Rivet, a Salt Lake City, UT-based healthcare revenue cycle management software provider, raised $8.25m in Series A round of funding.
The round was led by Menlo Ventures and return backers Lux Capital and Pelion Venture Partners. In conjunction with the funding, Croom Beatty, a principal at Menlo Ventures, is joining the Rivet board.
The company intends to use the funds to enhance their capabilities as a cost transparency platform and grow their team.
Founded in 2018 and led by Ted Ferrin, CEO, Rivet provides an intelligent tech platform used by healthcare practices across the country to bring price transparency to patients. The platform enables providers to give patients upfront pricing estimates with the ability to pay prior to or shortly after receiving care in a way that is convenient to them, even via email or text. It also leverages machine learning to allow providers to navigate the complex process that grants “in-network” status with insurance companies.
Rivet’s reimbursement contract management tool allows providers to easily track and audit their payer contracts while also benchmarking what competitive rates should be from plan to plan.