Company Research Report: RepeatMD



Company Overview



Name: RepeatMD
Mission: To transform patients' lives through innovative software solutions for the world's best aesthetic and wellness practices.
Founded: February 2021
Founders: Phil Sitter
Key People:
  • Phil Sitter, Founder & Chief Executive Officer

  • Matt Suraci, Chief Revenue Officer

  • Jon Gross, Chief Financial Officer

  • Julie Fanelli, VP, People

  • Sabrina Butt, VP, Onboarding and Support

  • Chris Chomenko, Chief Evangelist

Headquarters: Houston, TX, and New York City, NY
Number of Employees: 100+ (as of May 2023)
Revenue: $1.5 Billion generated for practices
Known For: Providing a platform that combines rewards, patient financing, and memberships into a mobile app, delivering a premier patient experience and generating new revenue streams for medical practices.

Products



1. Mobile Rewards
  • Description: A rewards system integrated into a mobile app to incentivize patient spending and loyalty.

  • Key Features:

  • Drives 48% of initial treatments

  • Increases patient engagement outside the practice

  • Referral incentives


2. Memberships
  • Description: Monthly subscription plans for patients to ensure recurring revenue and enhanced patient loyalty.

  • Key Features:

  • Members spend 44% more annually

  • Simplifies subscription management

  • Facilitates passive income


3. Patient Financing (with Affirm)
  • Description: Financing solutions that allow patients to spread the cost of treatments.

  • Key Features:

  • 167% increase in patient spending

  • Soft credit checks

  • Up to $22,500 line of credit

  • No late fees


4. Ecommerce
  • Description: An online shopping platform for practices to sell treatments and packages.

  • Key Features:

  • 22% average increase in practice revenue

  • 24/7 sales capability

  • Cross-promotional tools


5. Patient Engagement
  • Description: Tools and strategies to maintain patient interaction and prompt repeat visits.

  • Key Features:

  • Automated retention systems

  • Personalized incentives and messages

  • 86% of purchases made outside the practice


6. Business Intelligence
  • Description: Analytic tools to gain insights into patient behaviors and practice performance.

  • Key Features:

  • Detailed dashboards

  • Real-time data on sales and memberships

  • Facilitates strategic decision-making


Recent Developments



Recent Highlights:
  • Series A Funding: Raised $50M from Centana Growth Partners and Full In Partners in November 2023 to scale operations.

  • Headcount Growth: Expanded to over 100 employees by May 2023.

  • Office Expansion: Opened a New York City headquarters in January 2023.

  • Product Updates: Release of RepeatMD V2 with the Medcommerce Engine in April 2024.

  • Industry Recognition:

  • Most Innovative Technology at the Aesthetic Awards (2021, 2023)

  • Most Innovative Software Company at the Houston Innovation Awards (December 2023)


Partnerships:
  • Partnered with major medical device manufacturers to bring technology to the market (August 2021).


Customer Testimonials:
  • Many practices report significant improvements in patient retention, revenue growth, and operational efficiency through RepeatMD's platform.





RepeatMD offers a comprehensive suite of tools designed to enhance patient experiences, drive revenue and patient loyalty, and provide valuable business insights for aesthetic and wellness practices. Their recent growth, product enhancements, and industry recognition position them as a leading innovator in the medical software industry.