VivoDoc, a Dallas Fort Worth-based international healthcare and technology company, announced it is raising $1.8 million in business expansion funding to support operations in the U.S. and India. VivoDoc achieved profitability in seven months, ending 2022 with 1,600 medical and dental practice clients, according to a press release. The company is projecting 2023 profits of nearly $3 million.
VivoDoc was founded by Dr. Rahman Mohammed, a physician, and Meraj Khan, a former technology executive with Microsoft, Accenture, and Hitachi. The founders invested their own funds to create a solution that addresses mission-critical issues faced by medical and dental practices. To augment the founder’s investment, VivoDoc raised an additional $700,000 in investor funding.
VivoDoc is a web and mobile marketplace where patients can search for physicians, self-book appointments, determine if their insurance is accepted, and more. Physician practices can add new patients, improve their operational efficiency, reduce costs, incorporate telemedicine into their practice, improve their billing and collection capabilities, enhance and streamline communication with their patients, and grow their practice name recognition and revenues.
VivoDoc reports its U.S. market includes 300,000 medical and dental practices, 355,000 nurse practitioners, and 132,950 physician’s assistants. VivoDoc also has a wholly-owned division in India, where the market includes 675,000 physicians, as well as hospitals and clinics.
VivoDoc has multiple revenue streams which include monthly subscription fees of $300 per medical/dental practice per month; revenue from its operations in India; income from introducing third party products and services such as remote patient monitoring services to medical practice clients; and promoting products and services to patients and app users.
Upon completion of its current capital raise, VivoDoc said it will have total capitalization of $2.5 million and the investor group will own 20% of the equity.
VivoDoc intends to grow the company’s revenues and profits for 2-3 years and explore selling the business for a “substantial multiple of EBITDA.” In the event of a sale, VivoDoc’s investors are to receive preferential treatment in terms of the allocation of net sale revenues.
