Digital healthcare billing company Inbox Health scored $15 million in a Series A funding led by Commerce Ventures with participation from Vertical Venture Partners, Healthy Ventures, Collaborative Fund, Fairview Capital, CT Innovations and I2BF Global Ventures.
This news comes roughly a year after the company closed its $3.5 million seed funding round.
WHAT IT DOES
The company is centered on personalizing patient billing. The technology was designed to automate bills and give patients additional insights into their charges. The startup also designed the system so patients can choose different payment options.
Patients can chat back and work with billing teams. According to the release, the company uses data in order to help bolster financial results.
In 2014 the company was selected as part of StartUp Health’s new accelerator class.
WHAT IT'S FOR
The company said that the funding will be used towards strategic growth and developing its billing system.
“Medical billing has long been approached with a one-size-fits-all mindset, but we firmly believe a more personalized experience that meets patients where they are results in better outcomes for patients, billing companies and practices,” said Blake Walker, cofounder and CEO of Inbox Health.
“One of our primary focus areas is continuing to grow our data set in order to drive more efficiencies and reduce pain points within the existing ecosystem. The new funding will help us scale those efforts to reach more billing companies and, ultimately, more patients.”
This isn't the only digital patient billing company. Cedar, maker of an intelligent patient-billing and engagement platform landed $200 million in Series D in March. The company has raised a total of $350 million and boasts a $3.2 million valuation.
Another company is MedPilot, a patient financial engagement platform, scored $1.5 million in February to help grow its product-development line. Additionally, digital medical-payment company, dubbed PatientPay, scored $6.15 million in 2020.