Inbox Health Raises $3.5 Million in New Venture Funding
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NEW HAVEN, CT MARCH 10, 2020
Inbox Health, the patient communication platform for medical billers, has raised $3.5M in funding led by Healthy Ventures, joined by Collaborative Fund and Commerce Ventures. The funding will power Inbox Health’s expansion into thousands of new practices, helping deliver modern patient communication and seamless billing experiences to more than one million people. The funding also included participation from existing investors: Connecticut Innovations, I2BF Global Ventures, Startup Health, and others.
Inbox Health powers amazing patient billing and payment experiences for billing companies and their practices. The platform analyzes millions of data points across its entire customer base, empowering billers to personalize each patient's billing, payment, and communication experience to drive significantly greater patient collections and patient experiences.
“This new funding will allow us to expand our reach faster and improve the billing experiences of millions more patients,” says Inbox Health CEO and Co-Founder Blake Walker. “Healthcare is about caring for people. The current industry-standard static billing systems of today treat patients like numbers. But behind every bill is a unique person with unique needs, preferences, and payment ability profiles. Our mission is to power billing experiences that focus on who the patient is, honoring the patient experience while delivering top-notch results.”
“Inbox operates within the $1 trillion dollar market opportunity of infrastructure needed to facilitate consumer healthcare payments. The company’s differentiated distribution strategy of partnering with billers - a key part of the ecosystem - and the leadership team’s product-first DNA are exactly the right combination for this market,” shares Enmi Kendall, Co-Founder and General Partner of Healthy Ventures. “It’s a once-in-a-lifetime opportunity driven by the shifting liability paradigms in healthcare. It takes a singular team to bring a smart, intentional product to serve both billers and end-user patients.”
"Based on their decades of experience within healthcare, Blake and the Inbox Health team have uncovered a unique approach to modernizing payment for millions of patients and hundreds of thousands of providers - through the billing companies that service them,” says Tejinder Gill, Principal at Collaborative Fund. “We are fortunate and excited to be joining them on this journey towards building the modern operating system for healthcare billing."
Inbox Health’s platform now reaches in excess of one thousand practices, and 4.5 million patients across the US, with more than $1.3 billion of healthcare spending under management.
About Inbox Health
Inbox Health is transforming medical billing one patient at a time with personalized and intelligent interactions that deliver a clear and convenient billing experience for every patient. The company launched its operating system for billers in 2018, since then, Inbox Health has quickly become the industry standard for medical billers and practices that want to increase collections and shorten revenue cycles while reducing administrative costs. Inbox Health is a venture backed software company supporting billers across the United States. The Inbox Health platform automates the patient communication process using bi-directional correspondence, proprietary algorithms, machine learning and artificial intelligence so every patient understands their medical bills and has access to different payment mechanisms, and medical billers and providers achieve optimal patient receivables. Learn more at inboxhealth.com.
Inbox Health is a registered trademark of Inbox Health, Inc.