Valley Growth Ventures has approved leading an investment in MedaSync, a provider of software solutions to the post-acute care market. The fund will invest $250,000 of a planned $750,000 round (note VGV will be helping the company attract the remainder, without which the investment will not close). We sat down with Ryan Edgerly, the CEO of MedaSync, to hear about current company activities, future plans, and the partnership with VGV.
Edgerly graduated from Ohio University with a degree in advertising, public relations, and marketing. Ryan spent five years working as a Marketing Executive, then transitioned into a role as a business development manager in the healthcare industry. Throughout his career, Ryan has developed a strong passion for software and the power it can bring to solving healthcare problems. He wants to leave his mark “change the healthcare industry”.
MedaSync is a software platform that connects healthcare spending to care delivery, in real-time, to help post-acute provides optimize their margin by understanding the profitability question upon admission, controlling the cost of care in real time and maximizing contract opportunities.
What makes MedaSync unique?
“There are couple things that make us unique. First, we strongly believe that we have an opportunity to help foster a change in healthcare and help providers be successful. My partner and I both know this market and this space very well. We have clients nationwide that we worked with in the past so it gives us access to the market to build a strong client base. The third thing is that we have technology that differentiates us. We are the only one in the market that has a proprietary way, in real time, of assessing the cost of services for providers and also be able to make and draw a connection to insurance contracts to help operators understand if insurance will or will not cover for something and how they can make it happen”.
What are some key accomplishments?
“There are couple key accomplishments. The first one is getting the deal done with VGV. The other ones are; we have a handful of customers that have paid us to take on our software. We have a lot of interest from the market, a tremendous amount of validation for what we are doing. There are some companies that want to partner with us and some of our clients are expressing interest in investing in us. I think that traction is a big accomplishment for us and traction is a product of securing our inventors, getting customers, and getting the product out”.
What are some of your goals?
“Our short term goals are very tactical at this point, which is indicative of our current stage. Grow the team: an early stage start up is only as good as the people involved. Thus, we need bodies and plan to add 2 sales people, 2 developers and 1 support hire by Q1. In terms of product our goal by the end of this tear is to release product functionality and fill out our foundation and allow us to get deeper into the meatier prices of the solution. In terms of capital raise, by the end of this year we need to close out initial capital raise of $750,000 which means finding the co-investors to fill out the round. In terms of sales, our goal is acquiring 80 facilities by Q2.
How has the relationship with YBI formed?
We are a YBI portfolio company, we established that relationship in 2016. YBI has been very supportive of us. My partner Gene is an Entrepreneur in Residence for YBI. Gene and I have a strong affiliation to YBI and we decided to partner with YBI as opposed to other folks in the market in Northeast Ohio because of the reputation and all the other things that YBI can bring to the table”.