AUSTIN, Sept. 28, 2021 /PRNewswire/ -- membersy, the digital health company democratizing access to quality dental care through subscription-based dentistry, has raised $66 million from Spectrum Equity, a leading growth equity firm focused on internet-enabled software and information services companies. The investment will support membersy's new product and service offerings to help Dental Service Organizations (DSOs) provide greater price transparency to their patients through a modern membership experience.
The growth-investment coincides with several board member additions that will help guide the company as it reorients the dental industry's existing payment methodologies, empowering DSOs to engage and support their communities with subscription-based payment options and competitive pricing strategies. The new board members include Dr. Chad Wise, former Founding Partner at North American Dental Group, a DSO with more than 250 affiliated dental practices across 15 states; Keith English, former Co-Founder & CEO at LocalMed, a leader in real-time online scheduling for dental teams, and Jeff Haywood, Managing Director at Spectrum Equity.
"We're preparing to rapidly expand our team, products, and services in response to a fast-growing DSO partner base," said CEO and Founder Eric Johnson. "When we started in 2015, we knew there was a huge opportunity to make dentistry more approachable by modernizing the way consumers access and pay for dental care services, and we're proud of the impact we've had up until this point. With new funding and an amazing partner in Spectrum Equity, we're positioned to see that impact grow exponentially."
Not only are younger generations increasingly interested in alternative healthcare payment structures, but, after a pandemic year that saw millions of people lose their employer-sponsored health plan, more people than ever are looking for new ways to attain affordable health services.
At the same time, many dental practices have struggled to attract and retain fee-for-service patients. Regulatory-compliant dental subscription plans offer practices the opportunity to support their patients with modern, tech-enabled payment and service procurement models. Operating as a turnkey platform-as-a-service solution for DSOs, membersy streamlines membership plan marketing and administration to make dental care more approachable while providing dental teams with automated practice onboarding, recurring subscription payments and billing, and real-time analytics to manage and grow their member base.
Membersy is the nation's largest dental subscription plan platform currently operating in 41 states and boasting membership approaching one million members spanning across 4,000 practice locations.
"We are thrilled to partner with Eric and the entire membersy management team to solve a growing pain point in the broader healthcare ecosystem – the lack of access to quality, affordable dental care across the U.S. For several years, we've been investing in companies that are improving patient outcomes, reducing costs and increasing price transparency in healthcare. We're looking forward to applying our experience to support membersy's continued growth trajectory," said Jeff Haywood, Managing Director at Spectrum Equity.
Ernst & Young Capital Advisors and Dickinson Wright served as advisors to membersy. Lathan & Watkins served as legal advisor to Spectrum Equity.
About Spectrum Equity
Spectrum Equity is a leading growth equity firm providing capital and strategic support to innovative companies in the information economy. For over 25 years, the firm has partnered with exceptional entrepreneurs and management teams to build long-term value in market-leading internet-enabled software, information services companies. Representative investments include Ancestry, Definitive Healthcare, Everly Health, GoodRx, Grubhub, Lucid, SurveyMonkey, Verafin and more. For more information, including a complete list of portfolio investments, please visit spectrumequity.com.
Membersy is the first and largest subscription focused company in the dental industry, providing Dental Service Organizations (DSOs) of all sizes with the tech, marketing, and administration infrastructure to launch and grow a modern membership experience. Today, more than 4,000 dental practices and close to 1 million members across the United States utilize membersy's advanced subscription platform for a more personal and connected dental care experience. For more information, including a complete list of the membersy's growing partner portfolio, please visit membersy.com or follow on LinkedIn, Instagram, Facebook, and Twitter @membersy.
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