Collectly, a patient financial engagement software for medical groups, has completed a recent Series A raising $29m.
The funding round, which garnered significant interest from several investors, was led by Sapphire Ventures, with other participants such as YC, Wayfinder Ventures, Burst Capital, Cabra VC, and Davidovs VC. This latest investment brings Collectly’s total capital raised to an impressive $34.1m.
Delving into what Collectly does, the company aims to resolve the financial complexities in the healthcare landscape by providing a financial engagement software. This software is designed to aid medical groups, billing and revenue cycle management companies, hospitals, and health systems in gaining control over their finances. The current healthcare environment has providers collecting approximately only 55% of the amounts they are owed. This is primarily due to inefficient payment processes that often leave patients grappling with unexpected or unaffordable bills.
With the new funding, Collectly intends to bolster the enhancement of its patient financial engagement software and expand its market reach. The firm plans to meet the evolving needs of its rapidly expanding partner base, which includes medical groups and healthcare organisations that lack sophisticated patient financial management systems.
Additional noteworthy information from the original text reveals that Collectly, which was launched in 2017 by Levon Brutyan and Max Mizotin, has shown remarkable performance. By introducing an end-to-end billing workflow, Collectly has managed to streamline patient engagement and payment processes. As a result, patient collections have improved by 75%, Days Sales Outstanding have been reduced to just 12 days, and a 93% patient satisfaction score has been achieved.
Regarding the new funding, Collectly CEO and co-founder Levon Brutyan said, “There are thousands of medical groups across the United States. At Collectly, our mission is to ensure that all healthcare organisations, irrespective of size, have access to cutting-edge financial engagement solutions. With Sapphire Ventures and our other investors at our side, I am confident we can truly transform the industry.”
Paul Levine, Partner at Sapphire Ventures, and Collectly’s newest board member, also commented, “The healthcare payments system is broken. Collectly’s intuitive, innovative software platform is bringing patient billing into the modern age, making it easier for medical groups to collect payments and empowering patients to understand and pay their bills.”
This funding round follows previous investments, bringing the total capital raised by Collectly to an impressive $34.1m.
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