Friday, June 2, 2023

Practice Better raises $27M to grow management platform for providers

Practice Better, a practice management platform for health and wellness practitioners, scored a $27 million growth investment led by Five Elms Capital. 


The Canadian company offers a platform for health and wellness professionals to manage a range of services, including scheduling appointments, managing billing and payments, providing telehealth and messaging.

The funding will help the company develop strategic partnerships and enhance its platform. Practice Better will also expand its technology, go-to-market and customer-facing teams.  

“When Practice Better was founded in 2016, it was entering a market in desperate need of innovation. Since then, the team has committed to doing things differently by putting client outcomes at the forefront of health and wellness technology and allowing the industry to break free of outdated and unscalable models. Its reputation as a disruptive force comes from years of dedication, and Five Elms Capital is thrilled to support its continued growth,” Austin Gideon, partner at Five Elms Capital. 


Practice Better’s recent funding comes after it received a $1 million investment in 2021.

Physician burnout is a problem within healthcare, with 63% of physicians reporting signs of burnout, according to the American Medical Association

Several companies aim to improve providers’ workflow, including Elation Health, which offers tools for telehealth, patient engagement and an EHR geared toward primary care providers, and UpStream Healthcare, which provides technology and support services for value-based primary care practices.

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