-time use cases to iterate features.
As a solo female founder, Berit Elizabeth raised $250,000 for Practice Axis through Capital Innovators in St Louis and Jumpstart Foundry in Nashville in the first half of 2022. Through mentorship and by adding key team members, Practice Axis hired developers in August 2022 to build V1.0 of the system. Before launching in January, five practices paid for a private beta group in presale in December.
Practice Axis has the wholehearted endorsement of Kasey Compton, author of Fix This Next For Healthcare. She invited Practice Axis to her upcoming conference in KY. https://www.mindsightpartners.com/meet-you-in-kentucky-2023 She promotes our CRM to her clients and is a key advisor and partner in helping us make an impact on this field.
Business Model
Business Model
Our model is a SaaS Model. While we are in private beta, we offer a mandatory 8 week onboarding program for $2000, then $250/month for 3 user seats.
As of Q2 in 2023, the onboarding program will be optional and we will offer tiered pricing based on the size of the practice: 2-10 Therapists → 3 users $325/month
11-20 Therapists → 6 users $500/month
21+ Therapists → 8 users $625/month
Keep in mind, our customer is the Practice Owner and our users are administrative staff involved in the process of receiving/tracking inquiries, checking insurance benefits, and matching the client to a therapist. Therapists at the practice do not use our CRM.
Competitive Advantage
Quote
With our CRM, practice owners report that their client care coordinators save 15 HOURS of work per week thanks to our task management & automated email and text communication. Our pre-designed workflows speak industry language and can integrate with EHR practice management software.
And, our intelligent dashboard pulls data from traditional Sales & Marketing reports and offers machine-learning driven-recommendations, so these practices finally have the insights they need scale.
Revenue
Revenue To Date
$48.3K
MRR
$2.38K
Revenue YTD
$5.25K
Burn Rate
$11K
Users
Total Users
45
Total Users (Past 30 Days)
30
Daily Active Users
N/A
Monthly Active Users
30
Total Paying Users
45
MoM Growth Users
N/A
Organic Traffic %
100%
Customer Costs
CAC
N/A
LTV
$9K
Churn
10%
Margins
45%
Go-To Market Strategy
Business Strategy
We lead webinars such as "Three Way to Streamline Your Intake Process" and "Intake Autopsy" to our target clientele through partnerships.
We are going to have a booth at the Meet You In Kentucky Conference in May 2023 and we are developing partnership with other business consultants for group practices, i.e. Maureen Werrbach.
We have our virtual assistant doing lead generation by examining websites of practices by state and we reach out to those with more than 2 therapists on staff (20 on average). We send out cold outbound emails to build our list and this has yielded multiple consultations.
We have a consultative sales process. The lead books a 1-1 consult with Berit and then is invited to join the beta program. We've received over 30 beta program applications via our website in the last year simply by word of mouth.
We plan to be more focused on content marketing in Q2. We want to be a resource hub for therapists to learn to grow their practices, build community so they can learn from each other, and have them all on our CRM.
There are a few CRMs on the market that offer a HIPAA compliant tier at premium price. However, even if practice owners have the budget, those CRMs (such as ActiveCampaign, Keap & Salesforce) require a level of customization that most practice owners don't have the time or expertise to handle.
Our main competition relates to the status quo, which is the EHR systems that therapists in private practice use for their scheduling and billing operations. These platforms lack CRM features, or those that are adding them lack billing features so our clients are still left to piecemeal software. But if they were to add them with the same feature suite we offer, we'd have strong competition there. Valant is an EHR that is starting to do this with their PPM. We also see these companies such as SimplePractice, Therapy Notes, and Thrive Nest as potential partners and/or acquirers for us one day.
We are open to meeting up to grab a coffee, or just to chat.
We would really enjoy your feedback and insight into our venture and would be happy to discuss anything that you are currently working on to see if we can be of service!
