Physitrack Expands Its Global Digital Health Footprint With the Help of NetSuite

When a family member, frustrated by post-operative instructions for rehab exercises written on a piece of paper, brought the idea of an app for home exercise prescription to Henrik Molin, he and co-founder Nathan Skwortsow launched Physitrack(opens in a new tab), a platform that provided short videos explaining how to do exercises after surgery or injury. Eleven years later, Physitrack has grown into a comprehensive virtual wellness platform used by more than 100,000 healthcare professionals and close to 10 million patients in 102 countries.


COMPANY

Physitrack PLC

LOCATION

London, UK

REVENUE

€15M

INDUSTRY

Healthcare Services

EMPLOYEES

100-150

NUMBER OF COUNTRIES

5

NUMBER OF SUBSIDIARIES

9

SYSTEMS REPLACED

Xero, DATEV, QuickBooks, FortKnox

OTHER SOLUTIONS CONSIDERED

Aquila, AccountsIQ, Sage Intacct

IMPLEMENTATION PARTNER

MacroFin(opens in new tab)

NETSUITE PRODUCTS IMPLEMENTED

NetSuite OneWorld

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“NetSuite was the only system that offered the localisation and integrations we needed. It was a very easy decision.” Matt Poulter, Head of Finance, Physitrack

Visibility and Automation for Success

Demand surge accelerates growth
Physitrack(opens in a new tab) grew steadily until 2020 when growth skyrocketed as the pandemic sparked a massive surge in demand for remote wellness offerings. At one point, Physitrack acquired 100 customers every hour, 23 hours per day, a significant increase from 100 per week pre-pandemic. This growth led to an IPO of $20 million USD in 2021, along with accelerated global expansion through extensive acquisitions in Europe and the United States.
Disjointed tech prevents insights
As Physitrack(opens in a new tab) expanded and an M&A was launched, the desire to diversify its offering led to the launch of a fast-growing Wellness division. With several new subsidiaries in the group, multiple accounting and reporting systems presented challenges in getting critical financial insights. Physitrack’s leadership knew that its systems needed to evolve. The team interviewed five software vendors, and only NetSuite offered the capabilities they identified as necessary to handle the financial complexity of a multi-entity company.
A winning combination of capabilities
Physitrack now uses NetSuite OneWorld to fulfil the varied accounting and financial reporting requirements of each country in which it operates — including the custom accounting required in Nordic markets — with automatic consolidation at the headquarters level. By managing the entire business from a single platform, the team closes the books in days instead of weeks.
More growth to come
The addition of NetSuite integrations has made it extremely cost-effective for Physitrack to automate accounts payable and receivable. This approach aligns well with the company’s tech-first growth strategy, which aims to maximise the use of automation as Physitrack seeks organic growth in new markets and territories.

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