Healthcare financial technology startup that spun off of Ally Commerce Inc. Green Feather raised a $1.5m seed round.
Ciena Corp. co-founder Lawrence Huang, who’s also executive chairman of Green Feather, led the round. Med-Metrix CEO Joseph Davi and Chosen Payments founder Jeff Brodsly participated. A May 21 filing with the US Securities and Exchange Commission showed that the round includes nine investors. In conjunction with the funding, Davi will take a Board seat and help the firm with his experience in healthcare technology.
The Atlanta-based startup officially launched in April 2020 to provide more flexible payment options for healthcare patients through its platform, Feather Pay. Feather Pay aggregates third-party legacy and payment options so patients can choose how to cover their out-of-pocket healthcare costs by combining multiple payment types in a single transaction, all delivered in a simple user experience that works whether in person or remotely on any digital device.
Furthermore, the platform also helps practices improve revenue performance through greater adoption of treatment plans, simplifying their administrative operations while delivering a consumer-friendly payment experience.
CEO Craig Haynor said the platform adds transparency to the healthcare payments industry and helps patients pay for their treatments more efficiently by finding the best option for them.
Haynor further said that “Affording care remains a significant problem for patients, driven in part by skyrocketing out-of-pocket costs. Feather Pay helps practices and patients meet that challenge. This capital raise will enable investments in people and technology, leading to new customer acquisition and product innovation that will deliver a better patient payment experience across healthcare segments and platforms.”
Echoing a similar sentiment Davi added, “I see the adverse impact of increasing unpaid patient liabilities for our provider customers at Med-Metrix. Feather Pay is a novel way for healthcare providers to reduce this revenue leakage while modernizing the payment experience and increasing affordability of care for patients.”
Brodsly said, “Feather Pay is a game-changer in solving the mess of today’s payment options for business and consumer. I am ecstatic to be a strategic investor, and advisor, to a team and company that’s a true FinTech leader on the brink of amazing things.”
The idea for Green Feather began through an Ally Commerce partnership with a healthcare company, which provided insight into this specific problem. Ally Commerce, which has support from the United Parcel Service Inc. and is led by Haynor, helps brand manufacturers complete consumer sales through e-commerce and other software strategies.
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