On 27th May 2014, Cloud based healthcare payment services provider – PatientPay – announced that it had acquired $2.5 Million as investment via San Francisco based Mosaik Partners. PatientPay enables to more than 30,000 healthcare providers, and the startup has raised $6 Mn till date.
“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,” stated Mosaik Partners’, Miles Kilburn, in a press release. “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,” he added.
This video gives you an overview of PatientPay:
- PatientPay can be integrated with all physician practice management software, bringing its time- and cost-savings to doctors' offices without any impact on their daily routines.
- By enabling an effortless move from paper-based methods, PatientPay says that it lets "quality of care" extend from the examination room to the business office.
- PatientPay answers patients' demands for online statements and bill pay.
- Bills processed on PatientPay get out faster and, therefore, the remittances are faster and are recorded more accurately, says the company.
- PatientPay’s website states that its platform can cut the average cost of creating, delivering, processing and reconciling a payment by 50%.
- PatientPay handles all the credit card processing fees and provides a method for your patients to pay you the way they want to—online.
As for Pricing:
The company states that there are no upfront costs, no monthly maintenance fees and no hidden charges. PatientPay only collects a fee once the patient pays their bill. The fees are a small portion of the total amount collected which includes credit card and/or merchant processing fees.
"Mosaik Partners' participation in PatientPay's Series "A" round further validates our business model and ability to take a commanding position in patient payment services, a $600 billion market opportunity according to Mastercard. 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,” stated CEO of PatientPay, Tom Furr, in the same release. “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."