Phreesia, Inc. (PHR): History, Ownership, Mission, How It Works & Makes Money

When you look at the complex, often frustrating world of patient registration, do you ever wonder which technology company is defintely streamlining the process for millions of people? Phreesia, Inc. (PHR) is a clear answer, having generated $419.8 million in revenue in fiscal year 2025 and facilitating approximately 170 million patient visits annually, which is a massive slice of the U.S. and Canadian healthcare market. The company's focus on patient intake and activation is paying off, as evidenced by its recent inclusion on the 2025 Deloitte Technology Fast 500 List and a major swing to a positive $36.8 million in Adjusted EBITDA for fiscal 2025, showing real operational leverage. With institutional heavyweights like Blackrock Inc. holding a significant 9.50% ownership stake, you need to understand the history, mission, and three-pronged revenue model-subscriptions, payment processing, and network solutions-that powers this healthtech leader.

Phreesia, Inc. (PHR) History

Given Company's Founding Timeline

You want to understand the bedrock of Phreesia, Inc.'s operation, and honestly, it starts with a clear vision: making the patient experience easier. The company's origin story is one of spotting a massive administrative bottleneck in healthcare and building a technology solution right in the middle of it.

Year established

Phreesia was founded in 2005, setting out to help patients take a more active role in their own care from the very first check-in.

Original location

The company was originally based in New York City, U.S., before establishing its current headquarters in Wilmington, Delaware.

Founding team members

The company was co-founded by CEO Chaim Indig and President of Provider Solutions Evan Roberts. Michael Weintraub has served as the Chairman of the Board since the company's inception.

Initial capital/funding

While the initial seed capital isn't public, Phreesia has raised a total of $109 million in funding over nine rounds, with the first funding round occurring in December 2006. This capital fueled the early development of their patient intake and engagement platform.

Given Company's Evolution Milestones

The company's growth wasn't a straight line; it was a series of strategic product additions and market expansions, culminating in a significant shift to profitability in 2025.

Given Company's Transformative Moments

The biggest shifts for Phreesia weren't just the acquisitions, but the underlying business model and product philosophy. They moved from a hardware-centric check-in system to a full Software-as-a-Service (SaaS) platform, which is defintely a more scalable approach.

This transition to a SaaS model was pivotal because it created a highly predictable, recurring revenue stream, which is what long-term investors look for. Plus, prioritizing the patient experience-making the interface easy to use-drove adoption from both patients and healthcare providers.

The company's recent financial performance in fiscal year 2025 shows this strategy paying off. Management raised the Adjusted EBITDA outlook for fiscal year 2025 to a range of $26 million to $31 million, up from an earlier forecast, reflecting stronger execution and margin focus.

Another key moment is the aggressive move into AI and new modules.

• Launch of Phreesia VoiceAI: Introduced an AI solution for healthcare call management in late 2025, aiming to accelerate recurring revenue growth by enhancing the product suite.
• Acquisition-led Expansion: The $160 million AccessOne deal in 2025 is a massive step to expand payment solutions beyond simple co-pays to patient financing, a critical area for healthcare revenue.
• Achieving Profitability: Hitting a $0.7 million net income in Q2 Fiscal 2025 was a major milestone, proving the operating model can generate cash, with the CEO calling it the start of a new era for deploying internally generated cash.

For a deeper dive into the institutional money backing these moves, you should check out Exploring Phreesia, Inc. (PHR) Investor Profile: Who's Buying and Why?. The company is now guiding for total Fiscal Year 2025 revenue between $416 million and $426 million, showing substantial scale in the health-tech market.

Phreesia, Inc. (PHR) Ownership Structure

Phreesia, Inc. (PHR) is a publicly traded company on the New York Stock Exchange (NYSE), but don't let the public status fool you into thinking ownership is broadly distributed; it's defintely controlled by institutional money. The ownership structure shows a high concentration of shares held by large, sophisticated financial institutions, which means their investment decisions are the primary drivers of stock movement and governance.

For the fiscal year ended January 31, 2025, the company reported revenue of $419.8 million and a Net Loss of $58.5 million, so the focus remains on growth and the path to sustained profitability, which is a key metric for these major institutional holders.

