Will investors love tech-enabled services? With $410K round, iScribes hopes yes (+ video)
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On The Web
Durham, N.C. — While many medical technology startups aim to automate the more mundane parts of a doctor or administrator’s job, Durham startup iScribes has a unique twist: it automates those tasks with people.
That’s not to say there’s no technology involved in a business that pairs doctors with real-time virtual medical scribes. But after an initial launch in 2014 using Google Glass to help doctors transcribe notes, the team realized only people could provide the accuracy and trust required for doctors, patients and the insurance companies footing the bills.
Now with more than 200 scribes in 25 states and 2.5 times the sales of a year ago, iScribes has a tech-enabled services model it’s ready to expand. A $410,000 bridge round led by The Launch Place in Danville, Va. will fund the business either to profitability or to a series A round later this year.
“If we can build a story that investors believe is credible, then we’ll raise money,” says co-founder Jared Pelo. “If we can’t build that story, then we’ll just keep doing it on our own.”
Building that story has been tricky at times for Pelo, who is trained as an ER doctor and still works part-time at a clinic in Lynchburg, Va. He doesn’t have a technology background and has never started his own company. And instead of a pure software solution, he’s got a network of stay-at-home parents, medical students and other virtual workers supplementing iScribes technology (which syncs with electronic medical records).
For the full story, see:
- VIDEO: For a video overview of iScribes, watch: https://www.youtube.com/watch?v=EtSNxbwh4Kw
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