Did you know that all 3 founders, Steve Chenoweth, Sam Echols, and Chad Whitefield are all physical therapists by background?

For its founders, Therapy Partner was born from a frustration !!
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Established by Steve Chenoweth, Sam Echols, and Chad Whitefield, were all physical therapists who knew the pain of managing patient records and lack of tech integrations in this space.

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Existing practice management solutions were either very expensive enterprise systems designed for large medical facilities or rudimentary generic scheduling tools ill-suited for the unique needs of therapy practices.

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Did you know that Therapy Partner Solutions has had only one major funding round on record before 2025 (the Lee Equity deal), and flew mostly under the radar?

Unique Value Proposition:

1. Tech First: An integrated system that could handle the unique workflow of therapy practices, from appointment scheduling to clinical documentation
2. Customer-first Innovation: A commitment to deep customer understanding rather than rapid market expansion.
3. Telehealth Expansion: Recognising early signs of Telehealth adoption among forward-thinking practitioners, the company invested developing a HIPAA-compliant video platform.

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Catalysts for Instant Success:

1. Personal Pain Point to Market Solution: Built an intuitive solution for therapists with minimal technical expertise, to curate a seamless experience for patients and practitioners.
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2. Bootstrapping in a Specialised Market: Hansen and Reeves initially invested $120,000 of their personal savings to develop the first version of the platform, reinvesting all revenue into product development.
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3. Customer-Centric Product Evolution: Therapy Partner launched its secure cloud-based documentation system. This development enabled many mental health professionals, who were struggling with the technical and financial hurdles of implementing EHR systems.
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4. The Pivotal Telehealth Expansion: Recognising early signs of Telehealth adoption among forward-thinking practitioners, the company invested $1.2 million in developing a HIPAA-compliant video platform, representing nearly 60% of that year's development budget.​
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5. Marketing Through Practitioner Trust: Rather than pursuing broad digital marketing campaigns or aggressive sales tactics, the company has invested heavily in educational content, professional development resources, and deep engagement with the therapy community.
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Did you know that major breakthrough for the company was turning clinic owners from mere customers into channel partners with skin in the game?

Business Milestones:

• Seed Funding: TPS’s initial funding was a private investment (amount undisclosed) from Walnut Grove Capital Partners, a boutique healthcare investment firm, along with contributions from the co-founders.
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• Dec 2018: Acquired Medical Billing Center (MBC) to add billing & collections expertise
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• Growth Capital / Series A (2019): BroadCrest Asset Management invested in TPS around early 2019, becoming the majority equity holder, Investments not public, but estimated in the low eight figures.
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• Majority Buyout / Series B (2022): Lee Equity Partners’ investment in January 2022 is considered TPS’s major funding event, Though the deal size wasn’t disclosed, Its estimated to be in the range of $50–$150 million.
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• TPS expanded from an initial base of approx. 10 clinics in 2017 to approximately 60 clinics by early 2022, and around 100 by 2025​
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• By 2025, with ~100 clinics plus service revenues, TPS’s annual revenue likely exceeds $100M, with a global valuation of $1.2 Billion.
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• By 2025, TPS grew from about 50 employees at founding (mostly across its five small subsidiaries) to over 600 employees by 2022, and around 750.
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Did you know that Therapy Partner’s compliance head, Mary Daulong (now a leader at the company), was actually the first physical therapist in the U.S. to become certified in healthcare compliance?

5 Ways how Therapy Partner Grew to $1.2 Billion

1. Domain Expertise: Deep understanding of mental health practices created a product that generic competitors struggled to match.
   ​✅Takeaway: Entrepreneurs should leverage domain-specific knowledge to create solutions that address nuanced pain points general alternatives miss.
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2. Goal Clarity: By delaying outside investment, Therapy Partner maintained the freedom to prioritise long-term practitioner relationships over short-term growth metrics.
   ​✅Takeaway: Founders should consider whether bootstrap financing might better serve their specific market and growth objectives.
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3. Niche Market Advantage: Despite charging 15-20% more than generic practice management alternatives, Therapy Partner has maintained strong growth through niche specialisation.
   ​✅Takeaway: Entrepreneurs targeting specialised markets should consider value-based pricing rather than competing primarily on cost.
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4. Community Engagement: Committed investment in community resources and educational content created powerful network effects within the mental health profession.
   ​✅Takeaway: Founders should explore how to become meaningful contributors to their target market's professional community rather than merely selling to it.
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5. Tech Innovation: By developing its Telehealth capabilities years before market demand was ready, Therapy Partner positioned itself to capitalize on the right market shift.
   ​✅Takeaway: Entrepreneurs should identify emerging trends in their industry and invest ahead of demand curves rather than simply responding to current market conditions.