Health iPASS is proud to announce that we have recently topped off our $7.2 million dollar Series A funding with an additional $3.0 million from QED Investors – the financial technology-focused venture capital fund led by Nigel Morris, co-founder of CapitalOne. This investment from QED Investors will allow Health iPASS to further our mission as we help medical practices optimize their patient revenue cycle and improve the patient experience from appointment to payment.
Over the last five years, patient payments have become a much greater part of the payer mix– rising from around 10% of the pie to over one-third. Due to the prevalence of high-deductible healthcare plans, patient out-of-pocket costs have skyrocketed. The simple fact is, it more challenging and 2-3 times costlier to collect from patients than from other payers. For this reason, providers en masse are seeking simplified, automated solutions to their patient revenue cycle woes, and the healthcare IT industry is rising to the challenge.
Health iPASS has worked to develop the solutions providers are looking for in the revenue cycle market with our innovative platform that promotes both greater price transparency and payment convenience for patients and automates a host of front and back-office financial management tasks for providers. Some of these tasks include sending appointment reminders via SMS/Email, patient check-in and intake forms, verification of insurance benefits, and automatic posting of demographic and payment information into a medical practice management system, just to name a few.
According to Matt Risley, Senior Partner at QED Investors, “The Health iPASS revenue cycle price transparency and patient collections model is predicated on patient payment collection simplification and their unique, value-added differentiators position them for strong growth and a rapid expansion of their footprint across medical practices in a variety of specialties. We are proud to support their rapid growth trajectory and share their optimism and enthusiasm to redefine this segment of health care through an innovative, intelligent revenue cycle solution that has already provided a strong return on investment for their current clients.”
Everyone here at Health iPASS is encouraged by this vote of confidence in our patient revenue cycle solution provided in the form of new funding from our investors. We deeply appreciate having such ardent support in our journey towards becoming the premier patient RCM vendor, and we look forward to meeting and surpassing the expectations our investors have for our team and our product.
For more information, check out our news release on this exciting development!