PatientFi, a company offering medical practices a comprehensive technology suite of payment and subscription solutions to help patients pay for elective procedures, today announces 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 intends to use the proceeds to cement its position as a market leader in its core specialties for elective healthcare practices and their patients. The growth capital will be used primarily for accelerating sales and marketing, developing new commercial partnerships, and launching new product initiatives.
Founded in 2017, PatientFi has steadily grown into a leading point of care payments platform to increase patient affordability and access to elective healthcare procedures. Since 2019, the company has added over 4,000 practices to its network of medical providers and served over 180,000 patients across its financing and subscription membership platforms. Not only has PatientFi helped their 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 & Allergan Aesthetics.
Since 2010, the medical aesthetics industry has grown 10% annually and is estimated to be a $40 billion market over the next several years with enormous untapped market opportunity. 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. PatientFi recently launched PRIVI, a first-of-its-kind subscription and practice loyalty platform. With PRIVI, patients can pay for customized aesthetic treatment plans via a convenient monthly membership while earning valuable rewards along the way.
“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,” said Brad Sloan, Co-Founder and Managing Partner at Questa Capital. “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.”
“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,” said Todd Watts, Co-Founder and CEO of PatientFi. “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.”
With this new capital, 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. “If we can help a practice treat more patients by improving access and keep them coming back, everyone wins,” said Watts.
About PatientFi
PatientFi is a leading payments platform used by medical practices to seamlessly offer their patients more affordable alternatives for out-of-pocket healthcare expenses. Bringing flexible, monthly payment plans and subscription memberships to the forefront of healthcare practices, PatientFi makes life-changing procedures and treatments more accessible and attainable for patients. Today, PatientFi serves a national network of healthcare providers and their patients. PatientFi was recently ranked the 54th fastest-growing company in North America on Deloitte’s Technology Fast 500 list and was named to Inc. 5000’s annual list of fastest-growing private companies in America.
For more information, visit www.PatientFi.com and follow PatientFi on Instagram and LinkedIn.
About Questa Capital
Questa Capital is a venture growth equity firm focusing on investments in expansion-stage healthcare companies. Questa seeks out disruptive, technology-enabled business models that help improve patient lives, streamline market inefficiencies, and provide better quality care. The firm partners with superior management teams to help build innovative market leaders in the healthcare technology, services and medical devices sectors. Questa is led by industry veterans in healthcare investment and operations who have invested in and advised more than 60 growth-stage companies. More information is available at www.questacapital.com.
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