Introduction:
To generate business, the aesthetics and wellness sector, which includes med spas, dermatologists, plastic surgeons, weight loss centers, and Aesthetics and Wellness Booking Business OBGYNS, has historically relied on in-person consultations and sporadic marketing initiatives. However, the pandemic altered the formula. These days, it’s expected that these companies will be active on popular digital platforms.
But not every practice has the knowledge and experience to establish these kinds of presences; this is where businesses like RepeatMD come into play. Founded in 2021, RepeatMD offers operators in the wellness and aesthetics industry comprehensive software solutions.
ReadMD’s creator and CEO, Phil Sitter, told TechCrunch via email that “small- and medium-sized businesses who want to generate a new revenue stream for their practice” are the people who purchase RepeatMD. “With a mobile app, Aesthetics and Wellness Booking Business our platform improves the patient purchasing experience and enables practitioners to sell their treatments around-the-clock.”
Recurring entrepreneur Sitter successfully bootstrapped RepeatMD until the company closed its seed financing in late 2022. He used some of the earnings from VIP insiders, a food and beverage loyalty and rewards program established in Houston (Sitter is originally from Houston), and from EggHaus Gourmet, a brunch and lunch restaurant he owns, in Houston to fund RepeatMD.
RepeatMD creates apps for aesthetics and wellness companies, as Sitter hinted to. These apps enable clients to enroll in and pay for Aesthetics and Wellness Booking Business monthly subscriptions to practices and repeat treatments. Customers have the option to pay for services in monthly installments through an integration with Affirm.
RepeatMD’s apps “nudge” users by sending them reminders with deals, just like many loyalty programs do. These are what Sitter refers to as “Starbucks Rewards-style” encounters.
Aesthetics and Wellness Booking Business:
Aesthetics and Wellness Booking Business [Source of Image: Techcrunch.com]
“We want to help medical practices sell more of their elective procedures by becoming the Shopify of the medical industry,” Sitter stated. “To improve the patient buying experience and expedite the practice onboarding process, we’re Aesthetics and Wellness Booking Business investing in algorithmic solutions, which will make it simpler for patients to find treatments that meet their objectives.”
For RepeatMD, it seems to be a successful approach. According to Sitter, the company currently services over 700,000 people and 3,500 practices. Over the previous year, RepeatMD’s software-as-a-service revenue climbed by 130%.
It has caught the attention of investors. RepeatMD said today that it has obtained $40 million in a financing round led by Full In Aesthetics and Wellness Booking Business Partners and Centana Growth Partners, with Proof and Mercury Fund also participating. The company has also received a $10 million loan from Silicon Valley Bank. (Sitter claims that “favorable terms” were negotiated for the loan.)
By the end of the year, RepeatMD hopes to have received $56 million in total. Sitter says the business plans to utilize the additional funds to develop its platform, add more partners to its network and increase its staff size from 130 to more than 150 people.
In the past year, RepeatMD’s offering has experienced a significant acceleration as practices search for new revenue streams, he continued. “The rewards program solves patient retention, and we bring in new revenue for practices.”
