A platform that aims to help healthcare providers recover more of their accounts receivable on their own — without needing to place the accounts with collection agencies — has raised $22 million in a Series B fundraising, with the plan to accelerate its growth.
Inbox Health is currently being used by more than 2,600 healthcare providers across the country and the company says that more than 3.5 million customers have used its platform to pay a bill owed to a healthcare provider. Medical billers report improving their collection speeds by 60% within the first 60 days of deploying the platform, according to the company.
The company aims to make it easier for providers to communicate with their patients and to make it easier for patients to pay their bills. Providers can communicate with patients via email, text message, and live chat channels and take advantage of what the company calls “convenient” payment options and “easy-to-understand” medical bills.
“It’s tremendous to see the impact our team has been able to have on the patient experience of millions of people over the last few years,” said Blake Walker, co-founder and CEO of Inbox Health, in a statement. “It’s humbling to recognize the number of patients who still struggle with frustrating billing experiences and see how many providers and billers continue to navigate inefficient workflows. We have an opportunity to use this funding to magnify our impact and reach millions more patients, and that is motivating for our team.”
The company plans to use the funding to further refine the patient experience and to expand into more healthcare offices nationwide. The funding round was led by Ten Coves Capital, with participation from Commerce Ventures, CT Innovations, Vertical Venture Partners, Healthy Ventures and Fairview Capital. Inbox Health is based in Connecticut.
