Black-owned health tech company HealNow is rising up in the startup world and announced that it has recently closed a $1.3 million round of funding to further its mission in the healthcare space.
According to TechCrunch, HealNow raised $1.3 million in seed funding from SoftBank Opportunity Fund and Alabama Futures Fund to continue helping pharmacies improve their patient onboarding process and revolutionize their experiences with tech.
The funding will primarily go toward building out the sales and marketing arms of the startup to continue fueling its growth.
TechCrunch reports that HealNow — which was founded by Halston Prox and Joshua Smith — was created to “become the central nervous system for order and delivery of prescriptions,” per Prox’s words.
The outlet shares the average payments processing system isn’t always applicable to pharmacies, big or small, because of the complexities that health insurance and the regulatory landscape hold — which is where HealNow comes into play.
HealNow’s platform resolves this issue by enabling pharmacies to offer online payments of prescriptions, further allowing healthcare organizations to turn a profit via more sales of prescriptions, over-the-counter medications, and other medical products from every discharged patient.
Not only does HealNow offer a cost-effective online payments solution for pharmacies, but a simplified format that makes it easier for pharmacies to integrate fintech into their own pharmacy management systems.
“We’re embedded in their current workflows and pharmacies don’t have to do anything manual, even if they’re using a pharmacy management system,” Prox told TechCrunch.
HealNow charges users a monthly subscription fee for use of its platform, as well as a service fee for prescriptions purchased on the platform, but the service fee is a flat rate that remains the same no matter the cost of the prescription, TechCrunch shares.
This kind of technology has been a game-changer during the COVID-19 pandemic, which has given smaller pharmacies the opportunity to compete with bigger chains like Amazon who already have digital solutions in place.
The healthcare tech space is becoming more and more crowded with competitors like NimbleRX and Capsule offering their own digitized solutions for pharmacies.
However, Prox notes the biggest difference between HealNow and those companies is the startup has no intention of ever becoming a pharmacy, but rather a service platform to help pharmacies in a way that doesn’t disrupt their current workflow.
“We’re not a pharmacy, and we want to enable all these pharmacies to be online,” Prox told TechCrunch. “To do that we have to do that in an unbiased way by focusing on being a complete tech company.”
For more information about HealNow, visit its website.