Revere Partners commits $10 million in investment to revolutionize Fintech in dentistry
First word-of-mouth focused VC fund invests in Choice Payment Services, Walnut, FeatherPay, Plan Forward, Zuub, AirPay and Tuuthfairy to streamline billing, insurance and finance processes
NEW YORK, November 16, 2022–(BUSINESS WIRE)–Revere Partners, the first and only venture capital fund focused on oral health, today 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 more in the category expected in 2023.
A recent survey indicated that nearly 60% of patients are concerned about the total cost of healthcare, while 30% have skipped necessary treatment due to high out-of-pocket costs. The implementation of fintech solutions for oral health is expected to help reduce these barriers, while creating transparency for payment and insurance, 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 provides the capital, innovation and dental expertise needed to grow and scale these portfolio companies, which are found across the following industry sectors:
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Patient financing (Choice Payment Services, Walnut): Will lead to greater acceptance of a wider range of FICO scores and affordable interest rates for providers and patients.
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Payments (FeatherPay, Plan Forward): Providers will be able to accept many forms of payments in consumers’ preferred methods, including payment and membership plans.
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Insurance technology (Zuub, AirPay, Tuuthfairy): Allow patients to access benefit verification, price list confirmation, accumulator tracking and policy limits in real-time.
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Claims processing: Ability to submit and track claims and understand and improve reimbursement rates effectively and efficiently.
Revere Partners’ investments across these dental fintech sectors bring more affordability, transparency and interoperability to the entire industry across dental offices, consumer products, suppliers and patients.
“All of these investments have the potential to have a lasting impact on the entire dental ecosystem,” said Dr. Jeremy Krell, Revere Partners’ co-founder and managing partner. “These startups will help offer providers a simple, efficient and modernized solution to manage what is today a chaotic and disjointed system for managing payments, financing and insurance claims. And for patients, advances in these categories should lead to reduced time and stress, improved oral health experiences and ultimately more affordable costs and connectivity across the system.”
“Revere Partners supports the best companies in dental care, but they also break 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 shines a much-needed light on an area of healthcare where there has been underinvestment in technology as an agent of change.”
With a world-renowned venture team, Revere Partners identifies opportunities for investors and provides capital for breakthrough innovations in oral health and systemic health. The fund is currently raising $50 million from investors (with a target of $200 million), 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 [email protected] and investment applications can be accessed here.
About Revere Partners
Revere Partners is the first venture capital fund to focus exclusively on oral health, identifying opportunities for investors and providing capital for breakthrough innovations in the oral and systemic health sector. Revere Partners’ first fund has a flexible and unique structure with continuous open fundraising that enables startups to connect to unmatched 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—and maximize 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 businesses. To learn more, visit www.reverepartnersvc.com or on LinkedIn.
See the source version at businesswire.com: https://www.businesswire.com/news/home/20221116005319/en/
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