Mobile healthcare payment startup Simplee has raised $20 million in a round led by Social Capital. American Express contributed as a strategic investor and existing investors 83North and Heritage Group also participated in the round. The round more than doubles the company's funding, bringing it up to $36 million to date.
"We define ourselves as a fintech player that operates in healthcare," CEO and Cofounder Tomer Shoval told MobiHealthNews. "We’re at the intersection of fintech and healthcare. If you think about the foreseeable futrue, the next two or three years, our sole focus is on the healthcare industry because we believe it’s a gigantic broken industry and it’s underserved and we are primed to be able to deliver something new and effective."
Simplee originally launched a consumer website for keeping track of healthcare payments called the Simplee Wallet, which is no longer available. In 2013, they introduced a provider offering called SimpleePAY that allows physician's offices to give patients an interactive digital bill that's clearer and easier to understand than a paper bill, and will interactively incorporate an explanation of benefits. The system gives patients a range of payment options including mobile, installments, and discounts; pre-procedure cost estimates; and a loyalty program. Simplee went mobile in April 2013.
Now, Shoval says, Simplee is looking to expand and scale SimpleePAY after seeing promising results from early provider deployments.
"The bottom line is every client we’ve had for six months, 90 percent of them already have a case study where they’re celebrating their success. It’s all fueled by the fact that, if you look at the impact that we generate, within 12 months of going live we are going from less than 10 percent of patients paying their bills on a computer or a mobile device to more than 50 percent doing that on their own, and that generates a great positive impact on those different patients," he said. "Mobile adoption is off the charts. On average for our entire platform more than 28 percent of the payments are mobile payments, and in rural area we see adoption north of 40 percent."
In addition to ramping up SimpleePAY, the company will use the funding to develop two new products that it plans to integrate with its existing software: Simplee Estimate, which is already in use with a few clients, and Simplee Credit. Shoval described Simplee Estimate as "a proprietary cost estimation tool that allows providers to educate particular patients at the point of service about how much they will pay and potentially try to get them to pay up front." Simplee credit is designed to help hospitals "tackle one important pain point for patients."
"If you’re on a high deductible plan and you had an accident, if you have kids, you’re staring at a thousand dollar bill you don’t anticipate," he said. "So giving patients the opportunity to pay over time is a huge value for those patients."