TORONTO-BASED MEDICAL TECHNOLOGY COMPANY WINS "DIGITAL DISTRUPTOR" AWARD
BoomerangFX Utilizes Artificial Intelligence to Deliver Innovative End-to-End Practice Management Automation Software for Medical Practices
TORONTO, June 21, 2022 /CNW/ - Over the past two years, BoomerangFX, the Toronto-based software as a sales (SaaS) company, has increased their number of employees by 900% and revenue by 500%. What started as a five-person operation now has 55 employees and is on track to surpass 125 by the end of 2022.
The company's rapid growth and unique product offering have not gone unnoticed. In May of this year, BoomerangFX won the Digital Disruptor Award from ITWorld Canada and the Gartner Group.
BoomerangFX was originally conceptualized and founded by world renowned plastic surgeon Dr. Stephen Mulholland. Dr. Mulholland then brought in the SaaS management team under Jerome Dwight, BoomerangFX's Chairman and CEO, to develop, grow and scale the company.
Previously named one of Canada's Top 40 Under 40™, Dwight is an entrepreneur and technology industry executive with experience in both private and public markets. Early in his career, Dwight served as CEO of Bank of New York Mellon Canada. Dwight's recent ventures include the launch of Nextgear Capital which rose to prominence as Canada's largest non-bank auto finance fintech. He subsequently co-founded MUVITCanada.com, Canada's first Artificial Intelligence (AI) driven automotive marketplace, now owned by Autotrader parent Cox Automotive.
Under the leadership of Dwight, BoomerangFX has been recognized as one of the fastest growing healthcare SaaS solutions in North America. The rapidly expanding team will soon be moving to a 15,000 square foot office space featuring high-tech infrastructure to support machine learning, an AI lab for experimental work and virtual training rooms. The new headquarters will support the growing team currently working with over 100 health care practice clients across North America.
Designed specifically for the non-insured, private-pay cosmetic surgery, dermatology, medical spa, ophthalmology, hair restoration, dentistry, women's health and podiatric industry segments, BoomerangFX is a cloud-based tool that can be accessed from virtually anywhere in the world.
"We identified the private health care market as one that was really ignored from a technological advancement or automaion perspective," says Dwight. "Our vision is to automate the inside of a private healthcare practice, and that's a very broad vertical including some of the fastest-growing categories inside healthcare. There really is no end-to end solution that helps these medical practices grow and manage their business."
Built on advanced AI, BoomerangFX has developed one of the world's first end-to-end practice management and lead generation software platforms. This tool offers everything from a scheduling system, marketing automation, a comprehensive EMR/HER system with secure electronic medical records, as well as invoicing and accounting reports, all in a single, easy-to-use platform. "Our technology guides clinic owners through critical business decisions with real-time insights into patient engagement, staff effectiveness, optimal clinic revenues, retreatment patterns, and the allocation of digital advertising dollars to continuously attract a steady pipeline of new patients," says Dwight.
BoomerangFX is uniquely situated at the intersection of Martech (marketing technology), which is a $120 billion dollar industry growing more than 22% annually, and Aesthetic and Cosmetic Health Care, with a market value of $270 billion, experiencing a growth of more than 35% a year.
Since launching, BoomerangFX has successfully closed private financing commitments of $20 million. They are currently on a hiring spree for various roles, from technology development, data science and digital marketing. The company expects to expand to over 65 employees in the immediate future.
BoomerangFX's leadership team includes executives from Silicon Valley, Digital Marketing, Fintech, and leading SaaS technology start-ups. Within its first 12 months, the platform has consistently expanded its roster of medical practice clients across the US and Canada. Currently, the software is utilized in a variety of markets, including Florida, California, Texas, Colorado, Arizona, Ohio and Oregon in the United States and the Greater Toronto Area and Montreal in Canada. Later this year, the company also plans to open a technology and sales office in the US.
"We were struggling to access critical data on new patient consultations and keep track of schedules between our medical practice and aesthetic business," says Dr. Lacy C. Kessler, an Obstetrician based in Waco, Texas. "For the first time, I am not only able to see my entire patient schedule in one place, but I'm also able to look at how those clients were generated and what profit we're making from each treatment."
"When my projected sales are low, my BoomerangFX digital marketing team is just a click away to drive more leads and book appointments," says Leesa Richardson, Practice Manager at SpaMedica Plastic Surgery in Toronto, Ontario. "Their ability to predict and estimate my return for ad spend is astonishingly accurate."
"We are committed to helping our clients reboot their practice growth and profitability," says Dwight. "We have invested in a multimillion-dollar product roadmap to build AI across all of our platform capabilities. Artificial intelligence has the potential to radically transform the inside of a medical practice and lead to better patient outcomes by allowing healthcare practitioners to spend less time on day-to-day administration and more patient interaction time."
In addition to the primary software, the platform offers supplementary solutions, including:
The platform offers three account options: