Collectly builds proprietary interfaces that integrate with electronic health records and practice management software to automate and streamline patient billing and payment collections for small and solo medical practices. Originally launched in 2017 as a digital debt-collection startup and later part of Y Combinator, it refocused as a patient financial engagement company. Customers have, on average, increased patient collections by 75%, reduced days sales outstanding to about 12 days from 60–90 days, and achieved a 93% patient satisfaction score. The platform engages over 300,000 patients daily and is growing revenue more than 3x year-over-year, and the company reports no churn. Collectly intends to use new funding to develop technology and products, double headcount by year-end, roll out pre-service modules and in-person payments, and explore AI tools like ChatGPT to improve patient experiences. Collectly digitizes debt collection by moving interactions online, tracking debtor responses, and using that data to tailor outreach and repayment solutions. The company says its approach enables recovery of two to three times as much debt compared with traditional agencies, according to CEO Levon Brutyan. Collectly has focused initially on the healthcare sector and is working to sign up the roughly 100,000 medical practices around the country. To boost distribution it is building integrations with major electronic health record providers Athena Health and DrChrono so practices can sync data without manual exports. TechCrunch described the business as nascent but showing early traction. The team raised funding to invest in scaling the product and sales efforts.

Total raised

$31M

Funding rounds

2

Latest round

Series A

Latest activity

Jul 2023