Payments

Make your medical payments via SIMPLEE, Raised $7.8 Million

Simplee was Co-Founded in 2010 by Tomer Shoval (CEO) and Mika Josting. Simplee raised $10 M in series B funding in Sep-13 from Heritage Group, The Social+Capital Partnership and Greylock Partners Israel. The company has received a total funding of $17.8 M so far.

Simplee has created a revolution in the digital health solutions, providing an innovative platform for patient payment and their engagement as consumers empowering many healthcare providers. The health tech start-up is located in Palo Alto, California with a development centre in Israel.

It provides an easy-to-use dashboard for the patients to manage and keep track of their medical expenses and insurance claims ensuring a trusted self-service experience. The company aims at becoming the PayPal of out-of-pocket health market along with bringing transparency into medical billing and health insurance process. It envisions generating revues following software-as-a-service business model whose targets vary from employers to HAS banks to others.

Simple has already managed over $2Billion in health expenses and processing millions of payments per month for its rapidly expanding customer base. Its customers visit its site at least once in three months which shows good faith in the services being provided by Simplee. Recently it launched Simplee Wallet, another popular consumer service to complement Simplee Pay enabling patients to pay all their family medical bills in a centralized place. The company already supports major insurance companies who cover 80% of insurance plans in the U.S. market. It already supports some large health plans including Aetna, United Healthcare, Cigna, Empire BlueCross BlueShield, and BlueCross BlueShield of California and the list is increasing every week.

In line with this vision, Simplee has been undertaking a number partnerships with many crucial players in the health industry.  In Oct. 2012, Simplee partnered with El Camino Hospital that serves Silicon Valley, to launch a completely integrated medical bill and explanation of benefits (EOB) reconciliation system, for the first time in the history of the nation. This system matches a patient’s hospital bill with their insurer’s EOB which can thus resolve the charges being made, explain the claims to the patients, scan for any claim errors and also pay bills online.

Also, it partnered with ACS - the HAS Solution, a large Health Savings Account in the country. It also announced that Emergency Medicine Associates, the largest provider of emergency room services in Washington D.C., will be deploying SimpleePAY soon. Simplee also initiated support for Medicare, helping the citizens eligible to manage and pay medical bills through Simplee. Simplee makes the lives of beneficiaries of Medicare (Also for their family members’ payments) routed through two insurance companies easier by providing a platform to check if they need to pay anything and also do the same through the site.

simplee3Based in San Francisco, CakeHealth is another start up that similarly provides an online platform for tracking and managing health expenses. Another startup, PatientPay, does something similar for physician practices. Also some billing clearinghouses are trying to capture this arena given the untapped potential.

The future prospects for Simplee look good given the increasing numbers of Medicare beneficiaries and expectations of patients to come out of the medical payment confusions and frustrations that they face in their daily lives. They expect a robust single point of service where one can clearly understand what one is paying and they want to perform all these by themselves by serving self. The following numbers regarding El Camino hospital show this trend clearly.

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Chiraag Patel

Chiraag Patel is a Senior Reporting Analyst and the Editor of Bitcoin and Virtual Currency channels at Lets Talk Payments. He is an engineer with deep interest in MMORPG, Virtual Banking, Game Currency and Virtual Cash. Chiraag enjoys Reading& Blogging with focus on New Innovation, Technology & Startups in the Payments Space.

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