PatientFi – a company offering medical practices a comprehensive technology suite of payment and subscription solutions to help patients pay for elective procedures – announced the closing of a significant growth equity financing led by new investor Questa Capital (a venture growth equity firm focused on expansion-stage healthcare companies), with participation from the company’s existing investors.
PatientFi plans to use the proceeds to cement its position as a market leader in its core specialties for elective healthcare practices and their patients. And the growth capital will be used primarily for accelerating sales and marketing, developing new commercial partnerships, and launching new product initiatives.
Launched in 2017, PatientFi has steadily grown into a leading point of care payments platform to increase patient affordability and access to elective healthcare procedures. And since 2019, the company has added 4,000+ practices to its network of medical providers and served 180,000+ patients across its financing and subscription membership platforms. Not only has PatientFi helped practice partners grow their businesses, they have also been a key partner to the medical aesthetics industry through commercial partnerships with category leaders like Galderma and Allergan Aesthetics.
Since 2010, the medical aesthetics industry grew 10% annually and is estimated to be a $40 billion market over the next several years with enormous untapped market opportunity. And in the US, 15 million patients have had an aesthetic treatment, and the number of consumers considering treatment in the near or immediate future is six times that (roughly 80 million people). In 70% of those decisions, consumers cite cost as the primary reason to delay or defer a treatment decision.
In recent years, PatientFi expanded its platform from point of care financing into a comprehensive, payment and technology solution for its practice partners. And PatientFi recently launched PRIVI, a first-of-its-kind subscription and practice loyalty platform. Through PRIVI, patients can pay for customized aesthetic treatment plans via a convenient monthly membership while earning valuable rewards along the way.
With this new funding round, PatientFi will be doubling down on its close partnership with medical providers by empowering their practices with a growing suite of technology tools to help with attracting and retaining life-long, loyal patients.
KEY QUOTES:
“PatientFi has seen incredible growth over the last few years across the aesthetics market, where market demand is incredibly robust. At Questa, we are extremely impressed by PatientFi’s innovation in alleviating the cost barrier for the consumer, while also recognizing the business needs and customer retention value for the medical provider. An emerging leader in patient payments, we believe PatientFi is at the epicenter of bridging accessibility for the patient with high-quality medical providers and life enhancing treatments.”
- Brad Sloan, Co-Founder and Managing Partner at Questa Capital
“It was clear to me that the Questa team had a deep understanding of the opportunity at the intersection of payments, affordability, and elective healthcare. We share a very similar thesis for where our target market will be in five years, and this capital will allow us to continue investing in our people and technology to accelerate our market position. We are excited to welcome our new partners to the team and look forward to working closely with Brad Sloan as a new member of the Board of Directors, and the entire Questa team.”
- Todd Watts, Co-Founder and CEO of PatientFi
