RALEIGH-DURHAM, N.C.--(BUSINESS WIRE)--PatientPay, the leading patient payments partner for specialty care, has secured $6 million in growth capital. The investment will be leveraged for significant company expansion and continued enhancements to its patient payments platform, establishing the patient billing experience as a natural extension to patient care.
Teaghlach Family Office led the round with participation from Esping Family Office and existing investors, including Mosaik Partners, to support PatientPay’s industry focus on providing end-to-end patient payment solutions for anesthesiology, radiology, labs and other specialty medical groups at every point of care.
“Driving efficiencies in healthcare is important to lower cost of care and bring about needed change in quality of care. One of the primary areas in which to first engage with patients is to offer them a better understanding of the billing process — ultimately empowering them to feel more in control over their own healthcare experience,” said Lee Wallace, the round’s lead investor with notable healthcare and technology investment experience. “As an owner of a hospital, I think PatientPay is the solution we need to engage patients with a simple, easy-to-understand platform that increases the likelihood of payment from the patient to the provider.”
A 2017 Black Book study shows that patients have experienced a 29.9 percent increase in both deductible and out-of-pocket maximum costs in the past two years, and expectations are that they will continue to grow. Due to this increase, medical groups now have to consider patient bills a critical form of revenue, which has led to an industry gap in how to communicate effectively with patients in order to collect what they owe without risking patient satisfaction scores.
“The most effective patient collections are those that offer flexibility, accuracy and transparency to the patient, as well as a workflow that’s natural for central billing groups,” said Tom Furr, CEO of PatientPay. “We’re grateful for the support of our investors, ensuring our long-term vision of providing specialty care medical groups with a patient payment platform for getting paid quickly and in full.”
PatientPay’s patents and software leverage existing central billing office infrastructure to bill and reconcile payments using existing insurance claims – ultimately simplifying the entire billing process. This architecture enables PatientPay to match patient bills to their insurance’s explanation of benefits (EOB) and provide flexible payment options, while simultaneously integrating analytics to provide smarter collection strategies. PatientPay’s platform enables its specialty care medical groups visibility into their complete patient payment strategy, starting with eligibility and estimation, and ending with early out call centers. On average, PatientPay increases payments by up to double compared with industry averages.
The $6 million funding round brings PatientPay to a total of $18 million in backing since its inception. In 2018, PatientPay expects to grow its employee base by 85 percent, recruiting primarily in software development, sales and operations for its home office. Additionally, the company plans to expand its Raleigh-Durham headquarters by year-end, 2018.
“PatientPay continues to execute on its strategic vision in finance and healthcare tech; this along with the tailwinds that are driving more medical groups to demand effective patient payment solutions gives us conviction in their growth opportunity,” said E. Miles Kilburn of Mosaik Partners.
Learn more about how PatientPay drives end-to-end patient payments and, ultimately, value for both patients and specialty care providers at www.patientpay.com.
PatientPay partners with specialty care medical groups to drive patient payments at every step of the visit. As patient financial responsibility grows, specialty services such as labs, radiology and anesthesiology rely on PatientPay to get paid fast and in full. Ultimately PatientPay aims to extend the patient experience with enhanced overall patient satisfaction through matching with EOBs, flexible payment options, and custom communications. www.patientpay.com