Inbox Health, a startup transforming patient billing and payments, has closed a $1.5 million Seed Round of funding. The round will help the company accelerate its sales and marketing efforts, as well as to grow their research and development team.
Inbox Health, a startup transforming patient billing and payments, has closed a $1.5 million Seed Round of funding. The round was led by Connecticut Innovations, with participation from Launch Capital, Enhanced Capital, I2BF Global Ventures, David Sturek (partner at Giganteus PE Management), Mohawk Ventures, and Margaret Ricciardi. The round will help the company accelerate its sales and marketing efforts, as well as to grow their research and development team.
Inbox Health is a software platform for patient billing and payments that is changing how patients pay for care by creating a transparent and convenient check-in and billing experience. Their software provides patients with clarity about insurance coverage and costs before visits, and streamlines patient billing using intelligent, digital communication methods that are tailored to the individual patient.
“This is an incredible time for the healthcare industry. New technology and shifts in insurance and regulatory environments have combined to create more change in the ten years than we’d seen in the previous 50. As patients and practitioners face shifts toward high deductible plans, there is a tremendous opportunity to help them through the transition with better technology and tools,” says Inbox Health’s Chief Executive Officer Spencer Ewald. “Having the financial support and healthcare expertise of Connecticut Innovations will help us execute on our vision more quickly.”
In conjunction with the investment, Matthew Storeygard, of Connecticut Innovations, and David Sturek, of Giganteus PE Management, will be added to the board of directors.
“Demand for better software solutions for patient billing and payments is growing,” says Matthew Storeygard, director of investments for Connecticut Innovations. “We believe there is a growing market for software that can help providers solve this specific pain point, and we’re thrilled to be working with a company that will be a leader in this transition.”
Inbox Health’s new funding comes on the heels of a fantastic year for the company. In 2016, they doubled the number of customers using their system to over 200 medical practices and are processing millions of dollars in transactions monthly. The company recently acquired CakeHealth, an insurance data aggregation startup featured as a finalist at TechCrunch Disrupt in 2011.
“There will be a dramatic shift in the way that we, as patients, pay doctors for care in coming years. Pricing will be clearer and we will pay more upfront as part of a move to a more consumer-centric model of care consumption,” says Blake Walker, Chief Product Officer for Inbox Health. “Machine learning, big data analytics, and blockchain technology will all be at the foundation of creating more transparent healthcare bills and payments, and we’re excited to be working at the forefront to make this a reality.”
About Inbox Health
Health’s patient revenue platform helps patients understand their insurance coverage and costs before their visit, and pay for their care seamlessly. They use text message, email, and phone, to replace most paper statements, helping them reach patients more efficiently and insuring clear and convenient medical billing processes.
Inbox Health works with over 200 healthcare providers across the US. The company was founded in 2014 and is based in New Haven, CT. Their newest product, Benefitly, is reinventing the pre-visit patient experience to help patients understand costs and pay for care before their visit.