This morning, digital medical payment company PatientPay scored $6.15 million in a growth funding round led by Mosaik Partners.
This comes roughly two years after the North Carolinian startup closed a $6 million round led by Teaghlach Family Office to expand its patient billing platform.
WHAT THEY DO
The company focuses on billing services regarding acute, ambulatory and specialty care. The company partners with revenue-cycle management companies to communicate billing information to patients.
Its software is aimed at reconciling insurance claims and patient payments, and is able to match up a patient’s bill to the explanation of benefits from their payer.
WHAT IT’S FOR
The company plans to use the new funds to grow its product line and expand its services.
“This new financing will enable PatientPay to bring more innovation and efficiencies in healthcare with electronic strategies for patient payments that serve to drive more payments, lower the cost of care while providing a positive patient experience during the billing process,” Tom Furr, CEO of PatientPay, said in a statement.
MARKET SNAPSHOT
Digital patient-billing services are on the rise. In February MedPilot, a patient financial-engagement platform, took home $1.5 million in new funding to grow its team and develop its platform.
Additionally, New York City-based Cedar is offering a patient personalized medical billing system. Cedar pitches a smart-billing system that incorporates multiple data points collected across the patient’s payment process.
ON THE RECORD
“PatientPay has been partnering successfully with several of the largest healthcare RCM operations in the country who use our omni-channel strategies to target mobile patient payments via text and email as the initial touch points for healthcare bills,” Furr said. “Time and again, we’ve seen when patients understand their financial responsibilities – and feel more in control of their healthcare payment experience – it is a win-win-win equation for them, the RCM and the healthcare provider.”
