Canadian practice management platform Practice Better has raised $27m in a growth investment round led by Five Elms Capital, after a $1m investment earlier this year. Practice Better offers a variety of tools to enable health and wellness professionals to manage their practices, including telehealth services, appointment scheduling, and billing management. The funds will be used to expand the platform and enhance go-to-market and customer-facing teams. Austin Gideon, a partner at Five Elms Capital, called Practice Better a “disruptive force”.
A $27 million growth investment for Practice Better, a Canadian practice management platform for health and wellness professionals, was recently made, with Five Elms Capital as the lead investor. The platform provides several services, including appointment scheduling, invoicing and payment management, and messaging, to help health and wellness practitioners properly run their clinics. With this capital, Practice Better intends to grow its technical, go-to-market, and customer-facing teams, upgrade its platform, and forge key alliances.
When Practice Better was founded in 2016, the healthcare industry was in desperate need of innovation. The company’s founders saw the opportunity to create a practice management platform that puts client outcomes at the forefront of health and wellness technology, allowing the industry to break free of outdated and unscalable models. The company’s reputation as a disruptive force comes from years of dedication to this mission, and Five Elms Capital is excited to support its continued growth.
Practice Better’s recent funding comes after it received a $1 million investment in 2021. The platform is one of several companies aiming to improve providers’ workflow, with a particular focus on addressing physician burnout. According to the American Medical Association, 63% of physicians report signs of burnout, which is a major problem within the healthcare industry.
Other companies working to improve providers’ workflow include Elation Health, which offers tools for telehealth, patient engagement, and an electronic health record (EHR) geared toward primary care providers, and UpStream Healthcare, which provides technology and support services for value-based primary care practices.
The platform “Practice Better” is made to cater to the particular requirements of health and wellness professionals. The platform’s capabilities include the ability to handle scheduling and payments across numerous locations, as well as connectors with well-known payment processors and configurable client forms. Practice Better also provides a telemedicine service that enables practitioners to consult with customers virtually.
The company’s focus on improving client outcomes sets it apart from other practice management platforms. Practice Better’s platform is designed to help practitioners identify patterns and trends in their clients’ health and wellness data, allowing them to make informed decisions about treatment plans. This focus on data analysis and outcome measurement is essential to improving the quality of care that practitioners can offer their clients.
Practice Better’s platform is also designed to be flexible and scalable, making it suitable for practices of all sizes. The platform’s pricing model is based on the number of active clients a practitioner has rather than the number of features they use. This approach allows practitioners to tailor their use of the platform to their individual needs and ensures that they only pay for the features they use.
Practice Better’s focus on innovation and client outcomes has earned it a loyal user base among health and wellness practitioners. The platform has received positive reviews for its ease of use, customizable forms, and robust reporting tools. Many practitioners appreciate the platform’s telehealth solution, which allows them to offer virtual consultations to clients conveniently and securely.
The company’s recent funding will allow it to continue developing its platform and expanding its reach. Practice Better plans to use the funding to develop strategic partnerships that will help it reach new markets and enhance its platform’s capabilities. The company also plans to expand its technology, go-to-market, and customer-facing teams, allowing it to provide even better support to its users.
