In a recent press release, PatientPay, a leading patient payments partner for specialty care, announced they have secured $6 million in growth capital.
The investment will be leveraged for significant company expansion and continued enhancements to its patient payments platform, establishing the patient billing experience as a natural extension to patient care.
Teaglach Family Office led the round with participation from Esping Family Office and existing investors, including Mosaik Partners, to support PatientPay’s industry focus on providing end-to-end patient payment solutions for anesthesiology, radiology, labs and other specialty medical groups at every point of care.
“Driving efficiencies in healthcare is important to lower cost of care and bring about needed change in quality of care. One of the primary areas in which to first engage with patients is to offer them a better understanding of the billing process — ultimately empowering them to feel more in control over their own healthcare experience,” said Lee Wallace, the round’s lead investor with notable healthcare and technology investment experience. “As an owner of a hospital, I think PatientPay is the solution we need to engage patients with a simple, easy-to-understand platform that increases the likelihood of payment from the patient to the provider.”
A 2017 Black Book study shows that patients have experienced a 29.9 percent increase in both deductible and out-of-pocket maximum costs in the past two years, and expectations are that they will continue to grow. Due to this increase, medical groups now have to consider patient bills a critical form of revenue, which has led to an industry gap in how to communicate effectively with patients in order to collect what they owe without risking patient satisfaction scores.