Digital health startup Inbox Health closes $15 million in Series A funding to transform patient billing
Digital health and fintech startup Inbox Health has raised $15 Million in Series A funding to fuel expansion to bring personalized communication and billing experiences to more patients. The round was led by Commerce Ventures, with participation from new and existing investors, including venture firms Vertical Venture Partners, Healthy Ventures, as well as Bill Clerico, Co-Founder and Former CEO of WePay.
We covered Inbox Health back in 2019 after the Connecticut-based tech startup closed a $4.4 million seed funding round to accelerate growth. The latest capital infusion will help the company to accelerate its strategic growth as it continues to improve how healthcare billing teams and patients communicate and transact.
Founded in 2017 by Blake Walker (CEO), Chris Walker, Erroin Martin, and Simon Kaluza, Inbox Health’s mission is to help reduce administrative waste in healthcare, by streamlining the patient billing and payment experience. Its patient billing and communication platform uses patient data to tailor a billing process specific to the patient’s situation and behavior patterns.
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.
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.
“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,” Walker added.
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.”