Founders: Bill Olsen & Jinesh Patel
Founding: 2018
Mission: Simplify and predict medical equipment service, purchase, and compliance events for outpatient healthcare providers
Employees: 28 & 20% Local
Workplace: Remote/Hybrid
Stage & Capital Raised: Series A & $7.5M raised
Investors: Caduceus VC, Wavemaker360, 2EnablePartners, Kluz Ventures, C2 Ventures, Techstars
Key Customers: UCHealth, 42 North Dental, Choice Healthcare Services, Premier Health, RadNet, Walmart Health
Glassdoor Rating: N/A
Valuation (estimated): $20M – $50M (assuming they sold ~20% of the company in the $4.5M Series A fundraise)
^ this is a useless number. There is no tangible valuation until the business is sold or goes public. Don’t forget it!
UptimeHealth is a software platform that predicts and simplifies medical device repair, purchase, and service events. Founded in 2018 by Bill Olsen & Jinesh Patel, this team is on a mission to become the trusted source for automating care of the equipment that takes care of us.
Jinesh was working in Austin as the Clinical Engineering Manager for the largest health system in Austin, Texas. Bill was the SVP of Engineering at Accruent, the largest asset management company in healthcare. They both noticed that, in healthcare, there are three legs of the stool that hold up the industry.
First, there’s the patient. Second, there’s the provider. Third, there are the instruments that support the provider. That could be a blood pressure monitor, X-Ray, MRI machine, etc. There is a secular change going on in healthcare where care is moving outside of health systems (i.e. hospitals) and into homes or community based care like an Urgent Care clinic.
With the decentralization of patients, providers, and equipment management comes a new problem. And no, the solution is not a new blockchain protocol. There is a quality challenge in monitoring and maintaining instruments across a much wider & more complex operating space.
Healthcare needs to maintain the same level of quality at home as it does in a hospital. And that’s where it can get a little scary. When you go to audit overstretched dental offices or urgent care facilities current equipment care programs, you might find equipment that hasn’t been calibrated in two years. It’s some of the uglier, underreported part of delivering healthcare.
UptimeHealth is solving a new problem in an industry organized around legacy solutions. They’re building a software solution to deliver reliable and effective monitoring that enhances patient outcomes to improve the overall healthcare experience. Because we’re all striving to live in a world where we can all experience quality healthcare.
UptimeHealth is also educating the wider community to create more awareness around this massive and complex problem space. They’re creating a category. Because software alone can’t save us. Their on demand technician marketplace helps source service & repair technicians in their key markets.
This workforce has grown by single digits over the past few years while medical instrument use has grown exponentially, causing massive demand for more dedicated & specialized equipment support amidst a strained labor pool as equipment continues to move out of high density environments.
Currently, UptimeHealth is focused on dental groups and urgent care clinics through a B2B SaaS revenue delivery model with future opportunities in imagery, veterinary, optometry, etc. The team has announced partnerships with Inspired Hygiene, Sevaradent Sourcing Solutions, and Walmart Health alongside the 1000+ facilities and nationwide support on their way to seven figures of revenue. Jinesh was also recently named one of Forbes Next 1000 Entrepreneurs and is part of the Boston Business Journal’s 2023 40 under 40.
Operators to Know (Locally):
- Brendan Morris, Senior Account Executive
- Bill Olsen, Co-Founder & CTO
- Jinesh Patel, Co-Founder & CEO
- Geoff Rogers, VP of Sales
My investigative powers continue to need work so apologies to the UptimeHealth team if I missed any up & coming operators internally
Key Roles To Be Hired:
If I were interviewing here are some questions I’d ask:
- Could you share some details about the onboarding process & training?
- What are the biggest challenges as you scale the team to 100 employees?
- What is the long term vision for the company?
- What are the most important roles you’ll be looking to add in 2023 // teams that need the most help?
We’re optimizing for readability here so to learn more about Uptime Health you’ll have to D.Y.O.R. I’m excited to watch this team bring more healthcare devices into the digital age. All of humanity applauds your efforts. See you around!