Smile Doctors successfully raised over $550 million in capital to support the network in growth, capabilities and technology investment.
Smile Doctors announced the successful completion of a capital raise of over $550 million. The capital, which was funded by doctors along with several large domestic and international healthcare investors, will support the network in continuing its affiliation growth, enhance its strategic investments in technology, and continue to expand its support staff capabilities.
The investment comes as the company has just completed a strong quarter, adding several new partnerships.
“We’ve generated significant growth over the last three years, and we’re excited to be at a point where we have partnered with such incredible and innovative doctors. We continue to attract new doctors and invest in technology that contributes to the patient-first culture we are committed to at our organization,” said J. Hedrick, chief executive officer of Smile Doctors. “The strong reaction from the investment community – especially during the current economic environment – is an indication of the strength of our business, and through our capital partners and doctors, we believe can keep up the momentum and continue to shape the future of the orthodontic industry.”
Blackburn Family Orthodontics (Texas), Weaver Orthodontics (Arkansas), Smith Smile Orthodontics (Georgia), Weissman Orthodontics (Alabama), and Smiles of Ohio (Ohio) are the newest partners to join the Smile Doctors family. The Smile Doctors network now includes more than 400 affiliated locations.
Affiliated practices have access to a variety of services including human resources, onboarding, marketing, accounting and finance, revenue cycle management, supply chain, legal, and operations. They also benefit from Smile Doctors’ turnkey relationships with leading vendors and gain access to the latest cutting-edge technology, which will be enhanced across the patient and provider experience.
“Since starting my practice seven years ago, I’ve had awesome mentors help me along the way,” said James Blackburn, D.D.S., M.S.D. of Blackburn Family Orthodontics in Katy, Texas, who became part of the Smile Doctors network in Q2. “Over the past four years, each of my mentors has joined Smile Doctors. After numerous conversations, I realized that to take both my practice and my personal life to the next level, partnering with an OSO was the next logical step and it was very apparent that Smile Doctors was a perfect fit for me and my team.”