NEW HAVEN, Conn., April 05, 2021 — Inbox Health, the platform modernizing patient payments, today announced it has completed a $15 million Series A financing round. Commerce Ventures led the round with participation from 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.
This capital will accelerate the company’s strategic growth as it continues to improve how healthcare billing teams and patients communicate and transact. Inbox Health’s data-driven platform makes it easy to automate and personalize patient communication and bill delivery, providing increased clarity around charges and more convenient payment options which dramatically improves both patient affordability and experience.
To date, Inbox Health has reached more than 2,400 practices and 14 million patients across the United States, with several billion dollars of healthcare spending under management. As the company continues to grow, it expects to reach half of the U.S. population within five years.
“Medical billing has long been approached with a one-size-fits-all mindset but we firmly believe a more personalized experience that meets patients where they are results in better outcomes for patients, billing companies and practices,” said Blake Walker, Co-Founder and CEO of Inbox Health. “One of our primary focus areas is continuing to grow our data set in order to drive more efficiencies and reduce pain points within the existing ecosystem. The new funding will help us scale those efforts to reach more billing companies and, ultimately, more patients.”
Billing companies and practices utilizing Inbox Health’s platform benefit from a data-driven approach that engages patients in a more efficient way, resulting in stronger financial results.
Inbox Health’s communication platform enables billing teams to respond to patient messages via HIPAA-compliant SMS, email and real-time chat through a unified support interface. Working in tandem with integrated IVR and lockbox products, the suite of tools allows billers to streamline back office operations and ensures patients receive timely support for billing questions or issues so they feel more confident to pay.
“The trend is clear that patient out-of-pocket payments are growing every year,” said Dan Rosen, Founding Partner of Commerce Ventures. “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.”
About Inbox Health
Inbox Health is changing the way people think about patient billing. The company’s patient billing communication platform helps medical billing teams streamline patient engagement and support while creating exceptional consumer experiences.
Using Inbox Health’s data-driven platform, billers easily automate and personalize patient communication, providing consumers increased clarity and confidence around charges and more convenient payment options which dramatically improves profitability, collection rates and speed to payment.