Healthcare venture capital fund Revere Partners has invested in FeatherPay, an Atlanta-based healthcare FinTech startup. The amount of the investment was not disclosed.
Revere will “provide capital … and related industry expertise, and a vast network of prospective customers and partnerships to support FeatherPay’s mission to be healthcare’s best payment experience,” a Wednesday (Aug. 3) press release stated.
FeatherPay combines the different methods a practice uses to get paid into a “single experience for patients and staff,” according to the release. Patients receive messages via email, text or paper statement, and they can combine multiple payment methods in a single transaction.
The company also automates back-office operations, such as patient billing and accounts receivable (AR) collections, reconciliation, auditing and refunds, the release stated.
Revere Managing Director Jeremy Krell said in the release that patients face needless difficulty when paying for healthcare, while changing consumer behaviors are making it tough for practices to get paid for services.
PYMNTS research found that a third of consumers have opted out of seeking needed medical care, either by not making necessary healthcare appointments or abandoning needed treatment, primarily because of cost.
Read more: 33% of Consumers Have Opted out of Needed Medical Care Over Cost
Among the consumers who did not make necessary healthcare appointments or abandoned needed treatment, 22% of them said the most important reason was that they were not able to afford the care or treatment, while a similar share (21%) told PYMNTS they were avoiding or abandoning care because of concerns about cost.
Another 22% of the consumers who opted not to seek medical care said cost was important but not most important, and another 18% said that about affordability.
“The opportunity to communicate with and accept payments from patients anywhere and on any device is massive,” Krell said in the release. “FeatherPay’s technology is an elegant, world-class solution to a complex problem across healthcare segments.”
See also: Healthcare Financing Gains Broader Acceptance With Patients, Providers
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