PatientFi LLC, a financing platform offering monthly payment plans for elective procedures, extended its partnership with Beverly Hills-based aesthetic dermatology company LaserAway.
The partnership, announced on May 29, puts PatientFi’s financing services in all 143 LaserAway clinics across the U.S.
“Our biggest market is medical aesthetics, and now we are in some of the biggest medspas in the country,” co-founder and Chief Executive Todd Watts told the Business Journal.
The U.S. medical aesthetics industry has grown annually by 10% since 2010 and is estimated to reach $40 billion in sales, according to PatientFi.
Watts said the deal is “huge validation” as Irvine-based PatientFi seeks to make more national, multiyear partnerships in other specialty markets like dentistry and fertility.
Extreme Competition
PatientFi began working with LaserAway in early 2023.
Prior to last month’s announcement, PatientFi was in a pilot stage at select LaserAway’s locations.
“It’s extremely competitive,” Watts said. “There are other financing companies and it’s difficult to be chosen.”
The partnership with LaserAway adds to PatientFi’s growing network of healthcare providers, including pharmaceutical giant Allergan Aesthetics and Swiss dermatology company Galderma.
Recent high interest rates have lowered available lending capital to financing technology companies, Watts said.
“When a lot of companies have struggled, we’ve had a very strong lending capital partnership which has allowed us to handle a client like LaserAway,” he said.
$25M Funding
PatientFi closed on a $25 million Series B round in February, one of the largest reported funding rounds for a privately held company based in Orange County so far.
The company has raised close to $70 million to date.
Aside from funding partnerships, PatientFi has put the funding toward expanding its salesforce, including the appointment of Ray Bassi as senior vice president of sales.
PatientFi in January said that it tapped Bassi, who spent nearly 20 years at pharmaceutical giant Allergan helping launch products like Botox Cosmetic and Juvederm, to lead the sales team.
PatientFi almost doubled its revenue to about $45 million last year and expects to grow by 80% this year.
“We’re on pace to significantly grow again and that funding round has been important to that,” Watts said.
PatientFi will come out with another loyalty program similar to its Privi program, which launched last April in partnership with Galderma.
The new program will allow medspas to customize rewards for their practices and products.
It’s expected to launch by the end of this summer, according to Watts.