B2B Payments

$8.5 Million Raised to Tackle Healthcare Payments

A Green Bay, Wisconsin-based company that sells healthcare payment software into what it calls “episodes of care” and then generates a bill for the entire process has raised a new funding round of $8.5 million. The company, Aver Informatics, believes that their billing management solution will help to reduce waste in healthcare payments.

Many hospitals don’t always know how much a procedure should cost and there is a range of confusing bills that doctors, healthcare providers and patients have to wade through.

Kurt Brenkus, a former auditor, launched Aver Informatics and his approach stems from his knowledge of the healthcare system.

“The way that the healthcare system works today is a volume-based system,” says Brenkus. “And there’s a perverse incentive in a volume-based system to do more services to make more money.”

Brenkus says that this system is one instance where big data analytics can make a difference, saving millions of dollars for health insurers and patients.

“The first client was a small insurance firm out of Madison, Wis. Within the first three months of working with them we saved them a half a million bucks,” says Brenkus.

GE Ventures and Drive Capital lead the Series A investment for Aver Informatics.

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About: Accelerating The Real-Time Payments Demand Curve:What Banks Need To Know About What Consumers Want And Need, PYMNTS  examines consumers’ understanding of real-time payments and the methods they use for different types of payments. The report explores consumers’ interest in real-time payments and their willingness to switch to financial institutions that offer such capabilities.

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