PatientPay, a Raleigh-Durham, N.C.-based patient payments partner for specialty care, secured $6m in funding.
The round was led by Teaghlach Family Office with participation from Esping Family Office and existing investors Mosaik Partners.
The company intends to use the funds for expansion and enhancements to its patient payments platform.
Led by Tom Furr, CEO, PatientPay provides patents and software that leverage existing central billing office infrastructure to bill and reconcile payments using existing insurance claims – simplifying the entire billing process. This architecture enables PatientPay to match patient bills to their insurance’s explanation of benefits (EOB) and provide flexible payment options, while simultaneously integrating analytics to provide smarter collection strategies.
The company partners with specialty care medical groups to drive patient payments at every step of the visit. As patient financial responsibility grows, specialty services such as labs, radiology and anesthesiology rely on PatientPay to get paid fast and in full.