Navigating our convoluted healthcare system is complex and time consuming. The solutions out there make you feel like you are constantly putting a square peg into a round hole. Everyone has their own medical needs, their own questions, and the need an individualized way to receive care. This is where Rightway Healthcare comes in. Rightway’s healthcare navigationplatform provides personalized tools to help you get in contact with the most affordable and appropriate care providers, both in an emergency and routinely. The company is attacking patient navigation and has grown quickly to reconnect everyday citizens to the healthcare system – broken or not.
AlleyWatch spoke with cofounder and CEO Jordan Feldman about the company and their most recent round of funding.
Who were your investors and how much did you raise?
We would prefer to keep our investor base anonymous. These were UHNW members of the community. This was a seed round for us and it was a $2M raise.
Tell us about your product or service.
Rightway Healthcare combines a technology platform with a high-touch patient navigation service, providing a double bottom line cost reduction for our customers and their employees.
What inspired you to start the company?
We were frustrated by the opacity surrounding the healthcare system. Why does it cost $5,000 to get an MRI at a high-end hospital system while it can cost a fraction of that price at a high-quality outpatient center? How do you get there? How do you find those prices? If something happens that is not an acute illness or injury, what are your alternatives? A lot of people do not have an answer and thus end up in the ER. Our end goal is to be the best healthcare logistics company in the country by helping our customers navigate the healthcare landscape at the lowest price with the highest quality experience as quickly as possible.
How is it different?
I think we are extremely fortunate to have such a strong team. From our clinical experts to sales we have a tremendous vision. There are companies in the marketplace that we have a tremendous amount of respect for, but we ultimately believe our team and our vision will help us reach our ultimate goals.
What market you are targeting and how big is it?
Our primary focus is on fully insured businesses and lowering their healthcare costs through our various tools. We have other products and services for firms that are fully insured as well. We believe the market is well over $10B and growing rapidly as consumers are more and more inclined for better healthcare alternatives.
What’s your business model?
We charge a PEPM rate.
What are some new developments in HealthTech that you are following closely?
Clearly there is a lot of funding coming in to help bring price transparency to the market place. Amino out on the West Coast has done a great job of going DTC in their approach. Their funding round was definitely an affirmation.
What was the funding process like?
Our team was diligent in terms of the investors we approached and the time we took to make relationships. Our fundraising effort was a major testament to our relationships throughout the community. Each investor or potential investor connected us to folks along the way that bought into our thesis and put money behind us. We are extremely grateful for their trust and faith in us.
What are the biggest challenges that you faced while raising capital?
Deciding when to stop fundraising. How much is enough? It is hard to know, but we have some customers that provide substantial revenue and that gave us the confidence to turn on that fundraising spigot so to speak.
What factors about your business led your investors to write the check?
Keeping it simple, market size, belief in our team and belief in our thesis
What are the milestones you plan to achieve in the next six months?
We are eagerly building our sales pipeline and adding customers. We are focused on executing every day. We are trying to put one foot in front of the other as we make this climb. Our focus is on providing the best service to our customers. Helping them navigate the healthcare landscape at the lowest price with the highest quality experience as quickly as possible.
What advice can you offer companies in New York that do not have a fresh injection of capital in the bank?
Believe in your thesis, believe in your team and focus on executing every day.
Where do you see the company going now over the near term?
We want to continue to build depth and breadth within our core markets in terms of customers and partnerships.
What’s your favorite restaurant in the city?