Rivet, tech startup specializing in revenue cycle management, secures $20.5M investment

Revenue cycle management startup Rivet landed $20.5 million June 21 as it seeks to expand its team and software platform.

Founded in 2018, the Sandy, Utah, company offers a revenue cycle operating platform for outpatient practices to collect money from payers and make prices more transparent for patients. It has software that estimates patient costs, detects underpayments and manages denial-of-coverage appeals.

"Rivet shines light on some of the most complex but important data in all of healthcare so that providers, patients and payers can all be on the same page and have a much more efficient financial experience," CEO and co-founder Ted Ferrin said in a company news release.

The series B funding round was led by Catalyst Investors and included existing investors such as Menlo Ventures.

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