PatientPay, which provides cloud-based payment services to more than 30,000 healthcare providers, is announcing later today a $2.5 million investment from San Francisco-based Mosaik Partners.
The new funding closes an institutional “A” round for PatientPay, which has now raised a total of $6 million.
“PatientPay represents a disruptive force in the way healthcare out-of-pocket payments are handled. The company’s innovative technology slices the time and cost it takes to manage patient billing and reconciliation in half for independent physicians as well as large health systems,” said Miles Kilburn of Mosaik in a statement about the deal. “We’re excited about our investment in PatientPay, a dynamic company with a unique service that benefits healthcare providers and consumers equally; an uncommon quality in today’s healthcare environment.”
Mosaik focuses on investing in e-commerce ventures. Tom Furr, CEO of PatientPay, says the deal is further validation for the firm’s technology in what he describes as a $600 billion market.
“We will use this capital to increase the number of healthcare groups using PatientPay as well as expand its capabilities beyond automated bill creation and payment,” he added. “Specifically, practices will soon be able to provide pricing information to patients so they can make better-informed decisions about their healthcare; especially as high deductible health plans become the norm in the United States.”
PatientPay software is designed to work with “all physician practice management software,” the company says.
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