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PatientPay receives $6M in growth capital: 5 key notes

PatientPay secured $6 million in growth capital for significant company expansion in the future.

 

Here are five things to know:

1. The company, which partners with specialty care medical groups to drive patient payments, plans to use the investment for continued enhancements to its patient payment platform and company growth. Around 29.9 percent of patients reported an increased deductible and out-of-pocket maximum cost in a 2017 Black Book study, underscoring the need for assistance in patient collections.

2. Teaghlach Family Office led the funding round, which included participation from Esping Family Office. PatientPay's current investors, including Mosaik Partners, also participated in the funding round.

3. PatientPay's solutions are tailored for anesthesiology, radiology, labs and other specialty medical groups at every point of care. "The most effective patient collections are those that offer flexibility, accuracy and transparency to the patient as well as a workflow that's natural for central billing groups," said PatientPay CEO Tom Furr.

4. The company's software leverages existing billing office infrastructure to bill and reconcile payments with existing insurance claims. PatientPay is then able to match patient bills to their insurance's explanation of benefits and provide flexible payment options while integrating analytics that healthcare providers can use to develop better collection strategies.

5. PatientPay has gathered $18 million in backing since inception and expects to grow its employee base by 85 percent in 2018. The company will primarily recruit in software development, sales and operations. The company also plans to expand its headquarters in Raleigh-Durham, N.C., by the end of next year.

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