Given Company's Current Status

Phreesia, Inc. is a publicly traded entity, listed on the NYSE under the ticker symbol PHR. This status subjects the company to rigorous reporting standards by the Securities and Exchange Commission (SEC), giving investors transparency into its operations and financial health. The core of the company's governance is driven by a board of directors who oversee the executive team and represent the interests of the majority shareholders-the institutional funds.

Given Company's Ownership Breakdown

When you look at who actually holds the shares, the picture is clear: institutional investors dominate the register. This is common for growth-oriented technology companies, but the sheer scale here is notable. The top institutional holders, like Vanguard Group Inc. and BlackRock, Inc., effectively control the majority of the voting power, making their collective sentiment critical to the company's strategic direction.

Here's the quick math on the shareholder distribution as of late 2025:

The institutional ownership of over 92% means that retail investors, while important, are price-takers in this stock. This concentration can lead to lower volatility from day-to-day retail trading but higher volatility during large institutional rebalancing. If you want to dive deeper into the major players, check out Exploring Phreesia, Inc. (PHR) Investor Profile: Who's Buying and Why?

Given Company's Leadership

The company is steered by a seasoned executive team, many of whom have been with the company for over a decade, which is a strong sign of strategic stability. Chaim Indig, the CEO and Co-Founder, has a tenure stretching back to 2005. The average tenure for the management team is about five years, which is solid experience for a fast-moving healthcare technology firm.

The key executive leaders driving the strategy and execution as of November 2025 include:

• Chaim Indig: Chief Executive Officer and Board Member.
• Evan Roberts: President, Provider Solutions and Co-Founder, overseeing the core Provider business.
• Balaji Gandhi: Chief Financial Officer, leveraging over 25 years of executive experience to manage the financials.
• Jack Callahan: Chief Technology Officer, responsible for the company's core and integration platforms.
• Allison Hoffman: General Counsel, managing Legal, Compliance, and Privacy teams.
• Hilary Hatch: Chief Clinical Officer, focusing on clinical strategy and engagement.

What this leadership structure tells you is that the founders still hold significant operational power, while the addition of experienced executives like Balaji Gandhi for finance adds the necessary discipline for a public company aiming for consistent margin improvement. The long tenure of the founders suggests a deeply ingrained company culture, but still, you need to watch for executive sales, which can signal a shift in insider confidence.

Phreesia, Inc. (PHR) Mission and Values

Phreesia, Inc.'s core purpose extends beyond its strong revenue momentum, focusing instead on fundamentally simplifying the healthcare experience and ensuring every patient is an active, empowered participant in their own care. This dual focus on provider efficiency and patient activation is the cultural bedrock that drives their product development and strategic decisions.

You're looking at a company that facilitated over 170 million patient visits in fiscal year 2025-that's roughly 1 in 7 visits across the U.S.. This scale means their mission isn't just a poster on the wall; it's a critical operational mandate. For a deeper dive into their balance sheet, check out Breaking Down Phreesia, Inc. (PHR) Financial Health: Key Insights for Investors.

Given Company's Core Purpose

The company's cultural DNA is built on four straightforward core values, which translate abstract goals into concrete actions for their teams. These values are the real-world compass for everything from product feature prioritization to client success strategies.

• Care. A lot.: Prioritizing empathy and a deep commitment to clients and patients.
• Try it.: Encouraging innovation and a willingness to test new ideas quickly.
• Grit.: Emphasizing perseverance and resilience in solving complex healthcare problems.
• Make excellent things happen.: A clear, actionable goal for high-quality execution and impact.

To be fair, a net loss of $136.9 million in fiscal year 2024 shows the cost of this growth and commitment, but their mission-driven work, like delivering $5.3 million in pro bono public health messaging in fiscal 2025, shows where the capital is defintely being directed.

Official mission statement

Phreesia's mission is a concise, powerful statement that maps directly to its product suite, which digitizes and automates the patient intake process to reduce administrative burden.

• Making care easier every day.

Vision statement

The vision statement is the long-term, aspirational goal for the healthcare ecosystem Phreesia is building. It focuses on patient activation (giving patients the knowledge, skills, and confidence to manage their health) as the key to better outcomes.

• Every person is an active participant in their care.

Given Company slogan/tagline

While the mission statement often serves as the primary external slogan, the company is also known for its position as a market leader in a specific, high-impact category.

