Inbox Health, a patient billing communications platform, has raised $22.5m in Series B funding, bringing its total raised to more than $43m since inception.
The Series B was led by Ten Coves Capital with participation from existing investors including Commerce Ventures, CT Innovations, Vertical Venture Partners, Healthy Ventures, and Fairview Capital.
Inbox Health’s data-driven platform aims to make it easy to automate and personalise patient billing communications, modernising long-standing industry norms of 30/60/90 paper statement billing statements.
Through the platform, patients receive easy-to-understand medical bills via their preferred communication channel with convenient payment and support options like text, email, and live chat.
According to Inbox Health, this patient-first billing experience removes ambiguity around an often-complex component of the healthcare system and provides an efficient way for medical practices to manage patient collections.
The Series B announcement follows news that Inbox Health’s billing technology was awarded a patent by the US Patent and Trademark Office in April 2023.
Inbox Health said the new capital will further accelerate its strategic growth as it continues to improve and modernise the billing, support, and payment experience for even more patients and healthcare organisations.
Blake Walker, co-founder and CEO of Inbox Health, said, “It’s tremendous to see the impact our team has been able to have on the patient experience of millions of people over the last few years.
“It’s humbling to recognise the number of patients who still struggle with frustrating billing experiences and see how many providers and billers continue to navigate inefficient workflows. We have an opportunity to use this funding to magnify our impact and reach millions more patients, and that is motivating for our team.”
Last year, Pie, a tech-enabled provider of worker compensation insurance to small businesses, launched a pay-as-you-go billion solution.
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