Castle Rock, CO | October 15, 2018 :: Bid Doc, Inc., developers of the BidMySmile platform, a digital marketplace that connects qualified patients with orthodontic specialists, announced this week that it has closed a round of equity financing with investors. This transaction represents the company's first outside capital. It was previously financed exclusively by its founders.
"The proceeds from this investment will be used entirely for marketing and creating awareness to drive traffic to the website," reported Greg Pellegrom, Co-Founder and CEO. He added, "We have experienced a level of success so far in our pilot market of Denver, CO, and the timing is perfect to expand and bring this opportunity to the next phase of market roll-outs."
BidMySmile is a patient-generation website that was launched earlier this year. Consumers seeking orthodontic treatment create a profile, which includes a series of five dental photographs that can be taken with any smartphone. The case is then sent to local orthodontic specialists in the BidMySmile network for a preliminary diagnosis and a recommended treatment plan, including financial options. Once the newly informed patient has reviewed the offers from the local orthodontists and researched the doctor profiles, they select the option that best fits their treatment goals and budget considerations. Finally, the patient is then scheduled for the full in-office consultation and records prior to starting treatment.
A syndicate of individual private investors, led by Greg Meadows, committed the capital. Meadows, currently CEO of Rocky Mountain Healthcare Companies, LLC, based in the Denver area, was immediately attracted to the concept. "In my experience, businesses in the healthcare space that can create a win-win for both doctors and patients, are businesses that can grow and win. Throughout our diligence as we spoke to consumers and dentists, we repeatedly heard that the BidMySmile model represents a meaningful solution for the market." Meadows' 25-year executive career in healthcare includes time spent at Schering Pharmaceuticals.
Although the focus has been on the Denver, CO metro area, the company has reported that it currently has established nearly 50 providers in-network, across about 15 states. "We are excited about a capital partner that has such deep understanding of our vision for growth," said Pellegrom. The company has reported that it also has plans for functionality enhancements to the current platform, including patient financing and provider ratings, as well as expanding into other areas of dentistry beyond orthodontics.
In a Huff Post article last year, Wendell Porter, wrote, "While we've been reminded countless times that nearly 50 million Americans have no medical insurance - one of the compelling reasons for health care reform - comparatively little attention has been paid to the fact far more of us - an estimated 130 million - lack dental insurance. And of those who do have it, coverage is often skimpy at best."
"The climate is right for a digital marketplace that can help save consumers time and money on their orthodontic care, while driving new opportunity traffic into the offices of orthodontic specialists," offered Pellegrom. "The orthodontic profession has to grow the 1% pie of patients it continually competes for through awareness, access, and affordability. BidMySmile is designed to tackle all three of these components and truly appeals to today’s value-based consumer."
The next phase markets include major metropolitan Texas - Austin, Dallas, San Antonio, and Houston - amongst others.
About Bid Doc, Inc. Founded in 2017, Bid Doc Inc, developers of the BidMySmile platform, is embracing a mission of delivering pre-qualified orthodontic patients to network providers through virtual consultation. Based in Castle Rock, CO, the company is privately owned. To learn more, visit www.bidmysmile.com.
Media Contact Marc Ring || Director of Marketing || [email protected]