Hospital patient payment technology provider HealthiPASS has closed a $7.2m Series A financing round led by FCA Venture Partners.
Other participants to the round included OCA Ventures, Healthy Ventures, HealthX Ventures, and Waterline Ventures, among a small group of strategic investors.
HealthiPASS helps to simplify the payment process for hospitals and patients by integrating with checking systems. A patient simply uses the platform to check-in to appointments by swiping a credit/debit card, or bay scanning a QR code/PASS, at a HealthiPASS-equipped practise. Once this is complete the platform processes the user’s information, generating a cost-of-care estimate and incorporating insurance benefits plan details.
The technology helps to offer: self-service patient checking-in, real-time insurance eligibility verification, instant patient cost estimates, payment information collection, automated collection of prior balances, co-pays and pre-service deposits at check-in, and automated collection of balances after insurance payments.
Through the use of this technology, healthcare providers can achieve a net collection rate of up to 96 per cent, which is 45 per cent more than industry standard, according to the company.
Equity from the round will be used by the company to innovate and expand its platform, as well as selling into more healthcare environments across the US.
FCA Venture Partners managing partner John Burch Jr. said, “Healthcare billing is notorious for complexity and confusion, resulting in slow or insufficient payments between patient and provider. HealthiPASS is changing that by bringing an unprecedented level of transparency.”
Earlier in the year, Nashville-based FCA Ventures led the $5.5m Series A funding round into health insurance data platform Vericred. The capital injection of capital brought the total funding of the company to $10m and will be used to boost sales growth and product developments.
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