HANOVER, N.H.--(BUSINESS WIRE)--Resolve, a startup on a mission to make healthcare bills fair, today announced the completion of a $3.3M seed funding round led by AlleyCorp, with additional support from the founders of category defining companies such as Funding Circle, Collective Health, Collective Medical, Nomi, Compass, Seamless, and more.
On top of rising inflation and a looming recession, 50% of Americans are currently in medical debt. Resolve reviews, negotiates, and lowers medical bills on behalf of patients with expertise on both the insurance and provider side. Once its proprietary data algorithms identify pricing issues, coding and/or billing errors, trained negotiators work to secure fair rates or appeal insurance denials. To date, the company has relieved nearly $20M in medical debt, averaging 60-65% savings.
“Our healthcare system is flawed, complex and difficult for even the savviest consumers to navigate,” said Braden Pan, founder and CEO, Resolve. “Throughout our work, we’ve found that medical bills are riddled with errors, overpriced, and often improperly covered by insurance. This funding will allow us to grow our ability to help people struggling with medical bills and reach a world where an everyday medical bill doesn’t bankrupt an everyday American.”
Currently, Resolve employs 22 full-time staff, with plans to soon add a number of positions including Chief of Staff, Head of Product, and a number of software developers.
"Far too many patients experience the dual burden of both a medical event and the medical debt that follows," said Brenton Fargnoli, MD, Managing Partner, AlleyCorp Healthcare Fund. “We're excited to support the compassionate, dedicated Resolve team as they help patients tackle excessive medical bills and put a dent in the $200 billion of medical debt facing Americans."
Resolve was conceived after Braden Pan suffered a serious accident. In the months - and bills - that followed, Pan realized the severity of medical billing challenges and errors in our country. He partnered with Endurance Companies to form the company in 2019 and has since grown it to become one of the leading medical billing advocates in the US.
“We’re thrilled to see this momentum for Resolve as it will allow us to rapidly expand our reach and help more patients,” said Alex Tonelli, managing partner at Endurance Companies and founding board member at Resolve. “The team’s dedication to and passion for helping others rectify unfair and unwarranted medical debt has been unwavering since day one and we’re excited to be their partner through their continued growth.”
Resolve believes that an everyday medical bill shouldn’t bankrupt an everyday American and is building an automated system to fight medical debt. Driven by proprietary data algorithms that identify pricing issues, coding and billing errors, Resolve’s negotiators work to secure fair rates. To date, the company has relieved nearly $20M in medical debt, averaging 60-65% of each of its client’s bills. To learn more about Resolve, please visit: www.resolvemedicalbills.com.