The number of medical spas, weight loss clinics, and concierges where patients can pay a fee to access doctors directly, often on the same day, has exploded in recent years. However, while patients pay out-of-pocket for these services, healthcare providers often still rely on software built for traditional insurance-based care.
VITL, an 18-month-old startup, claims to be solving one of the sector’s biggest technological bottlenecks by building an e-prescription platform (a digital tool for sending and managing prescriptions) tailored for cash-based healthcare businesses.
On Wednesday, VITL announced a $7.5 million Series A funding round led by SignalFire.
Founder and CEO Charlie Jordan founded the Nashville-based company after realizing how much time healthcare providers were spending managing prescriptions for treatments that weren’t covered by insurance.
Many health care providers still rely on faxes or phone calls to send prescriptions to pharmacies, which create custom-made medications, often without knowing the final cost patients will pay or how long it will take to complete the order. VITL’s platform solves this problem by connecting clinics to a nationwide pharmacy network and providing real-time price comparisons and Amazon-style order tracking.
“We reduced prescription time from minutes to seconds,” Jordan told TechCrunch.
The time savings are even more beneficial for clinics that process dozens of orders each day.
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VITL estimates that its technology saves customers up to two working days per month by automating cumbersome and opaque processes.
Cash payment providers clearly recognize the value of VITL’s platform. In just over a year since launch, the company reports having installed more than 630 clinics and generating eight figures in annual recurring revenue (ARR). This means the company is on pace to generate at least $10 million annually.
However, the 630 customers represent only a small portion of a market that includes tens of thousands of clinics across the United States. As interest in cosmetic procedures such as GLP-1 (a class of drugs that includes Ozempic and Wigovy) peptides and Botox becomes more mainstream, the number of cash-paying healthcare businesses will only expand.
Although VITL never promoted SignalFire, the startup’s rapid growth attracted attention. This interest led to a new $7.5 million Series A led by a venture firm known for using data and AI to identify breakout companies.
VITL competes in part with boutique clinic platforms like Surescripts, an industry e-prescribing pioneer, and Jane Software, which bundles prescribing functionality with broader electronic health record (EHR) software. What differentiates VITL from these competitors is its focus on the workflow requirements of the cash-pay healthcare sector, the company said.
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