Durham, North Carolina-based announced today that it has received $6 million to expand its specialty care-focused patient billing platform. Teaghlach Family Office was the primary investor, with additional funds coming from Esping Family Office, Mosaik Partners, and other prior investors.
“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,” Tom Furr, CEO of PatientPay, said in a statement. “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 product works with existing central billing office infrastructure and insurance claims to simplify patient billing. The platform provides flexible payment options and collection strategies, while offering specialty care medical groups a means to review and analyze their complete payment strategy. The system is also compliant with HIPAA and Level 1 PCI Data Security Standards, according to PatientPay, and has led to payment collections up to twice that of the industry average.
“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,” Lee Wallace, one of the lead investors of the round, said in a statement. “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.”
This round of funding brings PatientPay to a total of $18 million since its founding in 2008. With the investment, the company said it expects to grow its employee base by 85 percent in the coming year with a focus on software development, sales, and operations for its expanding home office.