Dental Healthcare FinTech Startup, BidMySmile, Announces Equity Financing
"The proceeds from this investment will be used entirely for marketing and creating awareness to drive online traffic," reported Greg Pellegrom, CEO. He added, "We have experienced a level of success in our pilot market of Denver, CO, and the timing is perfect to expand and bring this opportunity to other targeted markets"
BidMySmile is a patient-generation website that was launched in early 2018. Consumers seeking orthodontic treatment create a profile, including a series of five dental photographs that can be taken with any smartphone. The case is then sent to local orthodontic specialists in the BidMySmile network for a preliminary diagnosis and a recommended treatment plan, including financial options. Once the newly informed patient reviews the offers from the local orthodontists and researches the doctor profiles, they select the option that best fits their goals and budget. Finally, the patient is scheduled for the full in-office consultation prior to starting treatment.
A syndicate of individual private investors, led by Greg Meadows, committed the capital. Meadows, currently CEO of Rocky Mountain Healthcare Companies, LLC, based in Denver, CO, was immediately attracted to the concept. "In my experience, businesses in the healthcare space that can create a win-win for both doctors and patients, are businesses that can grow and win. Throughout our diligence as we spoke to consumers and dentists, we repeatedly heard that the BidMySmile model represents a meaningful solution for the market." Meadows' 25-year executive career in healthcare includes time spent at Schering Pharmaceuticals.
Although the focus has been on the Denver, CO metro area, the company has reported that it currently has established 50 providers in-network, across 15 states. The company has reported that it also has plans for functionality enhancements to the current platform, including patient financing and provider ratings, as well as expanding into other areas of dentistry.
In a Huff Post article last year, Wendell Porter, wrote, "While we've been reminded countless times that nearly 50 million Americans have no medical insurance - one of the compelling reasons for health care reform - comparatively little attention has been paid to the fact far more of us - an estimated 130 million - lack dental insurance. And of those who do have it, coverage is often skimpy at best."
"The climate is right for a digital marketplace that can help save consumers time and money on their orthodontic care, while driving new opportunity traffic into orthodontic specialist offices," offered Pellegrom.
The next market roll-out includes major metropolitan Texas - amongst others.