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HealthiPASS Payments Co. Closes Series A Round

Patient check-in and payments company HealthiPASS has closed on its Series A investment for an undisclosed amount, the company said in a press release on Thursday (Oct. 15).

The funding round was led by OCA Ventures and was joined by a number of strategic investors, including Beverly Capital, MPG Equity Partners and an unnamed Houston-based investment group.

Though no dollar amount was attached to the investment activity, HealthiPASS said the funding will be funneled toward headcount boosts across client service, marketing and sales and product development.

In discussion on the company’s technology, HealthiPASS said the digital check-in and payments platform optimizes the patient data collection experience, with price transparency in place across a variety of points of care, from ambulatory surgical centers to diagnostic centers to, of course, doctors. Through better data collection and other initiatives, the company said in the release, HealthiPASS has been able to improve patient net collection rates, reduce the cost of billing patients and lessen the number of days it takes to collect patient balances.

In a statement alongside the release, Bob Saunders, general partner at OCA Ventures, said, “With the surge in high-deductible health plans, providers are finding that the patient portion of their revenues continues to climb. Patient as a significant payer, sometimes even the largest, is the new reality.”

“Providers are finding that their patients are demanding greater transparency into their out-of-pocket costs and convenience with their use of health care services. These factors have created a compelling opportunity for innovative patient payment solutions.”

Speaking about pressures faced on the provider landscape, Rajesh Voddiraju, chief executive officer of HealthiPASS, stated that “margins are further challenged due to reduced reimbursements, the looming change from fee-for-service to value-based reimbursements (performance-based contracts, bundled pricing, capitation models) and added regulatory compliance tasks that require more investments.”

“Optimizing patient collections while providing a very transparent and contemporary experience to meet the rising demand for consumerism is the new imperative for health care provider leaders. We are pleased to bring our innovative solution for rapid ROI for clients in this arena.”

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