Yoon Chan never set out to run a billing company. But in 2024, two years after launching his digital therapeutics (DTx) firm EverEx in the United States, that’s exactly what kept the lights on.

When Korea Biomedical Review (KBR) first spoke with CEO Yoon last spring, he was pitching a vision. His startup, born in Seoul and trained in clinical rigor, had just landed Korea’s first regulatory approval for an AI-powered musculoskeletal analysis device.

The plan was bold: enter the U.S. market with a software suite for digital rehabilitation, aimed at a system still warming to the idea of remote care.

At the time, EverEx had limited revenue, no American staff, and just one product. But Yoon did have timing on his side. A relatively obscure Medicare rule—Remote Therapeutic Monitoring, or RTM—had quietly cracked open a pathway for reimbursable digital rehab. Introduced in 2022, the policy lets clinicians bill for tracking musculoskeletal recovery remotely, including app usage, exercise adherence and patient-reported outcomes.

EverEx walked through it.

Last Thursday, KBR sat down with Yoon again—this time in a different context. What began as a bet on billing codes had turned into a working business.

In 2024, EverEx generated about 700 million won—roughly $490,000—in U.S. revenue, outpacing its Korean business five to one. With contracts now signed across a growing network of physical therapy clinics, Yoon said in Thursday’s interview he expects that figure to climb in 2025. 

“We’re expecting three- to fourfold growth in domestic and global sales compared to last year,” he said. “The conversations feel different now. We’re not explaining what RTM is anymore. We’re showing what we’ve built around it.”

What he built is EverEx Rehab, an FDA-cleared platform that lets physical therapists monitor home exercises, track adherence, and message patients—all in ways that generate billable codes. In a system that has long struggled to scale personalized rehab, Yoon said the software does something deceptively simple: it pays to care.

The product wasn’t built the way most health tech is. Instead of starting with idealized workflows or theoretical best practices, Yoon said, they designed it around “how care is actually delivered.” That meant building the platform to fit RTM billing requirements from the outset—where automation, secure messaging, and usage tracking weren’t extras, but essentials.

The entire system, he said, was developed in reverse: from the code back to the patient.

It wasn’t the path EverEx had originally planned. When Yoon, a former orthopedic surgeon at Seoul National University Hospital, founded EverEx in 2019, his aim was a prescription DTx called MORA Cure—an app-based intervention blending exercise and cognitive behavioral therapy to treat chronic musculoskeletal pain. But Korea lacked the infrastructure to support DTx. No billing codes, no insurance coverage, and no easy route into clinics.

So EverEx pivoted. It built MORA Ex for physicians, then retooled the platform for the U.S., where newly introduced RTM codes had created a reimbursement pathway for remote rehab. EverEx moved quickly to meet it.

“We determined that RTM was a viable reimbursement model for us,” he said. The company then spent a year building a product that met those requirements—and got FDA clearance as a Class II medical device in mid-2023.

Within months, the company signed its first customer in New Jersey, followed by a cluster of clinics across the States. Based on feedback, Yoon said the team fine-tuned the product, added real-time tracking and secure messaging, and began building a U.S. office. EverEx USA now operates out of San Jose, with a small but full-time team of three.

California made sense, Yoon said. The state has a large sports population, a culture of early tech adoption, and rehab clinics straining under staffing gaps and long waitlists. “We started with a few pilot sites,” he said. Now we’re working with large PT groups and full-scale practices,” said Yoon, referring to physical therapists who, in the U.S., can run independent clinics—a key difference from Korea’s physician-led model.

That distinction shaped the product. EverEx Rehab was built for PTs. In Korea, where physical therapists must work under physician supervision, MORA Ex remains focused on doctors and, to a lesser extent, fitness professionals.

Griffin, the AI-based pose estimation model behind EverEx Rehab, may be its biggest differentiator. While Yoon said many U.S. competitors rely on third-party pose estimation tools—typically repurposed from avatars or animation—EverEx developed its own AI engine, Griffin in-house, purposely engineered for musculoskeletal rehab.

Most off-the-shelf models, Yoon said, fall short when it comes to tracking joint-level motion in areas like the spine or wrists. “Those models weren’t built with medical-grade kinematics in mind,” he said. “Ours was.”

Clinics seem to agree, at least anecdotally. According to Yoon, one provider told him the product “felt like it was made by someone who’s actually worked in a rehab clinic.” Others, he said, have pointed to its polished interface and seamless motion tracking.  Competing platforms, in his view, often feel “clunky” or “bolted together”—a contrast he attributes to EverEx’s roots in clinical practice.

That tight feedback loop still shapes the company’s structure. U.S. sales, support, and product management happen in San Jose. Software updates are deployed overnight from Seoul. “Someone makes a request in New Jersey,” Yoon said, “and we can push an update from Korea before morning.”

That balance—between homegrown technology and overseas scalability—is why EverEx is betting big on the U.S. Last year, it entered a strategic partnership with California-based Xenco Medical, which supplies implants to some 400 hospitals nationwide. Leveraging that network, EverEx is now building clinical case studies with key surgeons to accelerate adoption.

Still, EverEx hasn’t forgotten where it came from.

Using US momentum to drive a Korean comeback

Back in Korea, the company recently completed a confirmatory clinical trial for MORA Cure in patients with patellofemoral pain syndrome, a knee condition caused by improper alignment of the kneecap that often leads to pain during movement or extended sitting. Yoon said the study showed strong adherence and statistically significant improvements in pain and function, with more than 80 percent of participants completing the program. A regulatory submission is underway.

“Long term, MORA Cure holds the most potential,” Yoon said. “If prescription DTx becomes fully integrated into healthcare systems, it could scale fast.”

Meanwhile, the company has rolled out MORA Vu and MORA Care—AI-powered tools designed for musculoskeletal screening and workplace injury prevention. MORA Vu uses a tablet or smartphone camera to assess posture and joint mobility, replacing bulky motion lab equipment. MORA Care brings that same technology to factory settings, delivering targeted exercise programs to reduce injury risks from repetitive tasks.

“There are things you just can’t see on imaging,” Yoon said. “For example, MRIs and X-rays are static. They don’t capture how the body moves.” Many patients, he added, show nothing unusual on scans, yet still struggle with pain, stiffness or poor mobility that traditional diagnostics miss.

To reach checkup centers, EverEx stripped MORA Vu down even further into Flexum—another AI-powered tool that flags issues like shoulder mobility and forward head posture, or “tech neck.” Yoon said it’s already live at Korea Medical Institute’s Gwanghwamun Health Checkup Center, with plans for broader rollout by year’s end. 

Despite its increasingly international footprint, Yoon remains an unusually hands-on founder. He still uses MORA Care himself. “For lower back pain,” he said. “You need to stick with it—three times a week for about a month to see results.”

What separates EverEx’s platforms, he said, is clinical intent. “It’s not a workout app. It’s not wellness. These are therapeutic interventions, built from evidence.”

He doesn’t see EverEx as a pivot away from science, but rather, a practical path to making it viable.  Rehab, Yoon emphasized, isn’t a luxury—it’s a necessity. But for it to work, he believes, the system needs to support it.

So EverEx found the code that did.