An area of focus within medical debt today is the difference between elective and non-elective procedures. Consumers who incur medical debt because their appendix bursts, for example, are being looked at differently than someone who undergoes surgery to remove a mole or a wart. There’s nothing the consumer could have done to avoid the first scenario, so there is more sympathy for the debt that consumer incurs. As a means of furthering that segmentation, a platform that specializes in offering healthcare providers payment and subscription options for consumers undergoing elective healthcare procedures this week announced a “significant” round of equity financing to help the company grow its platform.
The Who: PatientFi is planning to use the proceeds invested by Questa Capital to “cement its position” as a market leader in elective healthcare practices. It currently works with 4,000 practices nationwide and has served 180,000 patients, according to the company.
The What: PatientFi serves the medical aesthetics industry, which is growing 10% annually and is estimated to be a $40 billion market during the next several years, according to the company. About 15 million people nationwide have had an aesthetic treatment and it’s estimated that six times that number — about 80 million — are considering some form of elective treatment in the near or immediate future.
The How: Already providing point-of-care financing to patients, the company recently launched a subscription and practice loyalty program that allows patents to pay for customized aesthetic treatment plans via a monthly membership fee that also earns them rewards points.
The Last Word: “PatientFi has seen incredible growth over the last few years across the aesthetics market, where market demand is incredibly robust,” said Brad Sloan, Co-Founder and Managing Partner at Questa Capital. “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.”
