Inbox Health has raised $22.5 million in a Series B funding round to expand its patient billing communications platform.
The platform is used by 2,600 medical practices in the United States and that has collected payments from 3.5 million patients, Inbox Health said in a Thursday (May 4) press release.
“It’s humbling to recognize the number of patients who still struggle with frustrating billing experiences and see how many providers and billers continue to navigate inefficient workflows,” Inbox Health Co-founder and CEO Blake Walker said in the release. “We have an opportunity to use this funding to magnify our impact and reach millions more patients, and that is motivating for our team.”
PYMNTS research has found that patients’ anxiety over healthcare costs can be considerably lessened by price transparency and the presence of payment options.
That leads to experiential outcomes practices desire, as it lessens the likelihood that patients will switch doctors or go without needed medical care, according to “Wellness and Affordability: How Payments Practices Create Positive Patient Experiences,” a PYMNTS and CareCredit collaboration.
Inbox Health’s platform automates and personalizes patient billing communications; uses the patient’s preferred communication channel to deliver medical bills that are easy to understand; and enables patients to pay and access support via text, email and live chat, according to the press release.
Steven Piaker, managing partner at Ten Coves Capital, which led the funding round, said in the release that Inbox Health’s solution brings tangible value to the players in the patient care process.
“Inbox Health has built a mission-critical solution addressing a large and growing pain point within the healthcare payments space, thereby bringing modern and efficient solutions to millions of patients and thousands of providers,” Piaker said in the release.
In other news from the healthcare space, healthcare payments provider RevSpring announced April 19 that it has partnered with Texas health company Next Level Medical to help deliver “a connected and seamless healthcare engagement experience” while eliminating data errors and administrative overhead.
A week earlier, Salesforce rolled out a version of its Commerce Cloud for the healthcare field, saying the platform is designed to streamline healthcare commerce experiences while reducing costs.
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