28th July 2022, Gilbert, Arizona — A healthcare fintech payments platform called PayGround has announced the conclusion of a USD 5.5 million fundraising round, which was co-led by FCA Venture Partners and Lewis & Clark Ventures with participation from Triventures and noteworthy angel investors.
This cash will help PayGround expand into new areas, invest in new marketing initiatives, and improve the platform’s functionality. It strengthens the USD A4M seed funding the company got in 2021.
Patients may handle their invoices from all providers on one platform, thanks to PayGround. PayGround simplifies the process of paying medical bills by offering various payment options that can all be made using their PayGround Digital Wallet. A patient only needs to take a photo of their account, choose their mode of payment, and click pay in the app.
Todd Johnson, Partner at FCA Venture Partners:
“To create considerable value through ground-breaking solutions and to do so while developing sustainable business models, FCA Venture Partners is dedicated to identifying and assisting healthcare companies. PayGround meets that description. Their seasoned leadership group has predicted how healthcare payments will develop in the future. As PayGround paves the road for a better patient experience in healthcare, we are happy to collaborate with them.”
Helen Ciesielski, Principal at Lewis & Clark Ventures:
The technology platform of PayGround combines a patient’s digital wallet with a value-added payment processor for healthcare providers. As a result, both patients and providers benefit. By allowing patients to pay by ACH, credit card, HSA/FSA, or financing, all in a straightforward process, providers may increase the amount collected, lower collection costs, and please their patients.
PayGround CEO Drew Mercer:
“We’re thrilled to expand our investment team with reputable healthcare investors like FCA Venture Partners and Lewis & Clark Ventures, who have enduring connections to healthcare systems. With the help of this funding round, we may grow our sales force and launch direct-to-consumer marketing efforts to increase awareness. Additionally, it enables us to improve our platform and create new functions that alter how healthcare payments are processed.”
More about the startup:
PayGround is a platform for healthcare patient payments that helps make things easier and more productive for patients and providers. It is a simple smartphone app for people and families to manage, track, and pay all medical costs in one safe location. It’s a modernized payment platform for healthcare providers that lowers costs, streamlines internal operations, and improves employee and patient happiness.
The software also makes it easier for healthcare providers to collect payments. PayGround users see a 23 percent improvement in collections within the first 90 days and an average 6.7-day reduction in the amount of time their invoices spend in accounts receivable.
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