Acceptx Case Study

ACCEPTx Business Description

ACCEPTx is a case acceptance software solution that speeds up the new patient exam process and increases same-day starts for orthodontic patients. The product was invented and designed to help increase revenues in Dr. Jed Feller’s orthodontic practice by automating the sales process and simplifying the fee presentation while still allowing the doctor to have complex pricing models and hundreds of financing options for his patients. ACCEPTx is unique because it virtually eliminates errors in billing and patient files and allows the practicing doctor to have more time with new patients.

Industry and Market

ACCEPTx offers financial presentation and paperwork software solutions to the North American and international markets. ACCEPTx’s target audience is practicing orthodontists that want to expand their business and increase their same-day starts. These are business professionals who need an effortless and error-free solution. Although the product is currently only for use by orthodontists, other medical practices may find value in the product and be able to use it once a platform has been developed. There are approximately 10,000 orthodontists in the United States alone and another 40,000 dentists who practice orthodontics.

Target niche markets: Orthodontic practices throughout the United States and internationally.

Business Challenge/Objective

For Brett Blake of ACCEPTx, one of the biggest challenges in finding funding was finding the right investors. Their decision to visit FundingUniverse for help in getting funding was the only move to make.

“We wanted to raise smart money. FundingUniverse way the most efficient way of getting our deal in front of some of the state’s best and brightest early-stage investors.”

FundingUniverse Strategy

Blake knew about FundingUniverse through family ties to the organization and knew that it would be the perfect place to find investors for his new business venture. After a careful review of the ACCEPTx business plan, FundingUniverse coached the team and had them present to several investors at a speed-pitching event.

Results

According to Blake, ACCEPTx received funding from investors they met through FundingUniverse and they also received excellent advice. The lead investor for ACCEPTx has also opened several doors into financial funding for the company.

“The quality of the investors present was outstanding—I met more investors in 1 hour than I could have met in 1 year. I not only got great advice, but I’ve closed on $100k and we’re on our way to finalizing a $500k Series A round coming this month.”

Blake said the speed-pitching event was helpful to the team at ACCEPTx.

“We had several interested parties. We needed money, but we also needed to figure out how to efficiently target our market. The investors we’ve met have given us great advice and have helped solidify our strategy and simplified our ‘next steps’.”

ACCEPTx Update

When Blake first met with Funding Universe ACCEPTx was a fairly mature product. ACCEPTx had been in use for more than a year and a half, but they were just starting to build a professional management team and needed capital in order to focus on the sales effort.

“We had just reached 35 customers evenly distributed across the US, but we needed professional sales to reach our goal of getting 500+ customers in the next 18 months,” Blake said.

And they are certainly on their way to making it happen.

The company just moved from Las Vegas to Bountiful with part of the investment funds they received from investors they met at Funding Universe and they have also boosted their client base by 32% and begun hiring a lucrative sales staff.

“We just broke the 50 customer mark. We’ve hired our VP of sales who has significant experience in our industry and he has attracted several bright and experienced sales leaders who will join our team in the coming months.”