New Haven-based Inbox Health announced Thursday that it raised $22.5 million during a Series B financing round for its platform, bringing the total money raised to $43 million.
Inbox’s billing platform is used in more than 2,600 locations nationwide, and over 3.5 million people have used it to pay their medical bills.
Inbox Health allows patients to receive bills by their preferred communication method, such as email, text or paper.
Messages provide a clear understanding of what portion of a medical bill was covered by insurance and how much the patient still owes, according to the company.
This allows patients to better understand what they’re paying for and provides a more efficient way for practices to handle payments.
Inbox Health received a patent from the U.S. Patent and Trademark Office for the communication platform in April.
Blake Walker, co-founder and chief executive officer of Inbox Health said, “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.”
The Series B funding was handled by Ten Coves Capital with participation from other investors such as Commerce Ventures and CT Innovations.
Contact Matthew Verrilli at mverrilli@newhavenbiz.com.
