Healthtech startup Feedtrail has raised a $1 million seed round lead by early-stage healthcare investment firm Dioko Ventures. The round also saw participation from past investor Cofounders Capital, SaaS Ventures, and two angel investors, Knox Singleton and Scott Garber.
“We will be investing heavily in building out the analytics and predictive capabilities of our already best-in-class software platform this summer,” Paul Jaglowski tells Hypepotamus.
“Expect Feedtrail to solidify itself as a truly must-have platform for healthcare organizations across the country.”
After an industry pivot in 2017, Feedtrail launched their current iteration, a real-time survey platform that asks patients for feedback at the same time that healthcare services are being rendered.
When a patient arrives for an appointment, Feedtrail sends a text message with a link to the survey.
The patient is able to complete the short surveys in a few seconds during their appointment, giving the hospital important data in real-time and allowing them to address any concerns as they happen.
The cloud-based, HIPAA-compliant platform offers 18 different customizable Q&A types, including starred reviews and multiple choice.
Prior to Feedtrail, Jaglowski says it could take up to six weeks for patients to receive a long paper survey via snail mail. It would then take even longer for the hospital to receive that data back and act on its insights.
The improved patient experience Feedtrail facilitates also leads to better reviews for a hospital’s annual CMS reports, conducted by a federal agency that ties patient satisfaction to additional reimbursement every year.
Last month, Jaglowski told Hypepotamus that “the startup has retained over $2 million in patient revenue across 40,000 patient visits due to increased service recovery capabilities.”
They have healthcare clients across the U.S. and in Europe and are based in Raleigh, North Carolina.
“From day one, the entrepreneurship and VC communities in the southeast have embraced us with open arms,” says Jaglowski. “When we relocated our company to North Carolina just over one year ago we had 4 full-time employees”
He tells Hypepotamus that the new funds are also earmarked to “make several key hires that will help us accelerate our product development and sales efforts.”
They will be growing from the current 16 employees to 25 over the next twelve months, he says.
“The fact that we have tripled the size of our team in less than one year is a testament to the quality and breadth of the talent pool in the area.”