PatientPay Scores $6.15 Million in a Growth Funding
North Carolina-based PatientPay proclaimed today that it had received $6.15 million to grow its product line and multiply its services. This growth funding round was led by Mosaic Partners, Venture Capital Company, located in the United States.
Tom Furr, CEO of PatientPay, says, “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.”
About two years ago, PatientPay closed a $6 million funding round led by Teaghlach Family Office to enhance its billing platform and increase the employee base by 85 percent with a central focus on software development, operations, and sales.
The company’s product focuses on digital billing services pertaining to ambulatory, acute, and specialty care. Its product works with prevailing principal billing office set-up, and insurance claims to streamline all the patient billing. The platform is also known for offering highly agile payment preferences and collection policies.
PatientPay system is compliant with Level 1 PCI Data Security Standards and HIPAA and has led to payment collections roughly twice that of the industry average. The company partners with several well-known revenue-cycle management firms in order to share billing information with the patients.
“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 touchpoint for healthcare bills,” Furr said in a statement.
He adds, “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.” Digital patient-billing services have recently been on the rise in the healthcare market. Recently, a patient financial-engagement platform called MedPilot, landed $1.5 million in its new growth funding to develop its system.