• Trusted leader in patient activation.

Phreesia, Inc. (PHR) How It Works

Phreesia, Inc. provides a comprehensive platform that automates the patient intake, communication, and payment experience for healthcare organizations, moving administrative work away from the front desk and onto a digital interface. The company essentially acts as the digital front door for medical practices, streamlining everything from appointment check-in to final payment collection, which is defintely a huge relief for patients and staff.

Phreesia, Inc.'s Product/Service Portfolio

The company operates on a Software-as-a-Service (SaaS) model, generating recurring revenue primarily through subscription fees and transaction-based payments. For the 2025 fiscal year, we project the total revenue to be near $400 million, with the bulk coming from its core platform and payment processing fees. Here's the quick breakdown of their main offerings:

Phreesia, Inc.'s Operational Framework

The core value creation happens through deep integration and data flow. Phreesia, Inc. doesn't just offer a standalone app; it embeds itself into the healthcare provider's existing infrastructure, specifically the Electronic Health Record (EHR) system. This is the engine.

• Seamless EHR Integration: The platform maintains over 300 certified integrations with major EHR systems like Epic and Cerner, ensuring patient data flows securely and instantly back to the clinical record without manual entry.
• Subscription and Transaction Model: Practices pay a monthly subscription fee for the software access, plus a percentage-based fee on payments processed, which drives revenue growth alongside patient volume.
• Data Monetization (Life Sciences): Anonymized, aggregated patient data collected during the intake process is leveraged to help pharmaceutical clients with research and patient recruitment, creating a high-margin secondary revenue stream.
• Continuous Compliance: Operations are structured to maintain strict adherence to HIPAA (Health Insurance Portability and Accountability Act) and PCI-DSS (Payment Card Industry Data Security Standard) requirements, which is non-negotiable in healthcare.

To be fair, the technical onboarding can be complex, but once a provider is live, the system starts delivering immediate administrative savings.

Phreesia, Inc.'s Strategic Advantages

In a crowded health-tech space, Phreesia, Inc.'s longevity and scale give it a distinct edge. It's not just about the features; it's about the network and the data. If you want a deeper dive into their long-term view, you should check out Mission Statement, Vision, & Core Values of Phreesia, Inc. (PHR).

• Network Effects: With a platform used by thousands of organizations and processing millions of patient visits annually, the value of the network grows with each new user, making it harder for smaller competitors to catch up.
• Proprietary Data: The massive, longitudinal dataset on patient behaviors, demographics, and clinical information collected at the point of care is a unique asset, especially for the high-margin Life Sciences business.
• High Switching Costs: Once a practice integrates Phreesia, Inc. deeply into its EHR, training staff, and automating workflows, the cost and disruption of switching to a new vendor become prohibitively high.
• Payment Processing Scale: Handling patient payments-a critical and often painful part of the revenue cycle-gives them a sticky, transactional revenue stream that is directly tied to the overall U.S. healthcare spend, which is projected to exceed $5 trillion soon.

What this estimate hides is that the company still faces competition from internal EHR vendor solutions, but its specialization in the patient experience keeps it ahead.

Phreesia, Inc. (PHR) How It Makes Money

Phreesia, Inc. generates revenue primarily through a multi-faceted model that combines recurring software subscription fees, transaction-based payment processing fees, and high-margin advertising revenue from its Network Solutions segment.

The company essentially acts as a patient activation and revenue cycle management platform, making money by embedding itself into the patient's journey from appointment scheduling to final payment.

Phreesia, Inc.'s Revenue Breakdown

The business model is intentionally diversified, blending predictable subscription revenue with scalable transaction and advertising fees. Here's the revenue breakdown based on the most granular data available from the fiscal second quarter of 2025 (Q2 FY2025), with growth trends reflecting the momentum seen in the full Fiscal Year 2025 (FY2025) period.

Business Economics

The core of Phreesia, Inc.'s economic engine is its ability to increase the average revenue per client (known as Average Healthcare Services Client, or AHSC) by cross-selling its three distinct revenue streams. The platform is sticky-once a healthcare organization integrates the software, the cost and pain of switching are high, which is why gross revenue retention has consistently been strong, sitting between 94% and 96% since the IPO.

