Brian Phillips of MedShift
An exclusive Tech Tribune Q&A with Brian Phillips (founder and executive chairman) of MedShift, which was honored in our:
Tell us the origin story of MedShift – what problem were you trying to solve and why?
I founded MedShift in 2015 in Charlotte, North Carolina with a mission to shake up the medical aesthetics industry. Back then, practices had to buy expensive energy-based devices outright, spending hundreds of thousands of dollars. This created a huge barrier, especially for smaller clinics. I saw a problem: this upfront cost was stifling innovation and limiting access to advanced treatments. Drawing on technology startup experience, I wanted to change that.
We introduced a pay-per-procedure model, letting practices pay based on usage rather than a massive initial investment. Pulse IoT launched in 2016, allowing customers to upgrade unconnected medical devices with real-time cellular tracking to ensure transparency, setting the stage for our Velocity SaaS Platform, now serving over 5,300 customers in 100+ countries. That’s the heart of MedShift – making cutting-edge technology accessible and driving growth for practices everywhere.
What was the biggest hurdle you encountered in your journey?
One of the toughest hurdles I faced launching MedShift was the capital-intensive nature of our early model. To support the pay-per-procedure approach, we had to acquire costly medical devices, which meant raising tens of millions of dollars in the company’s initial years. Juggling those fundraising efforts with day-to-day operations and building a talented team was a delicate balancing act.
Another challenge was establishing a technology company with a 100% recurring revenue model – it demanded a long-term vision. While this approach ensures a stable, predictable revenue stream, it delayed significant profits in the early stages. Overcoming this required patience, meticulous strategic planning, and an unwavering focus on execution to keep us on track for sustainable growth.
What does the future hold for MedShift?
The future of MedShift is incredibly promising, with a clear path for significant growth ahead. We’re projecting revenue to rise from $52.3 million in 2024 to over $100 million by 2028, fueled by the widespread deployment of our Velocity Enterprise SaaS platform across North America. Over 2023 and 2024, we’ve expanded Velocity into eight integrated modules – Unified Commerce, Commissions, Field Sales, Virtual Payments, Lending, Pulse IoT, Digital Inventory, and Shipping, creating a powerful, all-in-one solution.
This platform streamlines order-to-cash cycles, automates complex workflows, and provides real-time operational insights, seamlessly integrating with enterprise systems like Oracle, SAP, and Salesforce to optimize data flow and empower businesses. By continuously enhancing our platform and deepening our North American market penetration, we’re positioning MedShift as a trailblazer in enterprise SaaS, serving industries that depend on commissioned sales teams, connected devices, and efficient eCommerce solutions while supporting our global customers with cutting-edge technology.
What are your thoughts on the local tech startup scene in North Carolina?
North Carolina’s tech startup scene is thriving and full of potential, making it an ideal place to build and grow a company like MedShift. Compared to traditional hubs like Silicon Valley, the lower cost of living here allows startups to stretch their capital further while attracting talent. We benefit from a steady stream of skilled young professionals graduating from top universities like Clemson, UNC, Duke, and High Point University, creating a robust talent pool.
The investor community is also strong, with plenty of local and regional investors eager to deploy capital into promising ventures. What I love most, though, is the collaborative atmosphere – there’s a real sense of community, with founders, innovators, and professionals genuinely wanting to be here and support each other. It’s a dynamic, innovation-driven environment, and I’m excited to see it continue to grow as a hub for tech startups.
What’s your best advice for aspiring entrepreneurs?
My best advice for aspiring entrepreneurs is to surround yourself with people who are smarter than you and embrace hiring top talent without hesitation. Many founders shy away from bringing in experts, worried it might overshadow their own role, but the truth is, exceptional businesses are built by exceptional teams. Leverage the unique strengths of your team to bring your vision to life, stay open to learning from their insights, remain adaptable to challenges, and prioritize relentless execution. That’s the recipe for success.