The company uses AI to help employees understand and maximize their coverageRead more...
Practices can increase their business through memberships, patient financing, and mobile rewards
In the U.S. alone, the med spa market is expected to hit $19 billion this year, while the global aesthetics market reached $99 billion in 2021 and is forecasted to grow to nearly $332 billion by 2030. Yet, practices have traditionally relied on in-person consultations and ad hoc marketing campaigns, which is due to a lack of modern software solutions and ecommerce tools to attract new customers and drive repeat business.
"Practices were straining profitability because of this growth and increased competition," said Phil Sitter, CEO and founder of RepeatMD, a company applying ecommerce solutions to the medical industry, giving patients the ability to buy elective based treatments, 24/7.
"RepeatMD brings in new revenue for practices and our rewards program solves patient retention."
The company, which was born through a pivot from a loyalty app for restaurants as the aesthetics and wellness industry saw a significant increase in business due to, what Sitter calls, “the Zoom Boom," has announced $50 million in Series A funding, including a $10 million debt facility from Silicon Valley Bank.
Launched in October 2021, the initial idea for RepeatMD was to be a white-label mobile rewards program designed to help practices grow their cash business through online sales and treatment education. The company then saw the need for revenue automation in the aesthetics and wellness space, leading to the launch of its Inbound Revenue Platform for aesthetic and wellness practices selling elective based treatments.
"We’re investing in AI solutions to streamline the practice onboarding process and enhance the patient buying experience, making it easier for patients to discover treatments that fit their goals," explained Sitter.
"We also developed our proprietary Medcommerce Engine that helps practices sell memberships more effectively and increases conversion rates for patient consultations."
The company's buyers are SMBs who want to generate a new revenue stream for their practice; it currently provides turnkey software solutions to over 2,500 medical, aesthetic and wellness practices across all 50 states, including med spas, dermatologists, plastic surgeons, weight loss clinics, and OBGYNs, with nearly 700,000 registered users on its platform.
Over the last year, RepeatMD has seen an increase in Gross Merchandise Value revenue of over 2,519% and an over 130% increase in SaaS revenue. The company has also forged partnerships with the largest medical and aesthetic laser manufacturers including Alma Lasers, Sciton, and Cynosure.
The new financing round was co-led by Centana Growth Partners and Full In Partners with participation from PROOF, and comes just nine months since its seed financing round from Mercury Fund, who also participated in the Series A. With this funding, RepeatMD has now raised a total of $56 million to date including debt.
The funding will be used to grow RepeatMD’s network of strategic partners, launch its enterprise product, provide further product enhancements, and integrate AI to further amplify the patient shopping experience while scaling its Inbound Revenue Platform. In addition, RepeatMD will also be scaling its growing team of professionals in both Houston and Manhattan.
"We are helping medical practices sell more of their elective based procedures – the Shopify for this industry," said Sitter.
Support VatorNews by Donating
Read more from our "Trends and news" series
The Osteoboost wearable uses vibrations to keep bones strong and prevent osteoporosisRead more...
Proscia Ready helps life sciences organizations and diagnostic laboratories adopt digital pathologyRead more...