Patient billing and payments technology business Patientco has secured $28m in its Series B funding round.
The investment was led by Accel-KKR, and also received contributions from existing backers BlueCross BlueShield Venture Partners and Sandbox Advantage Fund.
Patientco gives healthcare providers payment tools and infrastructure to improve the patient billing process. The company’s app lets patients to pay their bills online either manually or automatically, and print their statements or receive electronic bills.
Alongside the payment tools, the healthcare providers gain access tools to view outstanding payments and the current payment workflows. With real-time POS collection dashboards and holistic transaction reporting, revenue cycle teams can accelerate and optimise their process.
This investment comes after Patientco reached 10 million patient users, $1bn in payments processed and 2,000 healthcare providers in the US using the system.
This equity injection will be used to speed up growth of the platform within the patient payments market, and boost sales and marketing efforts across the US. Funds will also be used to fuel product innovation within the company.
Accel-KKR principal David Cusimano said, “Patientco has a differentiated approach to the patient payments problem in healthcare, leveraging its end-to-end platform to make every patient financial engagement better than the last. We believe Patientco will make a lasting positive impact on healthcare, both for patients and health systems on the Patientco platform.
“No other payments company in the market offers a seamless patient experience while being able to handle the volume that comes from large health systems.
There have been a number of healthcare patient-focused FinTech solutions to close funding rounds this year. Earlier in the month, financial management platform for patients Cedar closed a $36m Series B led by Kinnevik.
This month also saw, India-based patient communications and payment support platform Inbox Health collect $2.4m in an investment led by Connecticut Innovations.
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