Patient financial health application VisitPay has received an undisclosed investment from Flare Capital Partners.
The firm joins the company’s $15m funding round which closed earlier in month. The financing was led by Norwest Venture Partners and saw participation from Ascension Ventures.
VisitPay is a cloud-based solution that enables hospitals and health systems to increase the levels paid on patient balances, by helping consumers manage their healthcare bills. The solution helps to simplify the billing process on both sides, while improving transparency.
The US-based company recently re-branded from its original name iVinci Health and is currently used by around 22 hospitals across Utah and Idaho.
Flare Capital executive partner Gary Gottlieb said, “In an era of high deductible plans where 75% of the American population struggles to pay any unexpected expense of more than $400, and as changing reimbursement rates narrow margins for hospital systems.
“VisitPay gives patients more control over the payment experience while reducing the administrative and financial burden of bad debt on the provider, freeing resources for what they do best: clinical excellence.”
Total capital raised by VisitPay has reached up to $21.6m, with the company’s previous fundraise securing $5m in a funding round in 2014.
Earlier in the year, Carrum Health, a group healthcare payment solution, netted $6.5m in its seed funding round. The capital from the round will be used to expand its platform, as well as offering more care bundles for orthopedic, spine and cardiac bills.
Copyright © 2017 FinTech Global