Rivet, a healthcare billing platform, has scored $20.5m in a Series B round led by Catalyst Investors.
The round also saw participation from Ankona Capital, Menlo Ventures, Lux Capital and Pelion Venture Partners.
Established in 2018, Rivet’s revenue cycle operating platform is used by healthcare providers across the US to collect what they are owed from payers and bring greater price transparency to patients.
Rivet currently offers three software products, which are patient cost estimates, underpayment detection workflow and denials appeal management.
According to Rivet, the newly raised capital will be used to build out its team and continue investing in the platform.
Rivet CEO and co-founder Ted Ferrin said, “Medical payer contracts are often very complicated, resulting in reduced transparency from payer to provider to patient. Rivet deciphers contracts for providers so they can offer patients transparent pricing with our Estimates product while also ensuring proper insurance payments with our Underpayments and Denials products.
“Rivet shines light on some of the most complex but important data in all of healthcare so that providers, patients, and payers can all be on the same page and have a much more efficient financial experience.”
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