Practical Founders Podcast

#73: Bootstrapped to a Successful $67 Million Exit with Medical Billing Solutions – Harry Hopkins

Harry Hopkins is co-founder and CIO of Viewgol, a medical billing technology software and services company based in Dallas, Texas. Viewgol was started in 2017 by three founders who got the product and revenues going before hiring additional staff. Their revenue cycle management (RCM) analytics software reveals medical billing problems and missed revenue opportunities at physician offices in the US.

As the company expanded its service offerings, Viewgol grew very quickly, from three employees in 2019 to almost a thousand employees at the end of 2023. Viewgol was acquired in October 2023 by CPSI, a public medical billing solutions company, for a reported $67 million in cash and earnouts. 

Healthcare Software Company Topics Discussed on this Podcast

  • How the three founders worked for two years to get customers, revenue, and a working product going before they hired any additional team members
  • How the company grew from 3 employees to 1,000 global employees in 4 years
  • Why they started selling their software and eventually added tech-enabled-services
  • What were the most important factors for the founders in selling their company
  • How the founders managed the biggest internal growing pain as the company expanded

Quote from Harry Hopkins, cofounder and CIO of Viewgol

“We knew we were onto something big when we showed an early customer how they were overpaying one contract by a million dollars. So a $500 investment in our software returned into a million-dollar return for them. That number got everyone’s attention.

“For new customers, we take their billing data and we do a free assessment. Revealing the ROI using their own data is part of our sales cycle. So they’re walking into their leadership with an expected ROI. And we know how to value that engagement on our side.

“When we offered services on top of our technology, our first service contract came in we basically went from less than six-figure deals to seven-figure deals overnight.”

Links

 

The Practical Founders Podcast

Tune into the Practical Founders Podcast for weekly in-depth interviews with founders who have built valuable software companies—without big funding.

Subscribe to the Practical Founders Podcast using your favorite podcast app.

Get weekly Practical Founders newsletter and podcast updates.

Links

 

The Practical Founders Podcast

Tune into the Practical Founders Podcast for weekly in-depth interviews with founders who have built valuable software companies—without big funding.

Subscribe to the Practical Founders Podcast using your favorite podcast app.

Get weekly Practical Founders newsletter and podcast updates.

Greg Head recorded this on episode on December 8, 2023 for the Practical Founders Podcast see all of the episodes.

Share Practical Founders

FREE 60-PAGE EBOOK

Win the Startup Game Without VC Funding

Learn how all 75 founders on the Practical Founders Podcast created an average founder equity value of $50 million.