Simplee offers an enterprise financial engagement platform that unifies patient engagement, billing, estimates, payment, point-of-service and financing tools for healthcare providers. Led by CEO and co-founder Tomer Shoval, the company launched in 2013 and is headquartered in Palo Alto, Calif. Its platform works with nearly 900 hospitals and physician groups and reaches about 5 million patients across the U.S., representing over $1 billion in annual payments. Simplee will use the Series C proceeds to continue to expand operations. The product is positioned at the intersection of fintech and healthcare revenue cycle management, serving enterprise customers. The company emphasizes scaling its operational footprint with the new funding. Simplee builds a mobile-first platform that helps patients understand, track and pay medical bills from their smartphones. Its consumer app combines financial-management features with a mobile wallet, letting users filter expenditures by family member, link spending accounts, set alerts, and pay bills directly. The company also offers SimpleePAY, a B2B payment and loyalty platform for hospitals and providers launched earlier this year to reduce paper invoicing and improve collections. Simplee reports tracking and managing more than $3 billion in patient medical expenses and processes "tens of millions" in patient payments each year, while covering roughly 80% of U.S. insurance plans. Since launching in 2011, Simplee has grown to a team of about 30 and works with partners such as El Camino Hospital and Emergency Medicine Associates. With the new strategic investment from Heritage Group, Simplee plans to expand headcount, continue product development, and grow sales and marketing around SimpleePAY, its chief source of revenue. Simplee aggregates medical, dental and pharmacy bills into an easy-to-understand dashboard and enables users to make payments directly through the service. The platform tracks insurers' databases to surface new bills, shows what users owe versus what insurance will pay, and is weeks away from rolling out billing-error detection. Future plans include plan recommendations, care/doctor recommendations, a mobile app, and a B2B offering for partners such as employers, HSA banks and FSA administrators. Since launching in May of last year, Simplee has managed nearly $500 million in medical expenses across thousands of providers, covers 80% of U.S. insurers, and reports the average bill-pay user pays about $1,000 per year with more than 65% returning within a 90-day window. Consumer access will remain free while partners pay via an engagement-based SaaS subscription model. The company is based in Palo Alto and says it will only examine aggregate anonymized data for recommendations, not share personal user data. Simplee provides a consumer-facing dashboard that aggregates medical, dental, and pharmacy bills by connecting to users' medical insurance accounts. It displays total medical costs, out-of-pocket payments, deductible progress, and the number of doctor visits for family members, and lets users drill into individual claims to see what insurance paid, negotiated discounts, and amounts owed. Simplee supports eight of the largest U.S. health plans, including Aetna, UnitedHealthcare, Cigna, Empire BlueCross BlueShield, and BlueCross BlueShield of California, and is adding more plans weekly. The service launched in private beta with an initial invite program. CEO Tomer Shoval is Israeli and the company is based in Palo Alto. Financially, Simplee has raised $1.5 million from Greylock Israel and a group of Israeli angel investors. Longer-term, Shoval says the ambition is to build a "shopping engine for health," with near-term plans to help members choose plans based on historical expenses and doctors.

Total raised

$38M

Funding rounds

4

Latest round

Series C

Latest activity

May 2016