A Toronto-based software company is providing medical aesthetic practices with digital platforms and services to help them organize and grow their businesses.
Launched in 2021, Boomerang FX brings end-to-end solutions to the non-insured, private-pay cosmetic medical market, Jerome Dwight, chairman and chief executive officer, said.
Boomerang FX offers digital marketing solutions on a single platform that allows private medical practices to grow their clientele. The software provides the practices with scheduling tools, electronic health records, a customer relationship management system, a patient management system and virtual consultation services.
BoomerangFX is entirely cloud-based. Users just need an internet connection to power it, enabling them to access the software from anywhere.
Dwight said the aesthetic medical space is an underrepresented community; there is no real solution to help digitize those businesses. It is a growing industry and represents specialties such as dermatology, medical spa services, cosmetic surgery and hair restoration.
In 2021 the global medical aesthetics market was valued at US$10.46 Billion. By 2028, it’s expected to reach over US$22.14 Billion, exhibiting a compound annual growth rate of 11.3 per cent during the forecast period.
“Research shows that about 150 million Americans will spend money on aesthetic services. That’s a massive market. And so we see this explosion of small businesses,” he said. “It’s so lucrative and the market is growing not just for the 50-year-olds historically that want to look younger, but that market segment has come down into even the teens now who are using things like Botox…So now that total market has expanded.”
With greater interest in these procedures, business owners need solutions to help them generate clients since it’s such a competitive industry, he observed.
BoomerangFX uses artificial intelligence (AI) to operate the platform and for marketing and advertising purposes. Dwight said the company is creating its own AI-driven advertising agent which will allow clients to maximize their ad dollars.
“We tell them exactly where the best platform to advertise is and then we do it for them programmatically,” he said.
AI services like this will allow medical practices to spend less time on day-to-day administration and more time focusing on their patients.
Since its launch, BoomerangFX has continued to grow and expand to meet market demands. The company recently closed private series A and series B funding rounds of C$20 million. It has medical practice clients across the U.S. and Canada, in Florida, California, Texas, Colorado, Arizona, Ohio, Oregon, and in several parts of Ontario.
The company is opening a technology and sales office in Florida later in the year and plans to focus on AI and digital marketing.
“Aesthetic medicine is growing and is a great vertical to be in,” Dwight said. “We want to continue to provide the tools and technologies for them to succeed.”