Inbox Health, a developer of AI-powered software simplifying patient billing and payments, raised $3.5 million in venture funding.
The funding round was led by Healthy Ventures and was joined by Collaborative Fund and Commerce Ventures. The round also saw participation from existing investors, Connecticut Innovations, I2BF Global Ventures, and Startup Health and others.
The company launched its operating system for billers in 2018, delivering substantial patient billing and payment experiences for billing companies and their practices. According to the company, it powers more than one thousand practices, and 4.5 million patients across the US, with more than $1.3 billion of healthcare spending under management.
With this recent funding round, the company plans to expand into new practices to deliver modernized patient communication and billing experiences by analyzing millions of data points through its machine learning and artificial intelligence-powered software platform.
“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 combinations 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.”
Healthcare billing companies have raised over $300 million since 2010, according to the Mercom Digital Health Q4 and Annual Funding and M&A report.
Peer group of companies:
Patientco, a patient billing, and payments technology company, raised $28 million in Series B
Cedar, a medical billing platform for hospitals, health systems, and independent medical groups raised $36 million in Series B
Hint Health, a provider of cloud-based healthcare billing software and services, secured $10 million in Series A
