Bright.md secured $1 million in seed round of financing from Seven Peaks Ventures, as well as Portland Seed Fund and Oregon Angel Fund. The company will use the new money to continue development and deployment of its healthcare Software-as-a-Service (SaaS) solution SmartExam, designed to enhance communication between physicians and patients, and enable faster diagnosis and treatment.
“We created Bright.md to help providers work smarter, delivering more efficient, high quality, low cost care,” said Ray Costantini, MD, co-founder and CEO of Bright.md. “Bright.md is the only solution I am aware of that provides this type of value to existing delivery systems, helping patients get care from the physicians they already know and trust.”
Bright.md’s SmartExam is a virtual care solution that connects patients to their physicians using a mobile device or a PC, while also allowing patients to receive treatment for less than the cost of the average co-pay.
Bright.md claims it can automate up to 60% of primary care visit.Bright.md claims it can automate up to 60% of primary care visit volume while reducing the time providers need for those visits from 20 minutes down to less than two minutes. To make this possible, the software asks patients to input their insurance information and answer questions about their symptoms, and only then connects them to their physician.
On the other hand, physicians get to benefit from more efficient visit documentation creation; as well as the ability to quickly generate the patient’s After Visit Summary (AVS), write prescriptions and schedule follow-up visits.
According to Bright.md, these efficiency gains help practices expand capacity by 30% and improve margins by up to 300%.