Kimberly O’Loughlin, CEO at Therapy Brands, was interviewed on the Mission Matters Business Podcast by Adam Torres.
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Kimberly O’Loughlin served in a senior leadership position in various industries like telecommunications, insurance, and financial services until she found healthcare. She explains that the healthcare market has many unmet needs, making it full of opportunities to innovate and change the game.
Meeting The Unmet Needs Of Healthcare
Kimberly has led global businesses in the healthcare sector that provide technology to help expand healthcare access around the world. She states that the U.S., despite having the highest healthcare cost per capita globally, is still not producing in the top 20 in terms of healthcare outcomes. “It is important for us to make the necessary changes to relieve provider burden and to harness the power of what software and analytics can do for healthcare to improve outcomes and have our grandkids experience those improvements someday,” she says.
She also emphasizes the importance of the mental and behavioral health market, which has 235 billion dollars of spend today. It is one of the ’fastest-growing areas of healthcare, having an expected growth of 7% a year. With this in mind, Therapy Brands’ mission is to provide mission-critical tools to providers, to reduce administrative burdens, extend access to care and improve patient outcomes and satisfaction.
Watch the full interview:
The Foundation of Therapy Brands
Therapy Brands was founded in 2013 by O’Loughlin’s predecessor, Shegun Otulana. The company began with Shegun’s conversation with a psychotherapist, where he uncovered that the products on the market weren’t sufficiently specialized to meet the needs of practicing psychotherapists.
Therapy Brands expanded to other therapy markets, including substance use recovery for people with addiction issues, applied behavioral analysis, i.e., serving children on the autism spectrum, and the physical rehab market. Providers in each of these markets are broadly underserved, especially from a technology perspective, with a large portion of the market still using paper or general-purpose tools. This revelation led to even more opportunities for Therapy Brands to develop products that specifically served the needs of these markets.
On being asked what motivated O’Loughlin to join Therapy Brands, she said, “What’s so compelling is that this market has been underserved for a long time, with unmet needs not only for the providers but for their clients as well. The market dynamics are compelling with the increasing prevalence of mental and behavioral health issues, the rapidly aging demographic, improvements in coverage, and provider shortage areas. For example, 20 percent of the population today suffers from a mental health issue, yet many are not getting the treatment they need. With inefficiencies resulting from lack of technology adoption, there is an imbalance between supply and demand, and waitlists are prevalent. If therapeutic practitioners embrace the technology that’s available today, we can address the fundamentals of the triple aim of increasing satisfaction, lowering costs, and changing outcomes, and that’s what has me excited.”
Therapy Brands’ Service Areas
Therapy Brands’ core offering is the EHR or PMS system – Electronic Health Record or Practice Management System that is purpose-built for therapy market providers. This base software assists in clinical capabilities, administration, and billing. Additionally, Therapy Brands also integrates various essential capabilities needed for the practice, like HIPAA-compliant telehealth and patient engagement solutions.
Therapy Brands’ providers have a complex payer and regulatory landscape, so they also provide payment processing software and revenue cycle services to support the practices’ financial health. Ultimately, the company aims to provide easy-to-use and efficiency-driven solutions.
What Lies Ahead
Global Investment Firm KKR has recently agreed to acquire a majority interest in Therapy Brands. The approvals are still in process, but Kimberly shares that KKR will be an excellent partner. “KKR has more than 40 years of experience partnering with companies to build leading global enterprises,” she says. “They’ve been investing in and supporting health care companies for many years. They have global resources, a wealth of knowledge, and bring all of this to the table, which is a beautiful thing to have on our team.”
About Therapy Brands is the leading provider of fully integrated Practice Management and EHR solutions for mental and behavioral health providers. The company aims to provide healthcare practitioners the best software, tools, and services to manage their practice. Therapy Brands looks forward to making a difference for the mental, behavioral and rehabilitative healthcare market. To learn more about Therapy Brands, visit www.therapybrands.com.