US-based billing software startup for patients, Inbox Health raised US$ 15 million in series A funding on 5 April 2021.
Investors: The funding round was led by early-stage investor Commerce Ventures. Other participants include new and existing investors, including venture firms Vertical Venture Partners, Healthy Ventures, Collaborative Fund, Fairview Capital, CT Innovations, and I2BF Global Ventures, as well as several industry-leading individuals including Bill Clerico, Co-Founder and Former CEO of WePay.
Purpose of the funding: The company will utilize the funds raised to build out its platform to reach more billing companies and practices across the U.S. Inbox Health has raised US$ 22.8M to date.
About Inbox Health
Founded in 2014 by Blake Walker, Chris Walker, Erroin Martin and Simon Kaluza, the New Haven, Conn.-based startup is a patient engagement, communication and payment platform built for medical billers. It has built a system that makes it easier to reach patients and answer questions about their bill, using HIPAA-compliant text messages, chat and emails. The company claims to have about 2,400 practices among its users. It also claims that its platform reduces billing costs, increases patient payments and leads to faster collections.
Features of the service –
1. Intelligent patient billing engagement: Automated and personalized patient billing with Inbox Health’s omnichannel patient communication and payment platform.
2. Easy to use communication platform: The platform’s communication algorithms optimize patient billing by reaching patients with the right messages on time.
3. Integrated cross-channel engagement: Seamless support across communication mediums.
4. Customization: Its algorithms are tailored according to the customer’s needs.
What investors have to say: “The trend is clear that patient out-of-pocket payments are growing every year. Meanwhile, the customer experience has remained largely overlooked, which leaves patients feeling overwhelmed and confused about the care they receive and the amount they owe for it. We are excited by Inbox Health’s pioneering approach to solving this problem for providers, billers and patients, as evidenced by the step-change improvement in experience and engagement their customers report.” Dan Rosen, Commerce Ventures Founding Partner.
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