Medical-billing startup Inbox Health scored $3.5 million earlier this month. Healthy Ventures was the lead investor this round, with participation from Collaborative Fund. Commerce Ventures, Connecticut Innovations, I2BF Global Ventures and StartUp Health.
WHAT THEY DO
The Connecticut-based startup pitches its services as a way to personalize patients’ billing, payments and communications. Its system is able to automate patient communication for provider organizations and clarify questions for patients around their finances.
In 2014 the company was selected as part of StartUp Health’s new accelerator class.
WHAT IT’S FOR
The latest infusion of cash is expected to help the company to grow its footprint and customer base.
“This new funding will allow us to expand our reach faster and improve the billing experiences of millions more patients,” Inbox Health CEO and cofounder Blake Walker said in a statement. “Healthcare is about caring for people. The current industry-standard static billing systems of today treat patients like numbers. But behind every bill is a unique person with unique needs, preferences, and payment ability profiles. Our mission is to power billing experiences that focus on who the patient is, honoring the patient experience while delivering top-notch results.”
Digital services have quickly come onto the scene as a way to automate traditional healthcare billing. Last month patient financial-engagement platform MedPilot landed $1.5 million in funding to grow its team and develop its product. Like Inbox Health, it uses AI and other digital components to engage patients about their medical bills.
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 REOCRD
“Based on their decades of experience within healthcare, Blake and the Inbox Health team have uncovered a unique approach to modernizing payment for millions of patients and hundreds of thousands of providers – through the billing companies that service them,” Tejinder Gill, principal at Collaborative Fund, said in a statement. “We are fortunate and excited to be joining them on this journey towards building the modern operating system for healthcare billing.”