Revere Partners announced that the fund is investing more than $10 million in fintech for the dental industry, including in startups such as Choice Payment Services, Walnut, FeatherPay, Plan Forward, Zuub, AirPay, and Tuuthfairy.
All of these investments from Revere were completed in 2021-2022, with more investments in fintech closing in Q4 2022, and several more in the category expected in 2023.
A recent survey indicated that nearly 60% of patients are concerned with the overall cost of healthcare services, while 30% have skipped necessary care due to high out-of-pocket costs. The implementation of fintech solutions for oral-health is expected to help reduce those barriers, while bringing about payment and insurance transparency, as well as consumer-friendly financing.
These investments address the current lack of centralization for financing and billing processes within the dental industry by delivering a more comprehensive approach to revenue cycle management solutions. Revere Partners is providing the capital, innovation, and dental expertise necessary to grow and scale these portfolio companies, which exist across the following industry sectors:
- Patient financing (Choice Payment Services, Walnut): Will lead to greater acceptance of a broader range of FICO scores and reasonable interest rates for providers and patients.
- Payments (FeatherPay, Plan Forward): Providers will be able to accept many forms of payments in consumers’ preferred methods, including payment and membership plans.
- Insurance technology (Zuub, AirPay, Tuuthfairy): Allow patients to access benefits verification, rate sheet confirmation, accumulator tracking and policy limitations in real time.
- Claims processing: An ability to file and track claims and understand and improve reimbursement rates efficiently and effectively.
Revere Partner’s investments across these dental fintech sectors bring more affordability, transparency, and interoperability to the entire industry across dental offices, consumer products, providers, and patients.
“All of these investments have the potential to make a lasting impact across the entire dental ecosystem,” said Dr. Jeremy Krell, Revere Partners’ co-founder and managing partner. “These startups will help offer providers a single, efficient, and modernized solution for dealing with what is currently a chaotic and disjointed system for handling payments, financing, and insurance claims. And for patients, advancements in these categories should lead to reduced time and stress, improved oral-health experiences and, ultimately, more reasonable costs and connectivity across the system.”
“Revere Partners is backing the best companies in dental, but they’re also breaking down walls between tech-savvy, best-in-class clinicians and business owners, and the technology that is changing the practice of dentistry,” said Nancy Coy, CEO of Choice Payment Services, Inc. “With this fund and their focus, the Revere team is shining a much needed light on an area of healthcare where there has been underinvestment in tech as an agent of change.”
With a world-renowned venture team, Revere Partners identifies opportunities for investors and provides capital for cutting-edge innovations in the oral-health and systemic health sectors. The fund is currently taking in $50M from investors (with a goal of $200M), has made 28 investments and one successful exit, and has an IRR of 31.7%.
To learn more about Revere Partners, visit reverepartnersvc.com.
The fund can be contacted directly at firstname.lastname@example.org and investment applications can be accessed here.
About Revere Partners
Revere Partners is the first venture capital fund exclusively focused on oral health, identifying opportunities for investors and providing capital for cutting-edge innovations in the oral and systemic health sectors. Revere Partners’ inaugural fund has a flexible and unique structure with continuously open fundraising that enables startups to connect with unrivaled industry resources and growth opportunities.
Founded by Dr. Jeremy Krell and David Arena, Revere Partners fosters strategic partnerships that improve care delivery as well as patient and provider experiences – maximizing value for investors. Revere Partners is committed to inclusive partnerships with underserved businesses in the healthcare sector, including but not limited to, women-, minority- and LBGTQ+-owned enterprises.
To learn more, visit www.reverepartnersvc.com or on LinkedIn.
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