The company boasts over $1.2 billion in annual net revenue, has more than 30 Care Partners, and provides health benefits coverage to over 200,000 members, as well as delivers virtual and direct clinical care services to more than 120,000 patients. “We are going to accelerate our tech platform and strategy, which will include diversification and scaling of our health insurance products in the geographies we operate in, as well as expand our value-based care offerings,” she said. The new investment brings the 5-year-old company up to more than $1.5 billion in equity financing.īright Health plans to use the new funds for growth in its 43 markets, said Cathy Smith, Bright Health’s CFO and CAO, in an interview. Rowe Price Associates and Blackstone, with follow-on investments from existing investors including NEA, Bessemer Venture Partners and Greenspring Associates. Investors include funds and accounts advised by Tiger Global Management, T. Recent examples include San Francisco-based Gentem, which looks to automate the full billing and revenue cycle processes for smaller practices in particular, and MedPilot, which works with a provider's billing department to engage patients via artificial intelligence-based messaging to secure their payments.Bright Health, a Minneapolis-based company offering health plan products and clinical care delivery services, has raised $500 million in Series E funding. "This funding will help us continue building products that can be seamlessly integrated in the current system to empower both healthcare providers and patients by improving transparency."Ī fair number of tech startups that seek to simplify patient billing or reimbursement have crawled out of the woodwork over the past few years. This investment is proof that our investors are committed to fixing a broken system," Ted Ferrin, cofounder and CEO of Rivet, said in a statement. "The current healthcare system is clearly not working for either the patient or the healthcare providers. The startup said that these new funds will help grow its workforce, strengthen the platform's cost-transparency capabilities and solidify its role as an end-to-end patient billing suite. With Rivet, not only do patients know exactly how much they'll be paying for care and have an easier way to pay, but healthcare providers have better insight into their billing processes to make sure they are being compensated appropriately for their services." "This is a massive breakthrough in an industry that loses 30-60% in patient revenue by being unable to collect debt. "At its core, Rivet's cloud-based platform is modernizing an antiquated system that has been used for more than two decades and is ripe for innovation," said Croom Beatty, a principal at Menlo Ventures who is joining the Rivet board. Further, Rivet's reimbursement contract-management product features analysis tools that ease the burden on staff and maximize received payments. Rather than send these bills as traditional mail, the company's product reaches out to patients for payment through digital means such as email or text. Rivet's technology platform helps providers give their patients a pricing estimate prior to their services, as well as the option to pay beforehand or shortly after receiving care. Menlo Ventures headed the round, which also included prior investors Lux Capital and Pelion Venture Partners. Rivet Health, a revenue cycle management and healthcare pricing transparency platform, has raised $8.25 million in Series A funding.
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