PatientPoint, a digital screen network already in 31,000 doctors’ offices and 1,000 hospitals in the U.S., has completed a $140 million investment round intended to make the footprint even larger.
The money, the company says in a press release, will be used for existing programs, and for acquisitions and partnerships.
“We have invested a significant amount of financial and human capital into product development over the past six months to ensure that our programs are truly best in class,” says Mike Collette, founder and CEO of Cincinnati-based PatientPoint. “This capital will allow us to expand our digital footprint so that we may continue to deliver market-leading reach in vital specialties for our sponsors and healthcare providers. By 2019, our goal is to provide programs that can impact 60-70 percent of brand prescribing volume in the most strategically important specialties.”
I don’t entirely know what that last bit means, but it sounds impressive. I THINK it means big pharma advertising on this network can heavily influence what patients “ask their doctor about” and what brand medications they scribble on prescription sheets.
I also must admit that despite being in digital signage and around digital out of home for 18 years, I had never even heard of this company – which seems to be the primary competitor to Outcome Health, which says it is raising $600 million to grow its network of screens in point of care facilities. Like Outcome, PatientPoint focuses its product on specialty care clinics, like specific diseases or treatments.
PatientPoint programs, says the press release, provide engaging content through a host of delivery channels including digital waiting room screens in physician offices and hospitals and interactive touchscreens in the exam room. Unlike most of its competitors, PatientPoint develops the majority of its content internally, tailoring education to specific specialties to ensure that it meets the unique needs of patients and providers in the point-of-care environment.
“While much of our growth will be through amplification of existing programs, we will also be solidifying several acquisitions and partnerships that will further strengthen our product offerings,” says healthcare media entrepreneur Traver Hutchins, who recently joined PatientPoint in the newly-created role of Chief Growth Officer. “We have also significantly increased our data-driven marketing expertise, allowing us to provide more personalized, relevant communication to patients for a truly enriched healthcare experience.”
The deal money is from Searchlight Capital Partners and Silver Point Capital. “We believe the point-of-care market is poised for continued growth and that PatientPoint has the products, insights, analytics and management experience—as well as the trust of advertisers and healthcare providers—to be the point-of-care market leader,” says Darren Glatt, partner at Searchlight Capital Partners.
The investment round was advised and arranged by Peter J. Solomon Company. “The reputation of PatientPoint as the trusted source of best-in-class patient engagement solutions in the rapidly growing point-of-care industry solidified investor commitment,” says Managing Director Mark Boidman, who is very well-known in Digital OOH investment circles and is also on the board of the Digital Signage Federation.
This would have to be one of the larger investment rounds done in this space.