WebPT
“Can a rehab-therapy vertical SaaS own the entire outpatient PT/OT/SLP practice stack — documentation, billing, patient payments, and AI compliance — end to end?”
Founded2008
HQPhoenix, Arizona, USA
FoundersHeidi Jannenga, Brad Jannenga
Total raised$87M
Latest roundWarburg Pincus investment (2019)
IndustryVertical SaaS / Healthcare
The story
WebPT started in 2008 as a rehab-therapy EMR built by Heidi Jannenga (PT) and Brad Jannenga (technologist). It expanded into billing (2012), then aggressively rolled up adjacent tools via acquisitions (Therabill, Strive Labs, BMS, Clinicient, Keet). Under Warburg Pincus ownership since 2019, WebPT repositioned as an end-to-end Practice Experience Management (PXM) platform, and in 2025 doubled down on AI-powered revenue cycle management as the growth vector.
Product timeline
2008
WebPT founded and launches web-based EMR for rehab therapists· launch
2012
Launched WebPT Billing Service· lending
2014
Battery Ventures growth investment· funding
2015
Acquired Therabill· acquisition
2017
Acquired Strive Labs· acquisition
2018
Acquired BMS Practice Solutions· acquisition
2019
Warburg Pincus acquisition/investment· acquisition
2022
Acquired Clinicient and Keet Health· acquisition
2023
Launched Practice Experience Management (PXM) platform· pivot
2025
Divested Keet Health to Net Health; launched AI-powered RCM· pivot
Acquisitions
Clinicient2022
Outpatient rehab therapy EMR and RCM platform
Keet Health2022
Patient outcomes and engagement platform (later divested to Net Health in 2025)
BMS Practice Solutions2018
Rehab therapy billing services
Strive Labs2017
Patient engagement and marketing platform for rehab
Therabill2015
Billing software for behavioral health and rehab therapy
The stack
2 layers disclosed in WebPT’s embedded-finance stack
Payments / PSP
Lending
in the full report
Accounting gap: significant
2 more providers across 1 layer, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.