HealNow Raises Funding as Investors Prescribe Startup With Success

By Thomas Price | Saturday, 09 January 2021 | Startup, Finance, Health & Wellness

As the COVID-19 pandemic continues to disrupt basically every single aspect of normal life, businesses have had to make serious changes to many normal practices. One of the types of businesses that has certainly faced these challenges as well has been pharmacies. Considering the need that so many individuals still have for prescription medication, pharmacies have been faced with both functioning as a center for necessary goods while also presenting a significant risk since all aspects of transactions need to take place in person. HealNow is a startup aiming to streamline all pharmaceutical payments online. This has become an increasingly in-demand service during the pandemic. So how does HealNow work, what kind of funding has it received, and what can we expect from the startup in the future?

What Is HealNow?

HealNow is a health tech startup founded by Halston Prox and Joshua Smith that focuses on the ordering, purchasing, and delivering of prescription medication. One of the major issues facing the industry right now, especially for smaller pharmacies outside of the major three (CVS, Walgreens, and Rite Aid), is the complexity involved with adding online platforms due to the healthcare system in the United States, which requires insurance and regulation. While the major three pharmacies can support the strain that an online platform would put on their systems, which already have to deal with internal pharmacy management and workflow, many others would see that addition disrupt their current process.

HealNow’s system is designed specifically to ensure that this additional burden on pharmacies does not occur. The company is giving customers three different methods to onboard themselves and their payment. These options include email, text message, or over the phone, with additional choices for users while maintaining high levels of security.

The process works by having HealNow send information and necessary questions to the customer to ensure that pickup, insurance, and options for curbside pickup or delivery are all already taken care of. HealNow is also capable of integrating third-party delivery services for pharmacies that already offer delivery services. The system that HealNow has created has built a network of strong clients, including Curexa Pharmacy, Local Health, Bald Eagle Pharmacy, and Ahma. HealNow costs a monthly subscription fee for services as well as a flat-rate fee for all prescriptions purchased on HealNow’s platform. This has become an extremely attractive service, and certain investors have in turn taken notice of HealNow.

HealNow’s Recent Funding and Future Goals

HealNow recently closed an early-stage funding round in which the startup raised $1.3 million. The funding round was led by SoftBank Opportunity Fund and Alabama Futures Fund. While certainly not as hefty as many other funding rounds from startups taking place around the same time, HealNow’s funding will help the startup grow and achieve the goals that have been set for it.

As it currently stands, HealNow plans to use their new funding to expand the scope of users and clients. While the startup is fairly well-established in the Midwest, West Coast, and Southwest, HealNow is looking to make inroads in the eastern half of the United States. This includes opening an office in Birmingham to do so. The startup already processes thousands of orders a day and tens of thousands over the course of a month. Despite these numbers, the goals for growth are still significantly higher.

With the new plans for inroads into the East Coast, HealNow seems to be enacting the first major step in the long-term strategy for nationwide customers and converting those customers into major revenue. While this is slowly happening, there is no reason not to believe that HealNow can become a major player in the pharmaceutical industry.

Final Conclusions

HealNow has conclusively built themselves a system that has strong demand, effective results, and multiple revenue streams. As the startup continues to accumulate clients and new customers, there is a clear path to success forming in front of it. Now, with its new injection of fresh funding, HealNow can continue to expand to the East Coast, where it will surely begin growing at an even faster rate than its current growth.

About the Author

Thomas Price

Tom Price is a writer focusing on Entertainment and Sports Features. He has a degree from NYU in English with a minor in Creative Writing. He has been previously published for Washington Square News, Dignitas, CBR, and Numbers on the Boards.