PatientPay, a Raleigh-Durham, N.C.-based patient payments partner for acute, ambulatory, and specialty care, secured $6.15m in growth financing.
The round was led by Mosaik Partners and an existing investor, with participation from other current and new investors.
The company intends to use the funds to expand its ability to serve Revenue Cycle Management (RCM) companies as well as to further enhance its omni-channel patient payments platform.
Led by Tom Furr, CEO, PatientPay provides an end-to-end patient engagement and payment solution that captures payments while making the patient billing experience an integrated part of patient care. Its patents and software leverage existing central billing office infrastructure and systems to bill and reconcile patient payments using existing insurance claims data that simplifies the entire billing process for the patient.
This architecture enables the company to match bills to their insurance’s explanation of benefits (EOB) allowing patients to trust their bill. PatientPay RCM clients use integrated analytics to provide collection strategies to understand how patients navigate and pay their bills. The platform gives RCM operations visibility into their complete patient payment strategy by utilizing their current eligibility and estimation solution as well as integrating it into their early out call centers.