Digital Assent announced a $7.5 million second round of funding for their tablet-based, patient check-in service. Sanan Private Equity, the BIP Opportunities Fund and Buckhead Investment Partners (BIP) led the round. Return backers include Imlay Investments and BLH Venture Partners, which led the first round of funding for the company earlier this year. According to SEC documents, the company brought in a total of $2 million in February.
Digital Assent describes its PatientPad device as "a wireless touch-screen solution that automates the patient check-in process and delivers targeted health information and advertising to interested patients while they sit in their healthcare provider’s waiting room, exam room or treatment room."
The PatientPad appears to be a very similar offering to the tablet-based patient check-in service offered by Phreesia, which has secured tens of millions of funding over the past few years. Both PatientPad and Phreesia make use of proprietary tablet devices instead of off-the-shelf consumer devices.
“We are pleased to receive this investment and validation from Sanan Private Equity and BIP, along with our existing investors, who clearly recognize the rapidly growing market opportunity we are addressing,” Andrew Ibbotson, president and CEO of Digital Assent stated in a press release. “Since launching PatientPad, the demand has been tremendous. It’s now available in doctor’s offices across half of the nation and this funding will help us realize our potential even faster.”
The company plans to use the funds to expand product development and sales. The company claims it has sold almost 1,500 PatientPads to 175 practices in 25 states in this year along. Digital Assent plans to expand the product into major metropolitan markets nationwide including Chicago, Dallas, Denver, Los Angeles, Miami, New York, Phoenix, San Francisco and Washington D.C.
“Digital Assent’s rapid growth — supported by an adoption rate north of 90 percent — is very impressive considering the company secured its Series A funding just a few months ago. Clearly this solution is one that is fulfilling a growing marketplace need,” said Chemain Sanan, managing director at Sanan Private Equity in a press release.