The growth of med-spas, weight loss clinics, and concierge practices, where patients pay for direct access to physicians, has surged recently. While patients bear the costs, providers often use software designed for insurance-based care.
VITL, a startup just 18 months old, aims to address a major tech issue by developing an e-prescribing platform tailored for cash-pay medical practices.
On Wednesday, VITL revealed a $7.5 million Series A funding round led by SignalFire.
Founder and CEO Charlie Jordan started the Nashville-based firm after noticing the time spent on prescriptions for non-insured treatments.
Many providers still rely on faxes or phone calls to send prescriptions to compounding pharmacies without knowing the cost or order time. VITL’s platform connects clinics to a national network of compounding pharmacies, offering price comparisons and order tracking.
“We shorten the prescription time from several minutes down to a few seconds,” Jordan told TechCrunch.
This time-saving is significant for clinics placing dozens of orders daily.
VITL claims its technology can save clients up to two full workdays per month by automating a complex process.
Cash-pay providers recognize the value of VITL’s platform. The company reports onboarding over 630 clinics and generating eight figures in annualized recurring revenue within just a year of its launch.
Despite the 630 customers, this is only a fraction of the U.S. market, with tens of thousands of clinics. As interest in GLP-1s, peptides, and procedures like Botox grows, cash-pay healthcare businesses are set to expand.
VITL’s swift growth captured the attention of SignalFire, leading to a $7.5 million Series A investment from the venture firm, which uses data and AI to identify promising companies.
VITL competes with Surescripts and platforms like Jane Software, but differentiates itself through a focus on cash-pay medical workflow requirements.