• Subscription Model: This is the anchor, providing a predictable, recurring revenue base for its software-as-a-service (SaaS) offerings like registration and appointment scheduling.
• Payment Processing: This is a volume play. The company earns a take rate, which is a percentage of the patient payments processed through its platform. This take rate was around 2.82% in Q3 FY2025, though it has seen some moderation due to client mix and a clearinghouse wind-down.
• Network Solutions: This is the highest-margin, fastest-growing segment, delivering clinically relevant content and advertising from life sciences companies to patients during the intake process. It grew a robust 29% year-over-year (YoY) in Q4 FY2025, showing strong operating leverage.
• Client Value: The total revenue per AHSC reached $99,884 for the full Fiscal Year 2025, demonstrating the success of cross-selling the full suite of solutions.

The business is focused on operational efficiency, with Sales & Marketing expenses decreasing to 28% of revenue in Q3 FY2025, a clear sign of improving operating leverage as the company scales its client base. You can dig deeper into the institutional interest in Exploring Phreesia, Inc. (PHR) Investor Profile: Who's Buying and Why?

Phreesia, Inc.'s Financial Performance

The company has made a significant shift toward profitability, moving from substantial losses to positive cash flow generation in Fiscal Year 2025. This pivot is the most critical financial story right now.

• Total Revenue (FY2025): Phreesia, Inc. reported total revenue of $419.8 million for the fiscal year ended January 31, 2025, marking an 18% increase year-over-year.
• Adjusted EBITDA (FY2025): The company achieved an Adjusted EBITDA of $36.8 million in FY2025, a massive swing from a negative $35.4 million in the prior fiscal year.
• Net Loss (FY2025): The net loss for FY2025 improved dramatically to $58.5 million, down from a net loss of $136.9 million in FY2024.
• Cash Flow Milestone: The company generated $8.3 million in positive free cash flow for the full FY2025, a key inflection point after a negative $57.5 million in FY2024.
• Recent Profitability: The focus on efficiency is paying off, with Q2 FY2026 (ended July 31, 2025) reporting a net income of $0.7 million, the first-ever net income positive quarter for the company. That's a defintely strong sign for margin expansion.

Phreesia, Inc. (PHR) Market Position & Future Outlook

Phreesia holds a strong, specialized position in the patient intake and engagement market, with fiscal year 2025 revenue reaching $419.8 million, up 18% year-over-year. The company's future trajectory hinges on its ability to aggressively cross-sell new modules and successfully integrate recent acquisitions like AccessOne, while fending off the pervasive threat from massive Electronic Health Record (EHR) vendors. The core business is sound, but growth requires moving beyond patient check-in to become a full patient activation platform. Mission Statement, Vision, & Core Values of Phreesia, Inc. (PHR).

Competitive Landscape

You need to understand that Phreesia doesn't just compete with other intake tools; its biggest rivals are the integrated EHR platforms that health systems already use. They are trying to build out what Phreesia specializes in. Here's the quick math on market positioning in this niche, using the broader Patient Intake Software market size of $1.96 billion in 2025 as the denominator for our estimate.

Opportunities & Challenges

The patient intake software market is projected to grow to $1.96 billion in 2025, which gives Phreesia a massive runway, but the risks are real, defintely. The company must convert its strong client base into higher revenue per client to move toward sustained profitability.

Industry Position

Phreesia is a clear leader in the specialized patient activation (patient intake, registration, payments) niche, having established a presence in all 50 states and servicing over 4,300 healthcare clients in fiscal 2025. This scale is a competitive moat.

• EHR-Agnostic Integration: Phreesia's core strength is its seamless integration with a wide range of existing Practice Management (PM) and EHR systems, which is a major selling point for providers unwilling to rip-and-replace their entire infrastructure.
• Shift to Profitability: The company is showing progress toward financial discipline, with Adjusted EBITDA reaching $36.8 million in fiscal 2025, a significant turnaround from the negative figure in the prior year.
• Product Innovation: Strategic investments in AI, such as the launch of VoiceAI, are key to driving higher recurring revenue per client and automating administrative burdens for healthcare organizations.

The challenge is that the EHR giants are increasingly bundling similar features, so Phreesia must maintain a significant feature and user-experience advantage to justify its standalone subscription cost. The company is poised for growth, but it needs to execute its cross-selling and integration strategy flawlessly.