- Members of a digital health firm have announced that they have raised $ 66 million from Spectrum Equity. These are the details.
membersy – a digital health company that democratizes access to quality dental care through subscription dentistry – recently announced that it has raised $ 66 million from Spectrum Equity. This investment will support new member product and service offerings to help dental service organizations (DSOs) provide greater price transparency to their patients through a modern membership experience.
The growth investment cycle coincides with several additions of board members who will help guide the company as it reorients the dental industry’s existing payment methodologies, enabling DSOs to engage and support their communities with subscription payment options and competitive pricing strategies. And new board members include Dr. Chad Wise, a former founding partner of the North American Dental Group, a DSO with more than 250 affiliated dental practices in 15 states; Keith English, former co-founder and CEO of LocalMed, and Jeff Haywood, CEO of Spectrum Equity.
Not only are the younger generations increasingly interested in alternative healthcare payment structures, but after a year of pandemic that saw millions of people lose their employer-sponsored health plan, more people than never look for new ways to get affordable health care services. And at the same time, many dental offices have struggled to attract and retain fee-for-service patients.
Regulatory compliant dental subscription plans offer practices the ability to support their patients with modern and technological payment and service purchase models. And operating as a turnkey platform-as-a-service solution for DSOs, members streamline the marketing and administration of membership plans to make dental care more accessible while providing dental teams with automated integration. recurring practices, subscription payments and billing, and real-time analytics to manage and grow their membership base.
Membersy is known as the nation’s largest dental subscription plan platform, currently operating in 41 states with nearly one million members in 4,000 practice locations.
“We are preparing to rapidly expand our team, products and services in response to a rapidly growing DSO partner base. When we started in 2015, we knew there was a huge opportunity to make dentistry more accessible by modernizing the way consumers access and pay for dental services, and we’re proud of the impact we’re having. had so far. With new funding and an exceptional partner in Spectrum Equity, we are well positioned to see this impact grow exponentially. “
– CEO and founder Eric Johnson
“We are delighted to partner with Eric and the entire Member Management team to address a growing problem in the broader health ecosystem – the lack of access to quality and affordable dental care across the United States For several years, we have invested in companies that improve patient outcomes, reduce costs and increase price transparency in healthcare. We look forward to applying our experience to support the growth trajectory continues from our members, ”said
– Jeff Haywood, Managing Director of Spectrum Equity