Patientco (@patientco), which simplifies the challenge of understanding healthcare expenses for patients so they pay their healthcare providers faster, just announced the closing of its Series A funding round for $3.75 million led by BlueCross BlueShield Venture Partners and Sandbox Industries. Sandbox Industries Managing Director Tom Hawes will join Patientco's Board of Directors.
Patientco's proprietary technology integrates with physician and hospital information systems to provide a comprehensive communication, payment, and reconciliation solution. Already more than one million patients across 20 states securely receive, pay, and track their healthcare expenses using their platform.By sitting between patients and providers, Patientco offers a series of features that makes medical billing easier and more secure for both. First, each statement in the Patientco system is assigned a SecureHealthCode to ensure the security and privacy of all patients. To view or pay a bill, the patient must enter their unique 9-digit, algorithmic code, which can be used once the bill is submitted to accurately reconcile that payment with the corresponding patient account, eliminating errors associated with payment reconciliation, increasing a patient's security and ensures HIPAA compliance.
Patientco's iCash Payment Processing allows providers to process co-pays, co-insurance, deductibles, and payments from any computer. Providers can also automatically setup recurring payments and process them on specific dates. Everyday providers are issued a Daily Payment Report which displays the patient payments that have been received and deposited into their accounts, as well as the payments that have been scheduled but not yet received, giving providers valuable insight into their revenue cycle.
“The primary reason healthcare providers don't get paid on time is patients don't understand what they're paying for. Solving this unmet need is why Patientco is in business,” explained Patientco CEO Bird Blitch. “We will apply this strategic financing to enhance our offering and aggressively market Patientco to an expanded network of providers and patients.”
Sandbox Industries Managing Director Tom Hawes added, “Patientco's solution makes healthcare bills easier to understand and pay, helping both patients and healthcare providers. With this investment, Sandbox Industries will work with Patientco to further develop their solution and reach into the marketplace to solve the increasing healthcare payments problem.”
Patientco is competing with startups Cake Health and Simplee, as well as the more established InstaMed. No doubt they have an uphill battle ahead of them, but the company certainly has the right investors to quickly accelerate their growth.