Wellpay launches earlier than planned after securing a new investment

Medical bills platform Wellpay has launched its services to help people during the coronavirus pandemic.

In conjunction with the release, the company completed a $3.8m funding round. The investment was led by 8vc, Mubadala Capital-Ventures, Montage Ventures, TTCER, and Advisors.fund.

This capital injection helped the FinTech launch earlier than planned, with the company now looking to support the rising demand from patients and providers across America during the current crisis.

Prior to the funding round, the company had been looking to launch later in the year.

The Wellpay solution is now available to everyone and the company is waiving all platform fees for healthcare providers during this pandemic, providing them with administrative and financial relief.

Wellpay leverages machine learning technology to help patients securely pay medical bills in seconds or uploads bills they want to pay over a period of time. The solution negotiates, facilitates disputes and supplies zero-interest, zero-fees repayment plans.

Healthcare providers can use the platform to ease their patient billing, removing the time of chasing payments.

Wellpay CEO and co-founder Mohammad Gaber said, “As the spread of COVID-19 continues, many Americans find themselves experiencing unprecedented financial hardship due to unanticipated employment terminations, layoffs, and changes in health insurance coverage, compounding the already stressful medical billing and payment situations.

“Likewise, medical providers are working harder than ever to profitably run their practices, and deliver quality care. Our independent healthcare providers are the backbone of our healthcare system. With this pandemic they’re struggling to make ends meet while grappling with the complexities and operational burdens of patient billing.”

Copyright © 2020 FinTech Global

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