Sheridan Capital Partners has completed an investment in PtEverywhere, a practice management and integrated payments software platform serving outpatient physical therapy and related rehabilitation providers.
Based in Raleigh, North Carolina, PtEverywhere provides an integrated software platform that brings together scheduling, clinical documentation, billing and collections within a single workflow.
The platform is designed primarily for small and mid-sized physical therapy practices, including clinics operating under cash-pay and hybrid reimbursement models. By consolidating administrative functions, PtEverywhere aims to improve operational efficiency, clinician productivity and financial performance.
Current CEO Andrew Shofner will continue leading the company under Sheridan’s ownership.
The investment gives PtEverywhere access to Sheridan’s healthcare-focused operating resources as the company works to expand its customer base, improve clinical workflows and build additional capabilities around practice management and payments.
Sheridan also sees opportunities for PtEverywhere to grow through acquisitions.
The private equity firm said PtEverywhere’s technology infrastructure and operating model could support both organic expansion and strategic add-on transactions, potentially allowing the company to broaden its product capabilities or reach additional segments of the rehabilitation market.
Physical therapy practices often need to manage a combination of patient scheduling, clinical notes, reimbursement, billing, collections and patient engagement.
For smaller independent practices, those functions can require multiple software systems and substantial administrative work. PtEverywhere’s model is designed to combine those functions into a single platform so clinicians and practice operators can spend less time managing administrative workflows.
The company describes itself as a practice management platform built specifically for modern cash-pay and hybrid physical therapy clinics. In addition to scheduling and documentation, its software includes clinical notes, billing and patient engagement capabilities.
Sheridan Capital Partners focuses exclusively on healthcare investments across outsourced services, healthcare products and manufacturing, providers, and software and technology businesses.
The firm’s investment strategy combines capital with operational support and healthcare-sector expertise to help portfolio companies scale.
The PtEverywhere transaction was led by Jacob Greenberg, Aman Singla and Noah Benson at Sheridan Capital Partners.
Sidley Austin served as legal counsel to Sheridan, while Goodwin Procter served as legal counsel to PtEverywhere. Kaizen Equity Partners acted as financial advisor to the company.
KEY QUOTES:
“As we enter our next stage of growth alongside the Sheridan team, we’re confident this partnership will help us scale our impact, further streamline clinical workflows, and empower clinicians to focus more of their time on patient care.”
Andrew Shofner, CEO of PtEverywhere
“Andrew and the PtE team have driven an impressive operational and technological transformation of the Company, and we’re excited to partner with them to build on that success through our strategic resources and industry knowledge.”
“We are confident that PtE’s scalable infrastructure, differentiated technology, and disciplined operating model will firmly support both organic growth and strategic add-on acquisitions.”
Jacob Greenberg, Sheridan Capital Partners
