Patient billing platform Inbox Health raises $22.5M

The company automates billing and communication through artificial intelligence and machine learning

A large percentage of people don't understand their medical bills: 38% say they are either "somewhat" or "extremely" confusing, with the top frustration being unable to understand what they’re even being billed for. Perhaps, then, it's not too surprising that 1 in 10 U.S. adults owe medical debt, including 11 million who owe more than $2,000 and 3 million people who owe more than $10,000.

Patient billing communications platform Inbox Health solves that problem by automating patient billing and patient payments through the use of artificial intelligence and facilitating communication between practices, patients, and billing teams.

More than 2,600 medical practices across the U.S. rely on Inbox Health, and more than 3.5 million patients have used the platform to pay a healthcare bill, and now the company is going to be able to accelerate its growth thanks to a $22.5 million Series B financing round that was announced on Thursday. 

Led by Ten Coves Capital with participation from existing investors including Commerce Ventures, CT Innovations, Vertical Venture Partners, Healthy Ventures, and Fairview Capital, this brings its total capital raised to more than $43 million. Along with the funding, Steven Piaker, Managing Partner at Ten Coves Capital, has joined the Inbox Health Board of Directors.

With Inbox Health, patients receive medical bills via their preferred communication channel, including text, email, and live chat, while also receiving additional insights into their charges, as well as the ability to ask questions about their bills. For medical practices, Inbox Health streamlines administrative tasks and makes billing more efficient, so they can focus on patient care, thereby improving patient satisfaction and reducing costs. 

For billing companies, the company says that they are able to increase their collection speeds by 60% in the first 60 days.

Inbox Health's platform manages billions of dollars in patient care by leveraging its growing suite of proprietary integrations with various practice management and electronic health record systems. 

This news follows the announcement last month that Inbox Health was awarded a patent for its patient billing communication technology, which uses machine learning to adjust communications methodology and message content.

"It's tremendous to see the impact our team has been able to have on the patient experience of millions of people over the last few years," said Blake Walker, co-founder and CEO of Inbox Health.

"It's humbling to recognize the number of patients who still struggle with frustrating billing experiences and see how many providers and billers continue to navigate inefficient workflows. We have an opportunity to use this funding to magnify our impact and reach millions more patients, and that is motivating for our team."

(Image source: inboxhealth.com)