Healthcare payments startup PatientPay has secured $6.15m in growth financing to enhance its omni-channel patient payments platform.
The round was led by Mosaik Partners and an unnamed existing investors.
PatientPay has built end-to-end patient engagement and payment services which streamlines the patient billing experience. Patients can leverage the service to access flexible payment plans which ease the burdens of paying large bills.
According to a report from KeyBank, in the US, only 17% of consumers receive a medical bill digitally, even though, 70% state they would prefer electronic statements. PatientPay claims that 60% of the bills it manages are paid online and 53% of statements are paid within the first 28 days.
The company also offers revenue cycle management services to give a healthcare provider full visibility into their operations.
This capital injection will be used to expand its revenue cycle management capabilities and enhance its payments services.
PatientPay CEO Tom Furr said, “This new financing will enable PatientPay to bring more innovation and efficiencies in healthcare with electronic strategies for patient payments that serve to drive more payments, lower the cost of care while providing a positive patient experience during the billing process.”
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