rater8 Accelerates Expansion With Strategic Investment

Closes Series A Funding From Elsewhere Partners to Meet Healthcare Market Demand for Its Award-Winning Patient Feedback Platform

MONTVALE, N.J., April 4, 2024 /PRNewswire/ -- rater8, a leader in healthcare reputation management and patient feedback solutions, today announced the close of a Series A funding round led by Elsewhere Partners. rater8 will use the growth financing to further expand its market reach to medical practices and hospitals of all types and sizes, while continuing to build out its team, deepen industry partnerships and enhance its award-winning SaaS solutions to meet the changing needs of patients and the modern healthcare community.

"rater8 plays a pivotal role in our mission to drive healthcare organizational growth and excellence. rater8's user-friendly platform, healthcare-specific expertise, responsive customer support, and proven track record of delivering exceptional results make it indispensable," noted Rachel Uzlik, founder and CEO, Sempara Health.

While the global online reputation management services market is projected to top $746 million by 2031, healthcare will play a primary role as the patient journey continues to move online in the consumerism era. With satisfaction with the quality of U.S. healthcare declining and patients' propensity to switch providers increasing, the importance of online health reviews has risen sharply, and positive online reviews are now ranked as the top factor influencing consumers' choice of providers.

"As the healthcare sector evolves, healthtech innovators are clamoring to carve out their niche in an increasingly crowded space. Many will fail, but those who thrive will transform patient experience and practice management. rater8 has grown into a formidable leader in the patient management evolution – building a solution that addresses core industry pain points, growing an incredibly satisfied customer base and continuously outperforming competitors that simply can't stack up," said Michele Perry, operating partner, Elsewhere Partners. "The patient feedback market is ready for disruption. We see tremendous opportunity for growth as rater8 further broadens the capabilities of its platform and grows its team to support demand. I have no doubt that the rater8 team will continue to raise the bar for patient feedback solutions and help drive better outcomes for both practices and patients."

Currently driving unmatched results for thousands of providers (including a 240 percent spike in annual reviews on average) at more than 750 healthcare organizations, rater8 helps providers build online visibility, manage their reputation, attract more patients, improve patient satisfaction and enhance operational performance. Purpose-built to serve the healthcare market, rater8 seamlessly integrates with 100+ electronic health record (EHR) and practice management (PM) systems and focuses on the review sites that matter to healthcare providers like Google, Healthgrades, Vitals and WebMD. Unlike other online review tools, rater8 delivers comprehensive analytics that break down patient feedback by individual providers, specialties, group practices, and facilities, delivering robust, real-time reporting on a full range of patient satisfaction and online review stats, and providing an automatic, intelligent load-balancing algorithm to prioritize review sites that need more/newer reviews. 

"Patient feedback is finally getting the focus it deserves. We've designed every aspect of our solutions to help practices understand performance and take the right steps to effectively improve their reputation and raise the standard for patient satisfaction," stated Evan Steele, founder and CEO of rater8. "To best serve both our current customers and meet the demand of the market, we needed an investment partner with a shared vision who would be able to guide our next phase of growth. Elsewhere Partners is providing the capital and the deep ecosystem of advisors needed to help us rapidly, and properly, scale to meet the needs of the healthcare industry."

Providing transformational expertise, Elsewhere Operating Partners and Advisors, who have successfully built high-performing teams and evolved platforms for healthcare software businesses at a similar stage and inflection point, will serve as board members and advisors for rater8. Michele Perry will take on the role of executive chairman alongside Robbie Abt and Joel Dolisy, who will join as advisors.

About rater8

rater8, the healthcare industry's leader in online reputation management, provides SaaS solutions that help medical practices attract more patients by effortlessly cultivating five-star reviews on leading sites and gathering real-time patient feedback. Based in Montvale, New Jersey, rater8 is a rapidly growing healthtech innovator serving hundreds of practices and hospitals of all sizes and specialties. Learn more at https://rater8.com/.

About Elsewhere Partners
Elsewhere Partners is a growth-stage investment firm that has invested in Elsewhere Outliers – business software companies located outside of traditional venture capital hubs that have achieved substantial customer traction and revenue growth without significant outside funding – since 2017. Elsewhere Partners combines transitional capital with transformational expertise to help companies achieve exit readiness on their own terms. Collectively, Elsewhere's investors, Operating Partners and Operating Advisors represent experience across 150+ organizations, 100+ acquisitions, 150+ rounds of financing and $1+ billion in total investment. To learn more, visit https://elsewhere.partners.  

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SOURCE rater8