Revere Partners has furthered its commitment to the oral-health and systemic health sectors of the dental industry with its recently announced $10 million of investments made to bring fintech solutions to this targeted arena. The investments were completed in 2021-2022, with a portion closing in Q4 2022 and in 2023.
The introduction of fintech addresses the current lack of centralization for financing and billing processes within the dental industry. The newly funded startups offer a more comprehensive approach to revenue cycle management solutions, while providing benefits to patients in the form of lower stress, better oral-health experiences and lower costs.
“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”.
Krell and his co-founder David Arena have pulled together a “world-renowned” venture team, a diverse mix of 75 professionals recruited across key areas of dentistry. The collective includes DSOs, insurers, manufacturers, distributors, professional associations, academics, labs and more.
Revere Partners is currently taking in $50 million from investors with a goal of $200M. The Fund has made 28 investments and has had one successful exit. IRR was just over 30.0%. In addition to capital, Revere Partners offers their portfolio companies innovation and dental expertise, as well as guidance on how to grow and scale in their industry sectors.
Their recent investments spurring fintech are as follows:
- Choice Payment Services and Walnut are in the patient financing area and expect to greater acceptance of a broader range of FICO scores and reasonable interest rates for providers and patients,
- FeatherPay and Plan Forward: are in the payments area and will give providers more and different forms of payments to be offered that are in consumers’ preferred methods such as payment and membership plans, and
- Zuub, AirPay and Tuuthfairy focus on insurance that allows patients to access benefits verification, rate sheet confirmation, accumulator tracking and policy limitations in real time.
Overall, Revere Partners has made targeted fintech investments across the oral health sector that they foresee will bring greater affordability, transparency, and interoperability to the entire industry. The focus includes dental offices, consumer products, providers, and patients.
A recent survey indicated that nearly 60% of patients are concerned with the overall cost of healthcare services and 30% have missed necessary care due to high out-of-pocket costs. The Revere Partners team feels they have identified the startups that are dedicated to meeting the consumer needs in the oral health industry, much of it in the area of fintech.
They will bring to consumers “lower barriers, greater transparency for payment and insurance, as well as consumer-friendly financing”.
