Bright.md, a Portland-based startup, has raised $1 million in seed funding that will go toward telemedicine software for providers seeking to expand while simultaneously curbing costs.
The funding is led by Seven Peaks, Portland Seed Fund and Oregon Angel Fund. Earlier this year, Bright.md won a $100,000 Seven Peaks Ventures Award at the Bend Venture Conference.
Co-founded in January by Dr. Ray Costantini, a former regional medical director and head of ehealth for Providence Health & Services and Mark Smith, formerly of Bain & Co. as a software, health insurance and medical consultant, the company is hoping to tap into the $150 billion annual market for telemedicine.
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Bright.md’s lead product, SmartExam, is being piloted with Samaritan Health in Corvallis. It allows patients to connect with physicians from a mobile device or desktop computer. The virtual appointment can include diagnosis, prescriptions, billing and scheduling follow ups and be completed within 30 minutes, according to the company.
Importantly, Providence Health Plan is covering the use of Bright.md’s telemdicine visits. The SmartExam is geared toward the provider with the goal of improving margins while expanding capacity.