PatientPay offers an end-to-end patient engagement and payment platform that captures payments and integrates the billing experience into patient care. Its patents and software leverage existing central billing office infrastructure and insurance claims data to bill and reconcile patient payments and match bills to insurers' explanations of benefits (EOBs). The platform supplies integrated analytics to help Revenue Cycle Management (RCM) clients design collection strategies and understand patient payment behavior. PatientPay's solution integrates with eligibility and estimation tools and early-out call centers to give RCM operations visibility into their complete patient payment strategy. The company is led by CEO Tom Furr and is based in the Raleigh–Durham, N.C. area. It plans to use the new funding to expand its ability to serve RCM companies and to further enhance its omni-channel patient payments platform. PatientPay is the leading patient payments partner for specialty care, offering an end-to-end patient payments platform. Its patented software leverages existing central billing office infrastructure to match bills to insurance explanations of benefits (EOBs), reconcile payments, and provide flexible payment options while integrating analytics for smarter collection strategies. The platform serves specialty medical groups such as anesthesiology, radiology and labs and, on average, increases payments by up to double compared with industry averages. PatientPay secured $6 million in growth capital to fund expansion and continued platform enhancements, bringing total backing to $18 million since inception. The company plans to grow its employee base by 85% in 2018—hiring primarily in software development, sales and operations—and to expand its Raleigh-Durham headquarters by year-end 2018 to support that growth. PatientPay is a Durham, North Carolina‑based provider of patient billing and payment services offering a patented, cloud-based service for physician groups and patients to process and manage bills and balances. Led by CEO Tom Furr, the service integrates with any practice management software. PatientPay currently reaches more than 30,000 healthcare providers through its network of Practice Management Software partners. The platform automates bill creation and payment. The company intends to use the Series A funds to increase adoption and to expand its capabilities beyond automated bill creation and payment. Prior to this round the company had raised a total of $6M.

Total raised

$15M

Funding rounds

3

Latest round

Equity

Latest activity

Mar 2020