October 21, 2020
The coronavirus pandemic has caused one of the most important economic crises in history. In this unprecedented context, Canadian entrepreneurs have once again shown their courage and ability to adapt. This year for BDC Small Business Week, we sat down with entrepreneurs in our ecosystem to learn about how their businesses have been impacted by COVID-19, how they’re pivoting for success, and how they’re building for the future in these uncertain times.
During COVID-19, 80% of physiotherapy clinics and post-operative rehab wards were shut down. Patients, hospitals, and insurers sought new options for socially-distant care. As an end-to-end virtual physical therapy platform, Phyxable offers a solution: They empower people in pain to quickly get support and prevent chronic injuries — all from the comfort of their homes.
“We quickly moved from a self-help platform to a fully functioning virtual care platform, specifically catering to pain management and injury prevention,” says Phyxable CEO and Co-Founder Jim Feng.
As social distancing protocols set in, Phyxable transformed their product offerings and platform to appeal to meet the changing needs brought on by COVID-19. “We quickly moved from a self-help platform to a fully functioning virtual care platform, specifically catering to pain management and injury prevention,” says Phyxable CEO and Co-Founder Jim Feng. “With the development of augmented reality, movement-specific video calling, and remote monitoring, Phyxable has taken a negative situation and created an opportunity to serve patients in need.”
Pandemic lockdowns expedited Phyxable’s growth trajectory by over 10x. The company expanded nationally, as well as into the UK and the US, and partnered with large corporations such as Shopper Drug Market / Loblaws Group, League Insurance, and multiple other injury based insurance companies.
The need for virtual care is more necessary now than ever. Lockdown restrictions have exposed gaps in our current care models, and emphasized the need for innovative and long-term solutions to patient care.
Phyxable’s solution is more cost- and time-effective than traditional models of care, while maintaining the quality of care patients, hospitals, and insurers expect.
“As the pandemic drags on, we’ve also noticed a great push for corporate wellness,” says Feng. “Phyxable is working with multiple corporations on delivering 1-on-1, and group health coaching programs covering everything from home ergonomics to self-care for lower back and neck pain.”
Their solution is more cost- and time-effective than traditional models of care, while maintaining the quality of care patients, hospitals, and insurers expect. Many companies, including healthcare practitioners, are accelerating their shifts toward digital models to future-proof their business — at warp speed.
Learn more about how Phyxable is reinventing how physical pain is managed on their website.
Phyxable is part of ventureLAB’s Capital Investment Program. ventureLAB is a leading technology hub located in Markham in York Region, Canada’s second largest tech cluster. Through programs focused on capital, talent, technology, and customers, ventureLAB has supported over 2,000 tech companies and entrepreneurs, including 100 companies that have raised over $115 million and created close to 4,000 jobs. Join us.